<SEC-DOCUMENT>0001213900-17-005918.txt : 20170526
<SEC-HEADER>0001213900-17-005918.hdr.sgml : 20170526
<ACCEPTANCE-DATETIME>20170526172803
ACCESSION NUMBER:		0001213900-17-005918
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20170526
DATE AS OF CHANGE:		20170526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KBL MERGER CORP. IV
		CENTRAL INDEX KEY:			0001690080
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				813832378
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-217475
		FILM NUMBER:		17875038

	BUSINESS ADDRESS:	
		STREET 1:		150 WEST 56TH STREET SUITE 5901
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-319-5555

	MAIL ADDRESS:	
		STREET 1:		150 WEST 56TH STREET SUITE 5901
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>fs12017a3_kblmerger.htm
<DESCRIPTION>AMENDED REGISTRATION STATEMENT
<TEXT>
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<TITLE></TITLE>
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"width: 600px; margin: 0 auto; page: WordSection1;">
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>As
filed with the Securities and Exchange Commission on May 26, 2017</B> </P>
<P CLASS="Textflush" ALIGN="right" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Registration No.
333-217475</FONT></P>
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"border: none; border-top: double windowtext 6.0pt; padding: 17.0pt 0in 0in 0in;">
<P CLASS="H1" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>
</DIV>
<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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_______________</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 4.0pt; 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;"> <B>Amendment
No. 3</B> <BR>
<B>to</B><BR>
<B>Form S-1</B><BR>
<B>REGISTRATION STATEMENT</B><BR>
<B>UNDER THE SECURITIES ACT OF 1933</B></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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_______________</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 2.0pt; 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 CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">KBL Merger Corp. IV</FONT></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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(Exact name of registrant as specified in its charter)</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_______________</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
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<TR>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.38%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Delaware</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.44%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.38%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">6770</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.44%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.38%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">81-3832378</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.38%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.44%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.38%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(Primary Standard Industrial<BR>
Classification Code Number)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.44%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.38%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(I.R.S. Employer<BR>
Identification Number)</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 10.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
527 Stanton Christiana Rd.<BR>
Newark, DE 19713<BR>
Phone: (302) 502-2727</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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(Address, including zip code, and telephone number, including area
code, of registrant&rsquo;s principal executive offices)</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 4.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dr. Marlene Krauss<BR>
Chief Executive Officer<BR>
527 Stanton Christiana Rd.<BR>
Newark, DE 19713<BR>
Phone: (302) 502-2727</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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(Name, address, including zip code, and telephone number, including
area code, of agent for service)</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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_______________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 2.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Copies to:</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: 49.28%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Douglas S. Ellenoff, Esq.<BR>
Stuart Neuhauser, Esq.<BR>
Ellenoff Grossman &amp; Schole LLP<BR>
1345 Avenue of the Americas<BR>
New York, New York 10105<BR>
Telephone: (212) 370-1300</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.46%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 49.28%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Bradley D. Houser, Esq.<BR>
Holland &amp; Knight LLP<BR>
701 Brickell Avenue<BR>
Suite 3300<BR>
Miami, Florida 33131<BR>
Telephone: (305) 374-8500</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 10.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_______________</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Approximate date of commencement of proposed sale to the public: As
soon as practicable after the effective date of this registration
statement.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933 check the following box. <FONT STYLE="font-family: Wingdings">x</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.15pt;">If this Form is filed to
register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and
list the Securities Act registration statement number of the
earlier effective registration statement for the same
offering.</FONT> <FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE=
"font-family: Wingdings; letter-spacing: -.15pt;">&uml;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier
effective registration statement for the same offering.
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If this Form is a post-effective amendment filed pursuant to Rule
462(d) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier
effective registration statement for the same offering.
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See the
definitions of &ldquo;large accelerated filer,&rdquo;
&ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule
12b-2 of the Exchange Act.</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="17%" VALIGN="bottom" STYLE=
"width: 17.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Large accelerated filer</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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="bottom" STYLE=
"width: 50.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Accelerated filer</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="17%" VALIGN="bottom" STYLE=
"width: 17.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Non-accelerated filer</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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="bottom" STYLE=
"width: 50.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="xbox" STYLE=
"mso-style-name: xbox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">x</FONT></FONT> <FONT LANG=
"EN-GB">(Do not check if a smaller reporting company)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Smaller reporting company</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="17%" VALIGN="bottom" STYLE=
"width: 17.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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="bottom" STYLE=
"width: 50.64%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Emerging growth company</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="xbox" STYLE=
"mso-style-name: xbox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">x</FONT></FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities
Act. <FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">CALCULATION OF
REGISTRATION FEE</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="38%" VALIGN="bottom" STYLE=
"width: 38.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="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;"> Title
of Each Class of Security Being Registered </P>
</DIV>
</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="15%" VALIGN="bottom" STYLE=
"width: 15.98%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Amount
Being<BR>
Registered </P>
</DIV>
</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="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.38%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Proposed<BR>
Maximum<BR>
Offering Price<BR>
per Security<SUP>(1)</SUP> </P>
</DIV>
</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="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.98%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Proposed<BR>
Maximum<BR>
Aggregate<BR>
Offering Price<SUP>(1)</SUP> </P>
</DIV>
</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="11%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 11.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Amount
of<BR>
Registration<BR>
Fee </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.84%; background: #CCEEFF; 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;"> Units,
each consisting of one share of common stock, $.0001 par value, one right and one redeemable warrant<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.98%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,500,000
Units </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 115,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 13,329 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="38%" VALIGN="bottom" STYLE=
"width: 38.84%; 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 included as part of the units<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></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="15%" VALIGN="bottom" STYLE=
"width: 15.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,500,000
Shares </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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; 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: 1.2%; 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="8%" VALIGN="bottom" STYLE=
"width: 8.54%; 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;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; 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>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.84%; background: #CCEEFF; 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;"> Rights
included as part of the units<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.98%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,500,000
R<FONT STYLE="letter-spacing: -0.05pt">ights</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; 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="8%" VALIGN="bottom" STYLE=
"width: 8.54%; background: #CCEEFF; 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;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; 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>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.84%; 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;"> Redeemable
warrants included as part of the units<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></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="15%" VALIGN="bottom" STYLE=
"width: 15.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,500,000
Warrants </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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; 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: 1.2%; 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="8%" VALIGN="bottom" STYLE=
"width: 8.54%; 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;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; 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>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.84%; background: #CCEEFF; 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
underlying Rights included as part of Units<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.98%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,150,000
Shares </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; 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="8%" VALIGN="bottom" STYLE=
"width: 8.54%; background: #CCEEFF; 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;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; 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>(5)</SUP></FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.84%; 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: 1.6%; 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="15%" VALIGN="bottom" STYLE=
"width: 15.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 115,000,000 </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: 1.2%; 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="8%" VALIGN="bottom" STYLE=
"width: 8.54%; 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;"> 13,329 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; 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>(6)</SUP></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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Estimated
solely for the purpose of calculating the registration fee.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Includes 1,500,000 units, consisting of 1,500,000 shares of common stock, 1,500,000 rights and 1,500,000 redeemable warrants,
which may be issued upon exercise of a 45-day option granted to the underwriters to cover over-allotments, if any.</FONT> </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Pursuant
to Rule 416, there are also being registered an indeterminable
number of additional securities as may be issued to prevent
dilution resulting from stock splits, stock dividends or similar
transactions.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> No fee
pursuant to Rule 457(g).</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (5)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No fee pursuant to Rule 457(i). </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (6)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Previously paid. </P>
<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 8.0pt 0in;">
<P CLASS="Textflush" STYLE=
"border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The Registrant hereby
amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this
Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933, as
amended, or until the Registration Statement shall become effective
on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.</FONT></P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; 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="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE=
"font-size: 9.0pt; color: #D80000; letter-spacing: -.15pt;">The
information in this preliminary prospectus is not complete and may
be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This preliminary prospectus is not an offer to sell
these securities and it is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale is not
permitted.</FONT></P>
<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="32%" VALIGN="bottom" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="color: #D80000;">PRELIMINARY PROSPECTUS</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.26%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="color: #D80000;">Subject to Completion</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="color: #D80000;">Dated May 26, 2017</FONT></FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="H1" STYLE=
"margin-top: 10.0pt; 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 CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 12.0pt;">KBL MERGER CORP. IV</FONT><BR>
$100,000,000<BR>
10,000,000 Units</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 9.0pt;">KBL Merger Corp. IV is a newly
organized blank check company formed for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses, which we refer to throughout this prospectus as our
initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 9pt; letter-spacing: -0.2pt">This
is an initial public offering of our securities. Each unit has an offering price of $10.00 and consists of one share of our common
stock, one right and one redeemable warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of
common stock upon the consummation of an initial business combination, as described in more detail in this prospectus. Each redeemable
warrant entitles the holder thereof to purchase one-half of one share of our common stock at a price of $5.75 per half share,
subject to adjustment as described in this prospectus. Warrants may be exercised only for a whole number of shares of common stock.
We have also granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units to cover over-allotments,
if any.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 9pt; letter-spacing: -0.15pt">We
will provide our public stockholders with the opportunity to redeem all or a portion of their shares of our common stock upon
the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account described below as of two business days prior to the consummation of our initial business combination,
including interest (which interest shall be net of taxes payable), divided by the number of then outstanding shares of common
stock that were sold as part of the units in this offering, which we refer to collectively as our public shares, subject to the
limitations described herein. 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 have executed a letter of intent, agreement in principle
or definitive agreement for an initial business combination within 18 months from the closing of this offering but have not completed
the initial business combination within such 18-month period, we will redeem 100% of the public shares at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $50,000 of interest
to pay liquidation expenses and which interest shall be net of taxes payable), divided by the number of then outstanding public
shares, subject to applicable law and as further described herein.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 9pt; letter-spacing: -0.15pt">Currently,
there is no public market for our units, common stock, rights or warrants. We have applied to list our units on the NASDAQ Capital
Market, or NASDAQ, under the symbol &ldquo;KBLMU.&rdquo; We expect that our units will be listed on NASDAQ on the date of this
prospectus. Following the date the shares of our common stock, rights and warrants are eligible to trade separately, we anticipate
that the shares of our common stock, rights and warrants will be listed separately on NASDAQ under the symbols &ldquo;KBLM,&rdquo;
&ldquo;KBLMR&rdquo; and &ldquo;KBLMW,&rdquo; respectively. We cannot guarantee that our securities will be approved for listing
on NASDAQ.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 9.0pt;">KBL IV Sponsor LLC, which we refer
to as our sponsor throughout this prospectus, and the underwriters
have committed to purchase an aggregate of 450,000 units (or
502,500 units if the over-allotment option is exercised in full;
350,000 of such units shall be purchased by our sponsor and 100,000
of such units shall be purchased by the underwriters, or 387,500 by
our sponsor and 115,000 by the underwriters if the over-allotment
option is exercised in full), which units are identical to the
units sold by this prospectus except as described herein, at a
price of $10.00 per unit (a total of $4,500,000, or $5,025,000 if
the over-allotment option is exercised in full) in a private
placement that will close simultaneously with the closing of this
offering. We refer to these units throughout this prospectus as the
private placement units.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 9.0pt;">We are an &ldquo;emerging growth
company&rdquo; under applicable federal securities laws and will be
subject to reduced public company reporting requirements. Investing
in our securities involves a high degree of risk. <FONT CLASS=
"bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
See &ldquo;Risk Factors&rdquo; beginning on page</FONT></FONT>
<B><I><FONT STYLE=
"font-size: 9.0pt; font-family: TimesNewRomanPSStd-BoldIt;">27</FONT></I></B>
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT STYLE="font-size: 9.0pt;">for a discussion of information
that should be considered in connection with an investment in our
securities.</FONT></FONT> <FONT STYLE="font-size: 9.0pt;">Investors
will not be entitled to protections normally afforded to investors
in Rule 419 blank check offerings.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 9.0pt;">Neither the SEC nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.</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="69%" VALIGN="bottom" STYLE=
"width: 69.12%; 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>
<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="2" VALIGN="bottom" STYLE=
"width: 13.9%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Per Unit</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="2" VALIGN="bottom" STYLE=
"width: 13.9%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Total</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.12%; background: #CCEEFF; 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 LANG="EN-GB" STYLE="font-size: 9.0pt;">Public offering
price</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.74%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.74%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
100,000,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.12%; 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 LANG="EN-GB" STYLE="font-size: 9.0pt;">Underwriting discounts
and commissions<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)</FONT></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=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.74%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.60</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=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.74%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
6,000,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.12%; background: #CCEEFF; 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 LANG="EN-GB" STYLE="font-size: 9.0pt;">Proceeds, before
expenses, to us</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.74%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
9.40</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.74%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
94,000,000</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">____________</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">(1)</FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="font-size: 8.0pt;">Includes $0.35 per unit, or
$3,500,000 (or up to $4,025,000 if the underwriters&rsquo;
over-allotment option is exercised in full) in the aggregate
payable to the underwriters for deferred underwriting commissions
to be placed in a trust account located in the United States as
described herein. The deferred commissions will be released to the
underwriters only on completion of an initial business combination,
in an amount equal to $0.35 multiplied by the number of shares of
common stock sold as part of the units in this offering, as
described in this prospectus. Does not include certain fees and
expenses payable to the underwriters in connection with this
offering. See also &ldquo;Underwriting&rdquo; beginning on page
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;">131)</FONT> for
a description of compensation and other items of value payable to
the underwriters.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 5.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 9.0pt;">Of the proceeds we receive from
this offering and the sale of the private placement units described
in this prospectus, $101.0 million or $116.15 million if the
underwriters&rsquo; over-allotment option is exercised in full
($10.10 per unit in either case), will be deposited into a trust
account with Continental Stock Transfer &amp; Trust Company acting
as trustee.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 2.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 9.0pt;">The underwriters are offering the
units for sale on a firm commitment basis. The underwriters expect
to deliver the units to the purchasers on or about
&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
&#8199;&#8199;, 2017.</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="100%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 100.0%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 14.0pt;">Ladenburg Thalmann</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="52%" VALIGN="bottom" STYLE=
"width: 52.56%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"margin-left: 24.0pt; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 14.0pt;">B. Riley &amp; Co.</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="45%" VALIGN="bottom" STYLE=
"width: 45.86%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 14.0pt;">FBR</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="100%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 100.0%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 14pt"><B>I-Bankers
Securities Inc.</B></FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 10.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
&#8199;&#8199;, 2017</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=
"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 CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TABLE OF
CONTENTS</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="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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;">
Summary</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Summary Financial Data</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
26</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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;">
Risk Factors</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
27</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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 LANG="EN-GB">Cautionary Note Regarding Forward-Looking
Statements</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
54</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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 Proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
55</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Dividend Policy</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
59</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
60</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Capitalization</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
62</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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 LANG="EN-GB">Management&rsquo;s Discussion And Analysis of
Financial Condition And Results of Operations</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
63</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Proposed Business</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
68</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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;">
Management</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
97</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Principal Stockholders</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
106</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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 LANG="EN-GB">Certain Relationships and Related Party
Transactions</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
109</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Description of Securities</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
111</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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 LANG="EN-GB">Certain United States Federal Income Tax
Considerations</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
124</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Underwriting</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
131</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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 Matters</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
139</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Experts</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
139</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; background: #CCEEFF; 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 LANG="EN-GB">Where You Can Find Additional
Information</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
139</P>
</TD>
</TR>
<TR>
<TD WIDTH="90%" VALIGN="bottom" STYLE=
"width: 90.76%; 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;">
Index To Financial Statements</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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="7%" VALIGN="bottom" STYLE=
"width: 7.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-1</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You should rely only on the information contained in this
prospectus. We have not, and the underwriters have not, authorized
anyone to provide you with different information. If anyone
provides you with different or inconsistent information, you should
not rely on it. 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="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; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Summary</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Unless otherwise
stated in this prospectus, references to:</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;company&rdquo; or &ldquo;our
company&rdquo; are to KBL Merger Corp. IV;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;public
shares&rdquo; are to shares of our common stock sold as part of the
units in this offering (whether they are purchased in this offering
or thereafter in the open market);</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;public
stockholders&rdquo; are to the holders of our public shares,
including our initial stockholder and members of our management
team to the extent our initial stockholder and/or members of our
management team purchase public shares, provided that each initial
stockholder&rsquo;s and member of our management team&rsquo;s
status as a &ldquo;public stockholder&rdquo; shall only exist with
respect to such public shares;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;management&rdquo;
or our &ldquo;management team&rdquo; are to our executive officers
and directors;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;Scientific and
Advisory Board&rdquo; are to the individuals described herein as
such under the caption &ldquo;Scientific and Advisory Board&rdquo;
and any other individuals designated by us as Scientific and
Advisory Board members after the date of this
prospectus;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;sponsor&rdquo;
is to KBL IV Sponsor LLC, our initial stockholder; Dr. Marlene
Krauss, our Chief Executive Officer, is the sole managing member of
KBL IV Sponsor LLC;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;combined
team&rdquo; is to our management team and our Scientific and
Advisory Board, collectively;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&ldquo;founder shares&rdquo; are to shares of our common stock initially purchased by our sponsor in a private placement
prior to this offering;</I> </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;private
placement units&rdquo; are to the units issued to our sponsor and
the underwriters in a private placement simultaneously with the
closing of this offering;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;private
placement shares&rdquo; are to the shares of our common stock
included in the private placement units issued to our sponsor and
the underwriters in a private placement simultaneously with the
closing of this offering;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&ldquo;private placement rights&rdquo; are to the rights included in the private placement units issued to our sponsor
and the underwriters in a private placement simultaneously with the closing of this offering;</I> </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&ldquo;private placement warrants&rdquo; are to the warrants included in the private placement units issued to our sponsor
and the underwriters in a private placement simultaneously with the closing of this offering;</I> </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;
</FONT><FONT STYLE="font-family: ZapfDingbatsStd; font-size: 8.5pt">&nbsp;&nbsp;</FONT> <I>&ldquo;rights&rdquo; are to our rights,
which includes all of our rights sold as part of the units in this offering (whether they are purchased in this offering or thereafter
in the open market) as well as the private placement rights to the extent they are no longer held by the initial purchasers of
the private placement rights or their permitted transferees;</I> </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&ldquo;warrants&rdquo; are to our redeemable warrants, which includes all of our warrants sold as part of the units
in this offering (whether they are purchased in this offering or thereafter in the open market) as well as the private placement
warrants to the extent they are no longer held by the initial purchasers of the private placement warrants or their permitted
transferees; and</I> </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;initial
stockholder&rdquo; is to our sponsor, the holder and beneficial
owner of our founder shares prior to this offering.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Unless indicated
otherwise, the information in this prospectus assumes that the
underwriters will not exercise their over-allotment
option.</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;">
1</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our Company</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are a blank check company organized under the laws of the State
of Delaware on September 7, 2016. We were formed for the purpose of
effecting a merger, capital stock exchange, stock purchase, asset
acquisition or other similar business combination with one or more
operating businesses, which we refer throughout this prospectus as
our initial business combination. We intend to focus our efforts on
acquiring an operating company in the healthcare and related
wellness industry although our efforts in identifying a prospective
target business will not be limited to a particular industry. We
have not identified any business combination target and we have
not, nor has anyone on our behalf, initiated any substantive
discussions, directly or indirectly, with respect to identifying
any business combination target.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our management team, augmented by our Board of Directors and
Scientific and Advisory Board, consists of Marlene Krauss, M.D.,
our Chief Executive Officer and director and Joseph A. Williamson,
our Chief Operating Officer and a director as of the effective date
of this offering. Our other Board Members as of the effective date
of this offering, George Hornig, Andrew Sherman and Sherrill Neff,
are seasoned business people with an extensive network for deal
origination, decades of experience consummating business
transactions and a significant history of operating companies at a
senior level.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dr. Krauss, our Chief Executive Officer and a director since
inception, has over 30 years of experience starting, investing in,
acquiring, selling and growing healthcare companies in all areas of
life sciences and healthcare services. Beginning in 1998, she
raised three venture capital funds whose limited partners are
primarily institutional investors. Through these funds, public
financings, or with groups of private investors, she has played a
meaningful role in over 20 companies, some of which were pioneering
companies in their respective fields. A few examples are Summit
Technology (acquired by Alcon, now subsidiary of Novartis
(VTX:NOVN), for $839 million in 2000), Lumenos (sold to Wellpoint,
now known as Anthem, Inc. (NYSE:ANTM) for $185 million in 2005),
and PneumRx (sold to BTG plc (LON:BTG) for up to $475 million in
2014, which includes earn out payments). She also was Chief
Executive Officer of three prior special purpose acquisition
companies, KBL Healthcare Acquisition Corp. I, II and III,
hereafter KBL I, II and III respectively, and was involved in their
formation, deal sourcing, investment selection and operations, as
set forth below under <FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;Our management
team has an established track record of raising and operating blank
check companies. We believe this experience enhances the
probability of successfully completing a business
combination.&rdquo;</FONT> In managing us and seeking an attractive
target company, she combines her education, receiving both M.D. and
M.B.A. degrees from Harvard, her extensive medical and business
experience and her wide network created over decades in the
industry.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Mr. Williamson, our Chief Operating Officer and a director as of
the effective date of this offering, has over 35 years of
experience as a healthcare operator, executive and entrepreneur
primarily in post-acute healthcare facilities (senior living,
assisted living, hospice and home care) as well as ancillary
services. Since 2010, he has been Chairman of National Home Care
Holdings, LLC, a multi-state home health company. He was the
chairman and an investor of National Hospice Holdings, LLC from
2010 to 2014, when it merged into Trident USA. From 2004 to 2010,
he was a board member and investor in CCRx, a portfolio company of
Cressey &amp; Company that focused on pharmacy distribution. In
2010, CCrx was sold to Omnicare, Inc. (now a subsidiary of CVS
Health Corporation (NYSE:CVS)). From 1986 to 1996, he served in
various executive capacities at Genesis Health Ventures, the
predecessor of Genesis Healthcare Corporation (NYSE:GEN). Mr.
Williamson was a principal and General Partner in Commerce Health
Ventures, which merged into the private equity firm NewSpring
Capital.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dr. Krauss and Mr. Williamson have worked together on investments
and transactions for 20 years. However, with respect to the above
transactions, past performance by Dr. Krauss and Mr. Williamson, or
any other member of our combined team, is not a guarantee that we
will be able to locate a suitable candidate for our initial
business combination or of success with respect to any business
combination we may complete. Investors should not rely on the
historical record of our management&rsquo;s performance as
indicative of our future performance.</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=
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<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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Competitive
Strengths</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our management team has broad healthcare and wellness experience
and most of them have worked together in the past.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are focusing on the health and wellness industries because of
our experience and because they are large and growing segments of
the U.S. economy. Our team&rsquo;s experience is broad, having
invested in many healthcare specialties some of which included
cardiology, ophthalmology, orthopedics and dermatology and many
sub-verticals of healthcare such as services, healthcare IT,
medical devices, and pharmaceuticals. Dr. Krauss and Mr. Williamson
will devote approximately 40 hours and 25 hours weekly,
respectively, to operating our company, consummating an initial
business combination, and potentially working with the company we
acquire. We also will utilize the extensive experience of our board
members:</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
George Hornig, our Chairman upon the effective date of this
offering, has been involved as an executive officer of several
well-known investment firms, including Pinebridge Investments from
2010 to 2016 (Senior Managing director and Chief Operating
Officer), Credit Suisse Asset Management from 1999 to 2010
(Co-Global Chief Operating Officer), Deutsche Bank from 1993 to
1999 (Executive Vice President and Chief Operating Officer of the
Americas) and Wasserstein Perella &amp; Co. from 1988 to 1991 (Co-
founder and Chief Operating Officer). Mr. Hornig has been an early
investor in many high growth healthcare companies including Royalty
Pharma, a biopharmaceutical company that invests in
revenue-producing royalty interests, FibroGen Inc. (NASDAQ:FGEN), a
biopharmaceutical company focused on the discovery of novel
therapeutics to treat serious unmet medical needs, and Cibus, a
precision gene-editing company for agriculture.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Andrew Sherman, a director upon the effective date of this
offering, has worked for 22 years in investment banking, M&amp;A
and buyside roles with Morgan Joseph TriArtisan (Managing Director
in Healthcare), Madison Williams, Banc of America Securities,
Montgomery Securities and James D. Wolfensohn, Inc. Mr. Sherman
also worked in principal investing as a Partner at DCH Partners, a
healthcare-focused private equity firm. Mr. Sherman served as a
consultant to Capitol Acquisition Corp, a special purpose
acquisition corporation which completed a merger with Two Harbors
Investment Corp. (NYSE:TWO), a real estate investment trust,
helping source, evaluate, and conduct due diligence of, potential
target companies. In connection with such services, Mr. Sherman
received a monthly cash payment (including reimbursement of
expenses), a cash bonus and an option to purchase shares of common
stock of the issuer at an exercise price equal to the closing price
of the stock on the closing date. Mr. Sherman was also a full-time
consultant for KBL III, leading transaction sourcing and helping
evaluate, conduct due diligence of, prepare financial analysis of,
and negotiate with, target companies. Mr. Sherman received a
monthly cash payment in connection with such services.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sherrill Neff, a director upon the effective date of this offering,
is a Founding Partner of Quaker Partners, where he launched and
manages five life sciences venture funds with over $700 million in
total assets. Through Quaker Partners, he was responsible for a
number of the funds&rsquo; investments. Some of these include:
Amicus Therapeutics (NASDAQ:FOLD); BioRexis Therapeutics (sold to
Pfizer); MedMark (sold to Walgreens); Durata Therapeutics (sold to
Actavis); Protez Pharmaceuticals (sold to Novartis); Regado
BioSciences (sold, after a merger with Tobira Therapeutics, to
Allergan); RainDance Technologies (sold to BioRad); and Cempra
Pharmaceuticals (NASDAQ:CEMP). Of those companies, Mr. Neff held
the funds&rsquo; seat on the board of directors of Amicus
Therapeutics, BioRexis Therapeutics, MedMark, Regado BioSciences,
RainDance Technologies and Cempra Pharmaceuticals. Prior to Quaker
Partners, Mr. Neff was President and COO of a publicly traded
biotechnology company, Neose Technologies from 1994 to 2002, Senior
Vice President of U.S. Healthcare from 1993 to 1994 and Managing
Director in the investment banking division of Alex. Brown &amp;
Sons from <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">1984 to 199</FONT>3.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our management team is supported by the members of our Scientific
and Advisory Board, who are not only grounded in clinical practice
but are also experienced healthcare innovators, investors and
operators. We currently expect our Scientific and Advisory Board to
(i) assist us in sourcing potential business combination targets
and in related due diligence, (ii) provide their scientific and
business insights when we assess potential business combination
targets and (iii) upon our request, provide their scientific and
business insights as we work to create additional value in the
businesses that we acquire. In this regard, they will fulfill some
of the same functions as our board members. However, the members of
our Scientific and Advisory Board have no obligation to provide
advice or services to us. For additional information on the
backgrounds of our management team (including their blank check</P>
</DIV>
<P CLASS="RRH" STYLE=
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3</P>
<DIV STYLE=
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<P CLASS="Textflush" STYLE=
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company and acquisitions experience), Board of Directors and
Scientific and Advisory Board, please see the section in this
prospectus titled &ldquo;Proposed Business &mdash; Competitive
Strengths.&rdquo;</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our management team has an established track record of raising and
operating blank check companies.</FONT> <FONT CLASS="bolditalic"
STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We believe this experience enhances the probability of successfully
completing a business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Dr. Krauss was the founder
and Chief Executive Officer of three prior blank check companies:
KBL I, II and III.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">KBL I, a blank check company
with an objective to acquire an operating business in the
healthcare industry, consummated its initial public offering on
April 27, 1993, raising gross proceeds of $17.25 million. Dr.
Krauss was chairperson of the board and chief executive officer of
KBL I from its inception until it merged with Concord, an owner,
developer and operator of assisted living and long-term care
facilities, on August 16, 1994. Pursuant to the merger agreement
with Concord, all the outstanding shares of Concord were converted
into the right to receive a total of 3,500,000 shares of KBL
I&rsquo;s common stock and $1.4 million in cash. KBL I&rsquo;s
remaining cash, by way of merger, became working capital of
Concord. Prior to the merger with Concord, Dr. Krauss did not
receive any salary for her services to KBL I. However, KBL
Healthcare, Inc., a company in which Dr. Krauss is the chairperson
and chief executive officer, received a $5,000 per month fee from
KBL I for the use of office space and administrative
services.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">Dr. Krauss also did not
receive any salary for her services to Concord. However, in
connection with the merger between KBL I and Concord, Concord
entered into a financial advisory and consulting agreement with KBL
Healthcare, Inc. Pursuant to the agreement, KBL Healthcare, Inc.
provided consulting services to Concord with respect to, among
other things, developing and implementing corporate strategy and
developing relationships with healthcare providers, service
companies and other companies engaged in the healthcare industry.
Pursuant to the agreement, KBL Healthcare, Inc. was paid $125,000
upon signing the agreement and $100,000 per year for the life of
the agreement for its consulting services. Additionally, Concord
paid KBL Healthcare, Inc. an additional $170,000 for its services
in connection with assisting Concord in refinancing certain of its
then outstanding debt obligations. This agreement was terminated by
Concord in connection with the acquisition of Concord by the
Multicare Companies, Inc., a company providing skilled nursing
care, assisted living, sub-acute care and related activities, on
February 16, 1996 for $7.35 per share in cash, or approximately
$114 million. Dr. Krauss remained as vice chairperson of the board
of Concord until it was acquired by Multicare. At the time of the
sale to Multicare, Dr. Krauss held shares of Concord common
stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">KBL II, a blank check company
with an objective to acquire an operating business in the
healthcare industry, consummated its initial public offering on
April 27, 2005, raising gross proceeds of $55.2 million. KBL
II&rsquo;s shares currently trade on NASDAQ under the symbol SUMR.
From its inception until its merger with Summer (as defined below),
Dr. Krauss was the chief executive officer, secretary and director
of KBL II. Dr. Krauss did not receive any salary for her services
to KBL II. However, KBL Healthcare Management, an affiliate of Dr.
Krauss, received a $7,500 per month fee from KBL II for the use of
office space and administrative services prior to the merger
between KBL II and Summer. Prior to KBL II&rsquo;s initial public
offering, Dr. Krauss and her children, as well as Mr. Williamson,
had purchased shares of common stock of KBL II. Dr. Krauss and her
affiliates also subsequently purchased warrants to purchase shares
of common stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">On March 6, 2007, KBL II
consummated the transactions contemplated by the Agreement and
Plans of Reorganization with each of Summer Infant, Inc., Summer
Infant Europe, Limited, and Summer Infant Asia, Ltd. (collectively,
&ldquo;Summer&rdquo;), and all of the stockholders of Summer,
pursuant to which Summer became a wholly owned subsidiary of KBL
II. In the transaction, the sellers received an aggregate of $20
million in cash and 3,916,667 shares of KBL II common stock,
subject to adjustment. At the closing of the acquisition, Dr.
Krauss became KBL II&rsquo;s chairman of the board of directors,
pursuant to an employment agreement under which she received an
annual base salary of $125,000. Dr. Krauss subsequently resigned in
2008.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">In 2007, KBL III completed an
initial public offering of $138 million. However, due to equity
market conditions in 2008, KBL III was unable to consummate a
business combination. The entity was liquidated in 2009 and the
public investors received 100% of their investment less the
dissolution costs.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In 2008, Dr. Krauss was an executive officer of another KBL blank
check company that intended to complete an initial public offering.
However, due to equity market conditions, the company abandoned its
plans prior to launching any such offering.</P>
</DIV>
<P CLASS="LRH" STYLE=
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4</P>
<DIV STYLE=
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<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Joseph A. Williamson was president and Chief Operating Officer of
Concord Health from 1992 to 1996. He was instrumental in the
company&rsquo;s sale to KBL I. Mr. Williamson became a special
advisor to KBL II and also served as a member of the board of
directors of KBL III.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
George Hornig was on the board of KBL I and then served on the
board of Concord Health following the merger until 2010. He was
instrumental in sourcing Multicare, the acquirer of Concord Health
and negotiating and completing the transaction.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As discussed above, Andrew Sherman was a consultant to two special
purpose acquisition companies: KBL III and Capitol Acquisition
Corp., which completed a merger with Two Harbors Investment Corp.
(NYSE:TWO), a real-estate investment trust.</P>
<P CLASS="H3" STYLE=
"margin-top: 10.0pt; mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our network is extensive and we have decades of deal sourcing
experience.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe our search for a strong acquisition candidate will be
aided by the myriad of contacts we have developed over the years,
including seasoned healthcare investors in private equity and
venture capital funds, many of whom have co-invested with our
management team in the past. As entrepreneurs, our management team
have contacts with many private companies founded by families and
serial entrepreneurs which have grown into substantial commercial
businesses. In addition, they have extensive experience navigating
the public markets, which we believe will be value-enhancing to
these companies, which are seeking a public market exit. Our
management team also has extensive relationships with the
healthcare teams at many investment banks. We intend to be
proactive in sourcing potential acquisition targets and we are very
cognizant of medical opportunities and trends; as a result we feel
we can identify the acquisitions in the forefront of these trends.
We are targeting companies that have strong management teams,
reliable and stable cash flow, competitive advantages and
attractive growth prospects. However, the company we intend to
acquire may not exhibit all these characteristics.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Areas of
Focus</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Healthcare</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The healthcare industry constitutes a large and growing segment of
the United States economy. It was 17.8% of United States GDP in
2015. Healthcare spending in the United States is estimated to be
close to $3.2 trillion in 2015 and will grow at about a 5.6%
compounded annual growth rate from 2015 to 2020 based on data
published by Centers for Medicare &amp; Medicaid Services (CMS).
Newly passed regulations such as Patient Protection and the
Affordable Care Act and Medicaid expansion are altering the
interactions within the healthcare eco-system. We believe the key
drivers of growth in healthcare include the following:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Aging population and rising incidence of chronic diseases.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Scientific advances.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Shift to value-based care.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Increasing global pharmaceutical outsourcing activities.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Consumer empowerment and need for information.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Wellness</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">The wellness industry,
including areas such as healthy eating, nutrition, weight loss,
preventive healthcare, work place wellness, and fitness, is
estimated by PriceWaterhouseCoopers to be a $1.5 trillion industry.
This industry, a convergence between healthcare, technology, media,
and consumer retail, is less regulated and fosters a business
environment that allows for rapid growth and profitability. As
healthcare costs rise and the financial burden shifts more to
consumers, wellness companies are playing an increasingly pivotal
role to fill the gap between consumer expectations and the current
medical infrastructure. We believe the key drivers of growth in
wellness include the following:</FONT></P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Millennials and Generation X redefine the concept of wellness.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Higher healthcare costs are stimulating the rise of corporate
wellness initiatives.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Increased accessibility through the digital media.</P>
</DIV>
<P CLASS="RRH" STYLE=
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5</P>
<DIV STYLE=
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<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Rising income levels.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For a more in depth industry analysis, please see the section in
this prospectus titled &ldquo;Proposed Business.&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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Business
Strategy</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our business strategy includes, but is not limited to, the
following: we intend to identify and acquire a company with a
strong value proposition mainly in the U.S. healthcare or the
healthcare-related wellness industry. We are seeking a company with
a management team that has a track record of developing and growing
this business. As seasoned investors, entrepreneurs, operators and
clinicians, we intend to collaborate with this company by bringing
it growth capital, clinical and commercial knowledge and public
market and investor relations expertise. Our acquisition selection
process will leverage our Management&rsquo;s and Board&rsquo;s
network of potential transaction sources, ranging from owners and
directors of private and public companies, venture capital and
private equity funds, investment bankers, lenders, attorneys,
accountants and other trusted advisors across various sectors. We
expect this network will provide our management team with a robust
and consistent flow of acquisition opportunities. Upon completion
of this offering, members of our management team will conduct
outreach to their networks of relationships to explore business
combination opportunities that fit our investment parameters and
begin the process of pursuing and reviewing potentially interesting
leads.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Acquisition
Criteria</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe the majority of the transactions we will review and
consider fall into the following categories, although we may decide
to enter into a business combination with a target that falls
outside of these categories:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Portfolio Companies of Private Equity and later stage Venture
Capital funds.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Private Middle Market Companies.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Industry Consolidations.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Divisional Spin-outs.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
While we do not have set criteria for a target business, we have
established general guidelines:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Established Companies.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Strong Free Cash Flow Characteristics.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Growth Scenarios.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Strong Competitive Industry Position.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Experienced Management Team.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Diversified Customer and Supplier Base.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe such factors will be important in evaluating prospective
target businesses, regardless of whether we acquire a target
business in the healthcare or healthcare related wellness industry
and anticipate using these same criteria to analyze a target
business in any industry that we ultimately may explore. These
criteria are not intended to be exhaustive. We may enter into our
initial business combination with a target business that does not
meet these criteria or guidelines. Any evaluation relating to the
merits of a particular business combination will be based, to the
extent relevant, on the above factors as well as other
considerations deemed relevant by our management in effecting an
initial business combination consistent with our business
objective.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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 do so. We
are also required to have all prospective target businesses execute
agreements with us waiving any right, title, interest or claim of
any kind in or to any monies held in the trust account. If any
prospective target business refused to execute such agreement, we
would cease negotiations with such target business.</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=
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<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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Initial Business
Combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
NASDAQ rules provide that our initial business combination must be
with one or more target businesses that together have a fair market
value equal to at least 80% of the balance in the trust account
(less any deferred underwriting commissions and taxes payable on
interest earned) at the time of our signing a definitive agreement
in connection with our 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 that is a member of the
Financial Industry Regulatory Authority, or FINRA, or a qualified
independent accounting firm with respect to the satisfaction of
such criteria. If our securities are not listed on NASDAQ after
this offering, we would not be required to satisfy the 80%
requirement. However, we intend to satisfy the 80% requirement even
if our securities are not listed on NASDAQ at the time of our
initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 will
own or acquire 100% of the equity interests or assets of the target
business or businesses. We may, however, structure our initial
business combination such that the post-transaction company owns or
acquires less than 100% of such interests or assets of the target
business in order to meet certain objectives of the target
management team or stockholders or for other reasons, but we will
only complete such business combination if the post-transaction
company owns or acquires 50% or more of the outstanding voting
securities of the target or otherwise acquires a controlling
interest in the target sufficient for us not to be required to
register as an investment company under the Investment Company Act
of 1940, as amended, or the Investment Company Act. Even if the
post-transaction company owns or acquires 50% or more of the voting
securities of the target, our stockholders prior to the business
combination may collectively own a minority interest in the
post-transaction company, depending on valuations ascribed to the
target and us in the business combination transaction. For example,
we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital
stock of a target. In this case, we would acquire a 100%
controlling interest in the target. However, as a result of the
issuance of a substantial number of new shares, our stockholders
immediately prior to our initial business combination could own
less than a majority of our outstanding shares subsequent to our
initial business combination. If less than 100% of the equity
interests or assets of a target business or businesses are owned or
acquired by the post-transaction company, the portion of such
business or businesses that is owned or acquired is what will be
valued for purposes of the 80% of net assets test. If the business
combination involves more than one target business, the 80% of net
assets test will be based on the aggregate value of all of the
target businesses. If our securities are not listed on NASDAQ after
this offering, we would not be required to satisfy the 80%
requirement. However, we intend to satisfy the 80% requirement even
if our securities are not listed on NASDAQ at the time of our
initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, officers or
directors. In the event we seek to complete our initial business
combination with a company that is affiliated with our sponsor,
officers or directors, we, or a committee of independent directors,
will obtain an opinion from an independent investment banking firm
which is a member of FINRA or a qualified independent accounting
firm that our initial business combination is fair to our company
from a financial point of view.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Members
of our management team may directly or indirectly own common stock, rights and warrants following this offering, and, accordingly,
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. Further, each of our officers and directors may have a conflict of interest with respect to
evaluating a particular business combination if the retention or resignation of any such officers and directors was included by
a target business as a condition to any agreement with respect to our initial business combination. For additional information
regarding our executive officers&rsquo; and directors&rsquo; business affiliations and potential conflicts of interest, see &ldquo;Management
&mdash; Directors and Executive Officers&rdquo; and &ldquo;Management &mdash; Conflicts of Interest.&rdquo; </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .1pt;">Each of our officers and
directors presently has, and any of them in the future may have
additional, fiduciary or contractual obligations to another entity
pursuant to which such officer or director is required to present a
business combination opportunity to such entity. Accordingly, if
any of our officers or directors becomes aware of a business
combination opportunity which is suitable for an entity to which he
or she has current fiduciary or contractual obligations, he or she
will honor his or her fiduciary or contractual obligations to
present such business combination opportunity to such entity, and
only present it to us if such entity rejects the opportunity. We do
not believe, however, that the fiduciary duties or contractual
obligations of our executive officers will</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;">
7</P>
<DIV STYLE=
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<P CLASS="Textflush" STYLE=
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<FONT STYLE="letter-spacing: .1pt;">materially affect our ability
to complete our business combination. Our amended and restated
certificate of incorporation provides that we renounce our interest
in any corporate opportunity offered to any director or officer
unless such opportunity is expressly offered to such person solely
in his or her capacity as a director or officer of our company and
such opportunity is one we are legally and contractually permitted
to undertake and would otherwise be reasonable for us to
pursue.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
executive officers have agreed, pursuant to a written letter agreement, not to become an officer or director of any other special
purpose acquisition company with a class of securities registered under the Securities Exchange Act of 1934, as amended, or the
Exchange Act, until we have entered into a definitive agreement regarding our initial business combination or we have failed to
complete our initial business combination within 18 months after the closing of this offering (or 21 months, as applicable). </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 of 1933, as amended, or 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 internal controls
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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 $1.07 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>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our executive offices are located at 527 Stanton Christiana Rd.,
Newark, DE 19713 and our telephone number is (302) 502-2727.</P>
</DIV>
<P CLASS="LRH" STYLE=
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8</P>
<DIV STYLE=
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<P CLASS="H1" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The Offering</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
In making your decision 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</FONT> <B><I><FONT STYLE=
"font-family: TimesNewRomanPSStd-BoldIt;">27</FONT> <FONT CLASS=
"bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
of this prospectus.</FONT></I></B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
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<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Securities offered</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
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<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">10,000,000 units, at $10.00 per unit, each unit
consisting of:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
one share of common stock;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
one right to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination, subject
to the conditions described in this prospectus; and </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
one redeemable warrant to purchase one-half of one share of common stock. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Proposed NASDAQ symbols</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Units: &ldquo;KBLMU&rdquo;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Common Stock: &ldquo;KBLM&rdquo;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Rights:
&ldquo;KBLMR&rdquo; </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Warrants: &ldquo;KBLMW&rdquo;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Trading
commencement and separation of common stock, rights and warrants </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <BR>
<BR>
The units will begin trading on or promptly after the date of this prospectus. The common stock, rights and warrants comprising
the units will begin separate trading on the 52<FONT STYLE="font-size: 6pt"><SUP>nd</SUP></FONT> day following the date of this
prospectus unless Ladenburg Thalmann &amp; Co. Inc. informs us of its decision to allow earlier separate trading, subject to our
having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading
will begin. Once the shares of common stock, rights and warrants commence separate trading, holders will have the option to continue
to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer
agent in order to separate the units into shares of common stock, rights and warrants. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.1pt">Separate
trading of the common stock, rights and warrants is prohibited until we have filed a Current Report on Form 8-K</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <BR>
<BR>
<BR>
In no event will the common stock, rights and warrants be traded separately until we have filed a Current Report on Form 8-K with
the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will
file the Current Report on Form 8-K promptly after the closing of this offering, which is anticipated to take place four business
days from the date of this prospectus. If the underwriters&rsquo; over-allotment option is exercised following the initial filing
of such Current Report on Form 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>
</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Units:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Number of units outstanding before this
offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Number of private placement units to be sold
simultaneously with this<BR>
offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">450,000<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Number outstanding after this offering and the
private placement</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">10,450,000<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Common stock:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;">Number
outstanding before this offerin</FONT><FONT LANG=
"EN-GB">g</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">2,875,000<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(2)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Number outstanding after this offering and the
private placement</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">12,950,000<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)(3)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Rights:</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">Number
outstanding before this offerin</FONT>g </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0 </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Number
of private placement rights to be sold in a private placement simultaneously with this offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 450,000<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Number
outstanding after this offering and the private placement </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10,450,000<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Redeemable Warrants:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;">Number
outstanding before this offerin</FONT><FONT LANG=
"EN-GB">g</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Number of private placement warrants to be sold
in a private placement simultaneously with this offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">450,000<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Number of warrants to be outstanding after this
offering and the private placement</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">10,450,000<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Exercisability </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Each
warrant offered in this offering is exercisable to purchase one-half of one share of our common stock. Warrants may be exercised
only for a whole number of shares of common stock. No fractional shares will be issued upon exercise of the warrants. As a result,
warrant holders not purchasing an even number of warrants must sell any odd number of warrants in order to obtain full value from
the fractional interest that will not be issued. We structured each warrant to be exercisable for one-half of one share of our
common stock, as compared to warrants issued by some other similar blank check companies which are exercisable for one whole share,
in order to reduce the dilutive effect of the warrants upon completion of a business combination as compared to units that each
contain a warrant to purchase one whole share, thus making us, we believe, a more attractive merger partner for target businesses. </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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Our
sponsor and the underwriters have committed to purchase an
aggregate of 450,000 units (or 502,500 units if the over-allotment
option is exercised in full; 350,000 of such units shall be
purchased by our sponsor and 100,000 of such units shall be
purchased by the underwriters, or 387,500 by our sponsor and
115,000 by the underwriters if the over-allotment option is
exercised in full), which units are identical to the units sold by
this prospectus except as described herein, at a price of $10.00
per unit in a private placement that will close simultaneously with
the closing of this offering. In conjunction with their investment
in the private placement units, the underwriters or their designees
will also purchase membership interests in our sponsor for a total
of $2,000 (or $2,300 if the overallotment option is exercised in
full) as an investment in a portion of the founder shares held by
the sponsor, pursuant to a separate private placement that will
close simultaneously with the closing of the public offering and
the private placement of units. Upon the closings of these
offerings, such membership interests will collectively represent an
aggregate of 8% equity ownership in our sponsor</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;">
10</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; text-indent: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
through which the underwriters or their designees will collectively
have a pecuniary interest in 200,000 (or 230,000 if the
overallotment option is exercised in full) founder shares. Our
sponsor will beneficially own the founder shares allocated to the
underwriters or their designees and will retain sole voting and
dispositive power over such securities until the closing of our
initial business combination, at which time our sponsor will
distribute the founder shares to the underwriters or their
designees for no additional consideration. Upon receipt of the
founder shares, the underwriters or their designees will no longer
retain their ownership interests in our sponsor.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> This
number includes up to 375,000 shares that are subject to forfeiture
by our sponsor depending on the extent to which the
underwriters&rsquo; 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: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">(3)</FONT><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="letter-spacing: -.05pt;">Assumes no exercise of the
underwriters&rsquo; over-allotment option and the forfeiture by our
sponsor of 375,000 founder shares.</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;">
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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Exercise
price </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $5.75
per half share ($11.50 per whole share), subject to adjustments as described herein. Warrants may be exercised only for a whole
number of shares of common stock. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Exercise period</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The warrants will become exercisable on the
later of:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
30 days after the completion of our initial business combination,
and</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12 months from the closing of this offering;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.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 and such shares are registered, qualified or exempt
from registration under the securities, or blue sky, laws of the
state of residence of the holder (or we permit holders to exercise
their warrants on a cashless basis under the circumstances
specified in the warrant agreement).</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;">We are not
registering the shares of common stock issuable upon exercise of
the warrants at this time. However, we have agreed that as soon as
practicable, but in no event later than thirty (30) days after the
closing of our initial business combination, we will use our best
efforts to file with the SEC and no later than 90 days after the
closing of our initial business combination have an effective
registration statement covering the shares of common stock issuable
upon exercise of the warrants, and to maintain a current prospectus
relating to those shares of common stock until the warrants expire
or are redeemed; provided, that if our common stock is at the time
of any exercise of a warrant not listed on a national securities
exchange such that it satisfies the definition of a &ldquo;covered
security&rdquo; under Section 18(b)(1) of the Securities Act, we
may, at our option, require holders of public warrants who exercise
their warrants to do so on a &ldquo;cashless basis&rdquo; in
accordance with Section 3(a)(9) of the Securities Act and, in the
event we so elect, we will not be required to file or maintain in
effect a registration statement or register or qualify the shares
under blue sky laws, and in the event we do not so elect, we will
use our best efforts to register or qualify the shares under the
blue sky laws of the state of residence in those states in which
the warrants were initially offered by us in this
offering.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.1pt;">The warrants will
expire at 5:00 p.m., New York City time, five years after the
completion of our initial business combination or earlier (except
as described herein with respect to the private placement warrants)
upon redemption or liquidation. On the exercise of any warrant, the
warrant exercise price will be paid directly to us and not placed
in the trust account.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Redemption of warrants</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Once the warrants become exercisable, we may
redeem the outstanding warrants (except as described herein with
respect to the private placement warrants):</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in whole and not in part;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
at a price of $0.01 per warrant;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho"; letter-spacing: -.15pt;'>&#10148;</FONT></FONT><FONT STYLE="letter-spacing: -.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
upon a minimum of 30 days&rsquo; prior written notice of
redemption, which we refer to as the 30-day redemption period;
and</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if, and only if, the last sale price of our common stock equals or
exceeds $18.00 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>
</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will not redeem the warrants unless a
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 not exercise
our redemption right if the issuance of shares of common stock upon
exercise of the warrants is not exempt from registration or
qualification under applicable state blue sky laws or we are unable
to effect such registration or qualification. We will use our best
efforts to register or qualify the shares of common stock under the
blue sky laws of the state of residence in those states in which
the warrants were initially offered by us in this
offering.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.1pt;">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 last sale 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.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">None of the private placement warrants will be
redeemable by us so long as they are held by the initial purchasers
of the private placement units or their permitted
transferees.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"margin-left: 0in; text-indent: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Rights:<BR>
Terms of Rights </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <BR>
Each holder of a right will receive one-tenth (1/10) of one share of common stock upon consummation of our initial business combination.
In the event we will not be the surviving entity upon completion of our initial business combination, each holder of a right will
be required to affirmatively convert its rights in order to receive the 1/10 share of common stock underlying each right (without
paying any additional consideration). If we are unable to complete an initial business combination within the required time period
and we redeem the public shares for the funds held in the trust account, holders of rights will not receive any such funds in
exchange for their rights and the rights will expire worthless. We will not issue fractional shares upon exchange of the rights.
If, upon exchange of the rights, a holder would be entitled to receive a fractional interest in a share, we will, upon exchange,
either round up to the nearest whole number the number of shares to be issued to the right holder or otherwise comply with Section
155 of the Delaware General Corporation Law, as further described herein. We will make the determination of how we are treating
fractional shares at the time of our initial business combination and will include such determination in the proxy materials we
will send to stockholders for their consideration of such initial business combination. </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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Founder shares</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In September 2016, our sponsor purchased an
aggregate 2,875,000 founder shares for an aggregate purchase price
of $25,000, or approximately $0.009 per share, up to 375,000 of
which are subject to forfeiture by our sponsor depending on the
extent to which the underwriter&rsquo;s over-allotment option is
exercised. The number of founder shares was determined based on the
expectation that such founder shares would represent 20.0% of the
outstanding shares upon completion of this offering (excluding the
private placement units). Prior to the initial investment in the
company of $25,000 by the sponsor, we had no assets, tangible or
intangible. The purchase price of the founder shares was determined
by dividing the amount of cash contributed to us by the number of
founder 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 20.0% of our issued and outstanding
shares of our common stock upon the consummation of this offering
(excluding the private placement shares). Our initial stockholder
will own 22.0% of our issued and outstanding shares after this
offering (assuming it does not purchase any units in this
offering). Up to 375,000 founder shares will be subject to
forfeiture by our sponsor (or its permitted transferees) depending
on the extent to which the underwriters&rsquo; over-allotment
option is exercised.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The founder shares are identical to the shares
of common stock included in the units being sold in this offering,
except that:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the founder shares are subject to certain transfer restrictions, as
described in more detail below, and</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho; letter-spacing: 0.15pt">&#10148;</FONT><FONT STYLE="letter-spacing: 0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         our sponsor, officers, directors, director nominees and the underwriters have entered
                                         into letter agreements with us, pursuant to which they have agreed (i) to waive their
                                         redemption rights with respect to their founder shares, private placement shares and
                                         (except for the underwriters) public shares in connection with the completion of our
                                         initial business combination and (ii) to waive their rights to liquidating distributions
                                         from the trust account with respect to their founder shares and private placement shares
                                         if we fail 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 have executed
                                         a letter of intent, agreement in principle or definitive agreement for an initial business
                                         combination within 18 months from the closing of this offering but have not completed
                                         the initial business combination within such 18-month period) (although they will be
                                         entitled to liquidating distributions from the trust account with respect to any public
                                         shares they hold if we fail to complete our business combination within the prescribed
                                         time frame). If we submit our initial business combination to our public stockholders
                                         for a vote, our sponsor has agreed to vote its founder shares,</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="BLm2" STYLE=
"margin-top: 0in; text-indent: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: 0.15pt">private
placement shares and any public shares purchased during or after this offering in favor of our initial business combination. As
a result, assuming all shareholders are present at the stockholders&rsquo; meeting held to approve</FONT> our initial business
combination, we would need only 3,625,001 of the 10,000,000 public shares, or approximately 36.3%, sold in this offering to be
voted in favor of a transaction in order to have our initial business combination approved (assuming the over-allotment option
is not exercised and our sponsor does not purchase shares in the offering or the aftermarket). Furthermore, assuming only the
minimum number of shareholders required to be present at the stockholders&rsquo; meeting held to approve our initial business
combination approve our initial business combination are present at such meeting, we would need only 387,501 of the 10,000,000
public shares, or approximately 3.9%, sold in this offering to be voted in favor of our initial business combination in order
to have such transaction approved (assuming the over-allotment option is not exercised). In addition, in the event that our board
of directors amends our bylaws to reduce the number of shares required to be present at a meeting of our stockholders, we would
need even fewer public shares to be voted in favor of our initial business combination in order to have such transaction approved. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Transfer restrictions on founder
shares</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our sponsor, officers, directors, director
nominees and the underwriters have agreed pursuant to letter
agreements with us not to transfer, assign or sell any of their
founder shares until the earlier to occur of: (A) one year after
the completion of our initial business combination or (B) the date
on which we complete a liquidation, merger, stock exchange or other
similar transaction after our initial business combination that
results in all of our stockholders having the right to exchange
their shares of common stock for cash, securities or other property
(except as described herein under &ldquo;Principal Stockholders
&mdash; Transfers of Founder Shares and Private Placement
Units&rdquo;). We refer to such transfer restrictions throughout
this prospectus as the lock-up. Notwithstanding the foregoing, if
the last sale price of our common stock equals or exceeds $12.00
per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days
after our initial business combination, then the lock-up will
terminate.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Private
placement units </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
sponsor and the underwriters have committed to purchase an aggregate of 450,000 units (or 502,500 units if the over-allotment
option is exercised in full; 350,000 of such units shall be purchased by our sponsor and 100,000 of such units shall be purchased
by the underwriters, or 387,500 by our sponsor and 115,000 by the underwriters if the over-allotment option is exercised in full),
which units are identical to the units sold by this prospectus except as described herein, at a price of $10.00 per unit (a total
of $4,500,000, or $5,025,000 if the over-allotment option is exercised in full), in a private placement that will close simultaneously
with the closing of this offering. The purchase price of the private placement units will be added to the proceeds from </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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> this
offering to be held in the trust account. If we do not complete our initial business combination within 18 months from the consummation
of this offering (or 21 months, as applicable), the proceeds from the sale of the private placement units held in the trust account
will be used to fund the redemption of our public shares (subject to the requirements of applicable law). There will be no redemption
rights or liquidating distributions with respect the private placement units and underlying securities, which will expire worthless.
The private placement units are identical to the units being sold in this offering except the private placement warrants will
be non-redeemable and exercisable on a cashless basis so long as they are held by our sponsor, the underwriters, or their affiliates
or designees. In addition, for as long as the private placement warrants are held by the underwriters or its designees or affiliates,
they may not be exercised after five years from the effective date of the registration statement of which this prospectus forms
a part. If the private placement units are held by someone other than the initial holder, or its permitted transferees, the private
placement warrants will be redeemable by us and exercisable by such holders on the same basis as the warrants included in the
units being sold in this offering. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Transfer restrictions on private placement
units</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
The private placement units (including their component securities)
will not be transferable, assignable or saleable until 30 days
after the completion of our initial business
combination.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Proceeds to be held in trust account</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">NASDAQ rules provide that at least 90% of the
gross proceeds from this offering and the private placement must be
deposited in a trust account. Of the $104.5 million in proceeds we
will receive from this offering and the sale of the private
placement units described in this prospectus, or approximately
$120.025 million if the underwriters&rsquo; over-allotment option
is exercised in full, $101.0 million ($10.10 per unit), or
approximately $116.15 million ($10.10 per unit) if the
underwriters&rsquo; over-allotment option is exercised in full,
will be deposited into a segregated trust account at JPMorgan Chase
Bank, N.A. with Continental Stock Transfer &amp; Trust Company
acting as trustee, and an aggregate of $1,000,000 will be used to
pay expenses in connection with the closing of this offering (not
including underwriting fees) and for working capital following this
offering. The proceeds to be placed in the trust account include
$3,500,000 (or up to $4,025,000 if the underwriters&rsquo;
over-allotment option is exercised in full) in deferred
underwriting commissions.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Except
for the withdrawal of interest to pay taxes and reserved for liquidation expenses (if we do not successfully complete our initial
business combination), our amended and restated certificate of incorporation, as discussed below and subject to the requirements
of law and regulation, provides that none of the funds held in the trust account will be released from the trust account until
the earlier of: (i) the completion of our initial business combination, (ii) the redemption of 100% of our public shares if we
are unable to complete </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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> our
initial business combination within 18 months from the closing of this offering (or 21 months, as applicable) and (iii) the redemption
of our public shares in connection with a stockholder vote to approve an amendment to our amended and restated certificate of
incorporation (A) that would affect the substance or timing of our obligation to redeem 100% of our public shares if we have not
consummated an initial business combination within 18 months from the closing of this offering (or 21 months, as applicable) or
(B) with respect to any other provision relating to stockholders&rsquo; rights or pre-business combination activity. The proceeds
deposited in the trust account could become subject to the claims of our creditors, if any, which could have priority over the
claims of our public stockholders. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Anticipated expenses and funding
sources</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
Unless and until we complete our initial business combination, no
proceeds held in the trust account will be available for our use,
except for the withdrawal of interest to pay taxes. Based upon
current interest rates, we expect the trust account to generate
approximately $353,500 of interest annually (assuming an interest
rate of 0.35% per year). Unless and until we complete our initial
business combination, we may pay our expenses only from:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the net proceeds of this offering not held in the trust account,
which will be approximately $500,000 in working capital after the
payment of approximately $500,000 in expenses relating to this
offering; and</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any loans or additional investments from our sponsor, members of
our management team or their affiliates or other third parties,
although they are under no obligation to advance funds or invest in
us, and provided any such loans will not have any claim on the
proceeds held in the trust account unless such proceeds are
released to us upon completion of a business combination.</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Conditions to completing our initial business
combination</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
There is no limitation on our ability to raise funds privately or
through loans in connection with our initial business combination
(although our amended and restated certificate of incorporation
will provide that we may not issue securities that can vote with
common stockholders on our initial business combination or on
matters related to our pre-business combination activity). NASDAQ
rules provide that our initial business combination must be with
one or more target businesses that together have a fair market
value equal to at least 80% of the balance in the trust account
(less any deferred underwriting commissions and taxes payable on
interest earned) at the time of our signing a definitive agreement
in connection with our initial business combination. If our
securities are not listed on NASDAQ after this offering, we would
not be required to satisfy the 80% requirement. However, we intend
to satisfy the 80% requirement even if our securities are not
listed on NASDAQ at the time of our initial business
combination.</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;">
17</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">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 which is a member of FINRA or a qualified
independent accounting firm. 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 us not
to be required to register as an investment company under the
Investment Company Act. Even if the post-transaction company owns
or acquires 50% or more of the voting securities of the target, our
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. If less than 100% of the equity interests
or assets of a target business or businesses are owned or acquired
by the post-transaction company, the portion of such business or
businesses that is owned or acquired is what will be valued for
purposes of the 80% of net assets test, provided that in the event
that the business combination involves more than one target
business, the 80% of net assets test will be based on the aggregate
value of all of the target businesses.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Permitted purchases of public shares by our
affiliates</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our
initial stockholder, directors, executive officers, advisors or
their affiliates may purchase shares in privately negotiated
transactions or in the open market either prior to or following the
completion of our initial business combination. 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. None of the funds in the trust account will
be used to purchase shares in such transactions. If they engage in
such transactions, they will not make any such purchases when they
are in possession of any material nonpublic information not
disclosed to the seller or if such purchases are prohibited by
Regulation M under the Securities Exchange Act of 1934, as amended,
or the Exchange Act. Subsequent to the consummation of this
offering, we will adopt an insider trading policy which will
require insiders to: (i) refrain from purchasing shares during
certain blackout periods and when they are in possession of any
material nonpublic information and (ii) clear all trades with our
legal counsel prior to execution. We cannot currently determine
whether our insiders will make such purchases pursuant to a Rule
10b5-1 plan, as it will be dependent upon several factors,
including but not limited to, the timing and size of such
purchases. Depending on such circumstances, our insiders may either
make such purchases pursuant to a Rule 10b5-1 plan or determine
that such a plan is not necessary.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">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. Our initial stockholder,
directors, executive officers, advisors or their affiliates will
not make any purchases if the purchases would violate Section
9(a)(2) or Rule 10b-5 of the Exchange Act.</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;">
18</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Redemption
rights for public stockholders upon completion of our initial business combination </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <BR>
<BR>
We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion
of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account as of two business days prior to the consummation of our initial business combination, including interest (which
interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described
herein. The amount in the trust account is initially anticipated to be $10.10 per public share. The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the
underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our rights
or warrants. Our sponsor, officers, directors, director nominees and the underwriters have entered into letter agreements with
us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares, private placement
shares and (except for the underwriters) any public shares they may acquire during or after this offering in connection with the
completion of our business combination. Prior to acquiring any founder shares or private placement shares from our sponsor, officers,
directors, director nominees or the underwriters, permitted transferees must enter into a written agreement with us agreeing to
be bound by the same restriction. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Manner of conducting redemptions</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will provide our public stockholders with the
opportunity to redeem all or a portion of their public shares upon
the completion of our initial business combination either (i) in
connection with a stockholder meeting called to approve the
business combination or (ii) by means of a tender offer. The
decision as to whether we will seek stockholder approval of a
proposed business combination or conduct a tender offer will be
made by us, solely in our discretion, and will be based on a
variety of factors such as the timing of the transaction and
whether the terms of the transaction would require us to seek
stockholder approval under the law or stock exchange listing
requirement. Asset acquisitions and stock purchases would not
typically require stockholder approval while direct mergers with
our company where we do not survive and any transactions where we
issue more than 20.0% of our outstanding common stock or seek to
amend our amended and restated certificate of incorporation would
require stockholder approval. We intend to conduct redemptions
without a stockholder vote pursuant to the tender offer rules of
the SEC unless stockholder approval is required by law or stock
exchange listing requirement or we choose to seek stockholder
approval for business or other legal reasons.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">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, pursuant to our amended and restated certificate
of incorporation:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E
of the Exchange Act, which regulate issuer tender offers, and</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
file tender offer documents with the SEC prior to completing our
initial business combination which contain substantially the same
financial and other information about the initial business
combination and the redemption rights as is required under
Regulation 14A of the Exchange Act, which regulates the
solicitation of proxies.</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;">
19</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;">Upon the public
announcement of our business combination, if we elect to conduct
redemptions pursuant to the tender offer rules, we or our sponsor
will terminate any plan established in accordance with Rule 10b5-1
to purchase shares of our common stock in the open market, in order
to comply with Rule 14e-5 under the Exchange Act. In the event we
conduct redemptions pursuant to the tender offer rules, our offer
to redeem will remain open for at least 20 business days, in
accordance with Rule 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 redeem public shares in an
amount that would cause our net tangible assets upon consummation
of our initial business combination 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.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If, however, stockholder approval of the
transaction is required by law or stock exchange listing
requirement, or we decide to obtain stockholder approval for
business or other legal reasons, we will:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
conduct the redemptions in conjunction with a proxy solicitation
pursuant to Regulation 14A of the Exchange Act, which regulates the
solicitation of proxies, and not pursuant to the tender offer
rules, and</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
file proxy materials with the SEC.</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we seek stockholder approval, we will
complete our initial business combination only if a majority of the
outstanding shares of common stock voted are voted in favor of the
business combination. In such case, our sponsor has agreed to vote
its founder shares, private placement shares and any public shares
purchased during or after this offering in favor of our initial
business combination. Each public stockholder may elect to redeem
their public shares irrespective of whether they vote for or
against the proposed transaction.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our amended and restated certificate of
incorporation provides that in no event will we redeem our public
shares in an amount that would cause our net tangible assets upon
consummation of our initial business combination to be less than
$5,000,001 (so that we are not subject to the SEC&rsquo;s
&ldquo;penny stock&rdquo; rules). Redemptions of our public shares
may also be subject to a higher net tangible asset test or cash
requirement pursuant to an 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 we would be required to pay for all
shares of common stock that are validly submitted for redemption
plus any amount required to satisfy cash conditions pursuant to the
terms of the proposed business combination exceeds the aggregate
amount of cash available to us, we will not complete the business
combination or redeem any shares, and all shares of common stock
submitted for redemption will be returned to the holders
thereof.</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;">
20</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Limitation on redemption rights of stockholders
holding 10% or more of the shares sold in this offering if we hold
stockholder vote</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;"><BR>
<BR>
<BR>
Notwithstanding the foregoing redemption rights, if we seek
stockholder approval of our initial business combination and we do
not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our amended and restated
certificate of incorporation provides that a public stockholder,
together with any affiliate of such stockholder or any other person
with whom such stockholder is acting in concert or as a
&ldquo;group&rdquo; (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to
more than an aggregate of 10% of the shares sold in this offering.
We believe the restriction described above will discourage
stockholders from accumulating large blocks of shares, and
subsequent attempts by such holders to use their ability to redeem
their shares as a means to force us or our management to purchase
their shares at a significant premium to the then-current market
price or on other undesirable terms. Absent this provision, a
public stockholder holding more than an aggregate of 10% of the
shares sold in this offering could threaten to exercise its
redemption rights against a business combination if such
holder&rsquo;s shares are not purchased by us or our management at
a premium to the then-current market price or on other undesirable
terms. By limiting our stockholders&rsquo; ability to redeem to no
more than 10% of the shares sold in this offering, we believe we
will limit the ability of a small group of stockholders to
unreasonably attempt to block our ability to complete our business
combination, particularly in connection with a business combination
with a target that requires as a closing condition that we have a
minimum net worth or a certain amount of cash. However, we would
not be restricting our stockholders&rsquo; ability to vote all of
their shares (including all shares held by those stockholders that
hold 10% or more of the shares sold in this offering) for or
against our business combination.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Redemption
Rights in connection with proposed amendments to our certificate of incorporation </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <BR>
<BR>
<FONT STYLE="letter-spacing: -0.15pt">Some other blank check companies have a provision in their charter which prohibits the amendment
of certain charter provisions. Our amended and restated certificate of incorporation provides that any of its provisions related
to pre-business combination activity (including the requirement to deposit proceeds of this offering and the private placement
of units into the trust account and not release such amounts except in specified circumstances, and to provide redemption rights
to public stockholders as described herein) may be amended if approved by holders of 65% of our common stock, and corresponding
provisions of the trust agreement governing the release of funds from our trust account may be amended if approved by holders
of 65% of our common stock. In all other instances, our amended and restated certificate of incorporation may be amended by holders
of a majority of our common stock, subject to applicable provisions of the DGCL or applicable stock exchange rules. Our initial
stockholder, who will beneficially own up to 22.0% of our common stock upon the closing of this offering (assuming it does not
purchase any units in this offering), will participate in any vote to amend our amended and restated certificate of incorporation
and/or trust agreement and will have the discretion to vote in any manner they choose. Our sponsor, executive officers, directors
and director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended
and restated 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</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;">
21</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">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 (which interest shall be net of taxes payable), divided by the number of then
outstanding public shares. Our sponsor, officers, directors, director nominees and the underwriters have entered into letter agreements
with us, pursuant to which they agreed to waive their redemption rights with respect to their founder shares, private placement
shares and public shares in connection with the completion of our initial business combination.</FONT> Prior to acquiring any
founder shares or private placement shares from our sponsor, officers, directors, director nominees or the underwriters, permitted
transferees must enter into a written agreement with us agreeing to be bound by the same restrictions. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Release of funds in trust account on closing of
our initial business combination</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.05pt;"><BR>
<BR>
On the completion of our initial business combination, all amounts
held in the trust account will be released to us, other than the
funds that the trustee will use to pay amounts due to any public
stockholders who exercise their redemption rights as described
above under &ldquo;Redemption rights for public stockholders upon
completion of our initial business combination.&rdquo; We will use
the remaining funds to pay the underwriters their deferred
underwriting commissions, to pay all or a portion of the
consideration payable to the target or owners of the target of our
initial business combination and to pay other expenses associated
with our initial business combination. If our initial business
combination is paid for using 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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Redemption
of public shares and distribution and liquidation if no initial business combination </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <BR>
<BR>
<FONT STYLE="letter-spacing: -0.05pt">We will have only 18 months from the closing of this offering, or 21 months from the closing
of this offering if we have executed a letter of intent, agreement in principle or definitive agreement for an initial business
combination within 18 months from the closing of this offering but have not completed the initial business combination within
such 18-month period, to complete our initial business combination. If we are unable to complete our initial business combination
within such 18-month (or 21-month, as applicable) period, we will: (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest
shall be net of taxes payable, and less up to $50,000 of interest to pay liquidation expenses) divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right
to receive further 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 each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. If we do not complete a business combination and if we were to expend all of the net proceeds of this offering, other than
the proceeds deposited in the trust account, and without taking into account interest, if</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;">
22</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> any,
earned on the trust account, the per-share redemption amount received by stockholders upon our dissolution would be an amount
estimated to be $10.00. If we dissolve and liquidate, we do not expect there to be any funds held outside the trust account remaining
for distribution. There will be no redemption rights or liquidating distributions with respect to our rights or warrants, which
will expire worthless if we fail to complete our business combination within the 18-month (or 21-month, as applicable) time period. </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
sponsor, officers, directors, director nominees and the underwriters have entered into letter agreements with us, pursuant to
which they have waived their rights to liquidating distributions from the trust account with respect to their founder shares and
private placement shares if we fail to complete our initial business combination within 18 months from the closing of this offering
(or 21 months, as applicable). However, if they acquire public shares in or after this offering, they will be entitled to liquidating
distributions from the trust account with respect to such public shares if we fail to complete our initial business combination
within the allotted 18-month (or 21-month, as applicable) time frame. The underwriters have agreed to waive their rights to their
deferred underwriting commission held in the trust account in the event we do not complete our initial 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>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
sponsor, executive officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will
not propose any amendment to our amended and restated 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 (which interest shall be net of taxes payable), divided by the
number of then outstanding public shares. Prior to acquiring any securities from our sponsor, officers, directors, director nominees
or the underwriters, permitted transferees must enter into a written agreement with us agreeing to be bound by the same restriction.
However, we may not redeem our public shares in an amount that would cause our net tangible assets upon consummation of our initial
business combination to be less than $5,000,001 (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules). </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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;">
23</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Indemnification</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our sponsor has agreed that it will be 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 (i) $10.10
per public share or (ii) such lesser amount per public share held
in the trust account as of the date of the liquidation of the trust
account due to reductions in the value of the trust assets, in each
case net of the interest which may be withdrawn to pay taxes,
except as to any claims by a third party who executed a waiver of
any and all rights to seek access to the trust account and except
as to any claims under our indemnity of the underwriters of this
offering against certain liabilities, including liabilities under
the Securities Act. Moreover, in the event that an executed waiver
is deemed to be unenforceable against a third party, then our
sponsor will not be responsible to the extent of any liability for
such third party claims. We have not independently verified whether
our sponsor has sufficient funds to satisfy its indemnity
obligations and believe that our sponsor&rsquo;s only assets are
securities of our company. We have not asked our sponsor to reserve
for such indemnification obligations. None of our officers or
directors will indemnify us for claims by third parties including,
without limitation, claims by vendors and prospective target
businesses.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Limited payments to insiders</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">There will be no finder&rsquo;s fees,
reimbursements or cash payments payable by us to our sponsor,
officers or directors, or our or their affiliates, for services
rendered to us prior to or in connection with the completion of our
initial business combination, other than the following payments,
none of which will be made from the proceeds of this offering held
in the trust account prior to the completion of our initial
business combination:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Repayment of up to $200,000 in loans, and any additional advances,
made to us by our sponsor to cover offering-related and
organizational expenses;</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;"><P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payment to our sponsor of $10,000 per month, for up to 18 months (or 21 months, as applicable), for office space, utilities and
secretarial and administrative support; </P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reimbursement for any out-of-pocket expenses related to
identifying, investigating and completing an initial business
combination; and</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="BLm2" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Repayment of loans which may be made by our sponsor or an affiliate
of our sponsor or certain of our officers and directors to finance
transaction costs in connection with an intended initial business
combination, the terms of which have not been determined nor have
any written agreements been executed with respect thereto.</P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our audit committee will review on a quarterly
basis all payments that were made to our sponsor, officers or
directors, or our or their affiliates.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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;">
24</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="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Audit Committee</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.02%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Upon the effective date of the registration
statement of which this prospectus is part, we will have
established and will maintain an audit committee which will be
composed of a majority of independent directors and, within one
year, will be composed of at least three independent directors to,
among other things, monitor compliance with the terms described
above and the other terms relating to this offering. If any
noncompliance is identified, then the audit committee will be
charged with the responsibility to immediately take all action
necessary to rectify such noncompliance or otherwise to cause
compliance with the terms of this offering. For more information,
see the section entitled &ldquo;Management &mdash; Committees of
the Board of Directors &mdash; Audit Committee.&rdquo;</FONT></P>
</TD>
</TR>
</TABLE>
<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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Risks</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>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 of This Offering to Those of Blank Check Companies Subject to Rule 419.&rdquo; In addition, an investment in this offering
may result in uncertain United States federal income tax consequences. For instance, because there are no authorities that directly
address instruments similar to the units we are issuing in this offering, the allocation an investor makes with respect to the
purchase price of the unit between the share of common stock, the right and the warrant to purchase one-half of one share of common
stock included in each unit could be challenged by the Internal Revenue Service (the &ldquo;IRS&rdquo;) or the courts. Furthermore,
the United States federal income tax consequences of a cashless exercise of a warrant included in the units is unclear under current
law. Finally, it is unclear whether the redemption rights with respect to our shares of common stock suspend the running of a
U.S. holder&rsquo;s holding period for purposes of determining whether any gain or loss realized by such holder on the sale or
exchange of common stock is long-term capital gain or loss and for determining whether any dividend we pay would be considered
&ldquo;qualified dividends&rdquo; for federal income tax purposes. See the section titled &lsquo;&lsquo;Taxation&rsquo;&rsquo;
for a summary of the principal United States federal income tax consequences of an investment in our securities. Prospective investors
are urged to consult their tax advisors with respect to these and other tax consequences when purchasing, holding or disposing
of our securities. You should carefully consider these and the other risks set forth in the section entitled &ldquo;Risk Factors&rdquo;
beginning on page 27 of this prospectus.</B> </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;">
25</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Summary Financial
Data</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; 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, so only balance sheet data is presented.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; 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: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="31%" COLSPAN="6" VALIGN="bottom" STYLE=
"width: 31.32%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
March 31, 2017</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; 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: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.84%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Actual</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.84%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
As Adjusted</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; 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: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="31%" COLSPAN="6" VALIGN="bottom" STYLE=
"width: 31.32%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
(unaudited)</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Balance Sheet
Data:</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.36%; 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; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="13%" VALIGN="bottom" STYLE=
"width: 13.6%; 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>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Working capital (deficiency)<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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="12%" VALIGN="bottom" STYLE=
"width: 12.36%; background: #CCEEFF; 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;">
(262,115</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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: 1.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
97,990,635</P>
</TD>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Total assets<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(2)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.36%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
320,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.6%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
101,490,635</P>
</TD>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Total liabilities<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(3)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
329,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3,500,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Value of common stock subject to possible redemption<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(4)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.36%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; 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: 1.64%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.6%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
92,990,630</P>
</TD>
</TR>
<TR>
<TD WIDTH="67%" VALIGN="bottom" STYLE=
"width: 67.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Stockholder&rsquo;s equity (deficit)<FONT CLASS="superscript"
STYLE="font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(5)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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="12%" VALIGN="bottom" STYLE=
"width: 12.36%; background: #CCEEFF; 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;">
(9,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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: 1.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5,000,005</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
&ldquo;as adjusted&rdquo; calculation includes $101,000,000 cash
held in trust from the proceeds of this offering and the sale of
the private placement units plus $500,000 in cash held outside the
trust account, plus $25,000 of proceeds from the sale of founder
shares to the initial stockholder, less $3,500,000 of deferred
underwriting commissions and $34,365 of accumulated deficit.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
&ldquo;as adjusted&rdquo; calculation equals $101,000,000 cash held
in trust from the proceeds of this offering and the sale of the
private placement units, plus $500,000 in cash held outside the
trust account, plus $25,000 of proceeds from the sale of founder
shares to the initial stockholder, less $34,365 of accumulated
deficit.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
&ldquo;as adjusted&rdquo; calculation includes $3,500,000 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: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
&ldquo;as adjusted&rdquo; calculation equals the &ldquo;as
adjusted&rdquo; total assets, less the &ldquo;as adjusted&rdquo;
total liabilities, less the &ldquo;as adjusted&rdquo;
stockholder&rsquo;s equity, which is set to approximate the minimum
net tangible assets threshold of at least $5,000,001 upon
consummation of our business combination.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Excludes
9,206,993 shares of common stock purchased in the public market
which are subject to redemption in connection with our initial
business combination. The &ldquo;as adjusted&rdquo; calculation
equals the &ldquo;as adjusted&rdquo; total assets, less the
&ldquo;as adjusted&rdquo; total liabilities, less the value of
shares of common stock that may be redeemed in connection with our
initial business combination (approximately $10.10 per share).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
&ldquo;as adjusted&rdquo; information gives effect to the sale of the units in this offering, the sale of the private placement
units and the payment of the estimated expenses of this offering. The &ldquo;as adjusted&rdquo; total assets amount includes the
$101.0 million held in the trust account (or approximately $116.15 million if the underwriters&rsquo; over-allotment option is
exercised in full) for the benefit of our public stockholders, which amount, less deferred underwriting commissions, will be available
to us only upon the completion of our initial business combination within 18 months from the closing of this offering (or 21 months,
as applicable). </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
no business combination is completed within 18 months from the closing of this offering (or 21 months, as applicable), the proceeds
then on deposit in the trust account, including interest (which interest shall be net of taxes payable and less up to $50,000
of interest to pay liquidation expenses), will be used to fund the redemption of our public shares. Our sponsor, officers, directors,
director nominees and the underwriters have entered into letter agreements with us, pursuant to which they have agreed to waive
their rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares
if we fail to complete our initial business combination within such 18-month (or 21-month, as applicable) time period. </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;">
26</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 CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Risk Factors</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">An investment in our
securities involves a high degree of risk. You should consider
carefully all of the risks described below, together with the other
information contained in this prospectus, before making a decision
to invest in our units. If any of the following events occur, our
business, financial condition and operating results may be
materially adversely affected. In that event, the trading price of
our securities could decline, and you could lose all or part of
your investment.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We are a newly formed
company with no operating history and no revenues, and you have no
basis on which to evaluate our ability to achieve our business
objective.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are a recently formed 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 of completing our initial business combination with one
or more target businesses. We have no plans, arrangements or
understandings with any prospective target business concerning a
business combination and may be unable to complete our business
combination. If we fail to complete our business combination, we
will never generate any operating revenues.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our public stockholders
may not be afforded an opportunity to vote on our proposed business
combination, which means we may complete our initial business
combination even though a majority of our public stockholders do
not support such a combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may not hold a stockholder vote to approve our initial business
combination unless the business combination would require
stockholder approval under applicable state law or the rules of
NASDAQ or if we decide to hold a stockholder vote for business or
other reasons. 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. However, except
as required by law, the decision as to whether we will seek
stockholder approval of a proposed business combination or will
allow stockholders to sell their shares to us in a tender offer
will be made by us, solely in our discretion, and will be based on
a variety of factors, such as the timing of the transaction and
whether the terms of the transaction would otherwise require us to
seek stockholder approval. Accordingly, we may consummate our
initial business combination even if holders of a majority of the
outstanding shares of our common stock do not approve of the
business combination we consummate. Please see the section entitled
&ldquo;Proposed Business &mdash; Stockholders May Not Have the
Ability to Approve Our Initial Business Combination&rdquo; for
additional 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If we seek stockholder
approval of our initial business combination, our sponsor has
agreed to vote in favor of such initial business combination,
regardless of how our public stockholders vote.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unlike many other blank check companies in which the initial
stockholders agree to vote their founder shares in accordance with
the majority of the votes cast by the public stockholders in
connection with an initial business combination, our sponsor has
agreed to vote its founder shares and private placement shares, as
well as any public shares purchased during or after this offering,
in favor of our initial business combination. Our sponsor will own
22.0% of our outstanding shares of common stock immediately
following the completion of this offering assuming it does not
purchase any units in this offering. As a result, assuming all
shareholders are present at the stockholders&rsquo; meeting held to
approve our initial business combination, we would need only
3,625,001 of the 10,000,000 public shares, or approximately 36.3%,
sold in this offering to be voted in favor of our initial business
combination in order to have such transaction approved (assuming
the over-allotment option is not exercised). Furthermore, assuming
only the minimum number of shareholders required to be present at
the stockholders&rsquo; meeting held to approve our initial
business combination approve our initial business combination are
present at such meeting, we would need only 387,501 of the
10,000,000 public shares, or approximately 3.9%, sold in this
offering to be voted in favor of our initial business combination
in order to have such transaction approved (assuming the
over-allotment option is not exercised). In addition, in the event
that our board of directors amends our bylaws to reduce the number
of shares required to be present at a meeting of our stockholders,
we would need even fewer public shares to be voted in favor of our
initial business combination in order to have such transaction
approved. Accordingly, if we seek stockholder</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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
approval of our initial business combination, it is more likely
that the necessary stockholder approval will be received than would
be the case if our sponsor agreed to vote their founder shares and
private placement shares in accordance with the majority of the
votes cast by our public 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Your only opportunity to
affect the investment decision regarding a potential business
combination will be limited to the exercise of your right to redeem
your shares from us for cash, unless we seek stockholder approval
of the business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
At the time of your investment in us, you will not be provided with
an opportunity to evaluate the specific merits or risks of one or
more target businesses. Since our board of directors may complete a
business combination without seeking stockholder approval (unless
stockholder approval is required by law or stock exchange listing
requirement, or we decide to obtain stockholder approval for
business or other legal reasons), public stockholders may not have
the right or opportunity to vote on the business combination,
unless we seek such stockholder vote. Accordingly, your only
opportunity to affect the investment decision regarding a potential
business combination may be limited to exercising your redemption
rights within the period of time (which will be at least 20
business days) set forth in our tender offer documents mailed to
our public stockholders in which we describe 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The ability of our
public stockholders to redeem their shares for cash may make our
financial condition unattractive to potential business combination
targets, which may make it difficult for us to enter into a
business combination with a target.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may seek to enter into a business combination transaction
agreement with a prospective target that requires as a closing
condition that we have a minimum net worth or a certain amount of
cash. If too many public stockholders exercise their redemption
rights, we would not be able to meet such closing condition and, as
a result, would not be able to proceed with the business
combination. Furthermore, in no event will we redeem our public
shares in an amount that would cause our net tangible assets upon
consummation of our initial business combination 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. Consequently, if
accepting all properly submitted redemption requests would cause
our net tangible assets upon consummation of our initial business
combination to be less than $5,000,001 or such greater amount
necessary to satisfy a closing condition as described above, we
would not proceed with such redemption and the related business
combination and may instead search for an alternate business
combination. Prospective targets will be aware of these risks and,
thus, may be reluctant to enter into a business combination
transaction with 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The ability of our
stockholders to exercise redemption rights with respect to a large
number of our shares may not allow us to complete the most
desirable business combination or optimize our capital
structure.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
At the time we enter into an agreement for our initial business
combination, we will not know how many stockholders may exercise
their redemption rights, and therefore will need to structure the
transaction based on our expectations as to the number of shares
that will be submitted for redemption. If our business combination
agreement requires us to use a portion of the cash in the trust
account to pay the purchase price, or requires us to have a minimum
amount of cash at closing, we will need to reserve a portion of the
cash in the trust account to meet such requirements, or arrange for
third party financing. In addition, if a larger number of shares
are submitted for redemption than we initially expected, we may
need to restructure the transaction to reserve a greater portion of
the cash in the trust account or arrange for third party financing.
Raising additional third party financing may involve dilutive
equity issuances or the incurrence of indebtedness at higher than
desirable levels. The above considerations may limit our ability to
complete the most desirable business combination available to us or
optimize our capital structure.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The ability of our
stockholders to exercise redemption rights with respect to a large
number of our shares could increase the probability that our
initial business combination would be unsuccessful and that you
would have to wait for liquidation in order to redeem your
stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If our business combination agreement requires us to use a portion
of the cash in the trust account to pay the purchase price, or
requires us to have a minimum amount of cash at closing, the
probability that our initial business combination would be
unsuccessful is increased. If our initial business combination is
unsuccessful, you would not receive your pro rata portion of the
trust account until we liquidate the trust account. If you are in
need of immediate</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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
liquidity, you could attempt to sell your stock in the open market;
however, at such time our stock may trade at a discount to the pro
rata amount per share in the trust account. In either situation,
you may suffer a material loss on your investment or lose the
benefit of funds expected in connection with our redemption until
we liquidate or you are able to sell your stock in the open
market.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The requirement that we
complete our initial business combination within the prescribed
time frame may give potential target businesses leverage over us in
negotiating a business combination and may decrease our ability to
conduct due diligence on potential business combination targets as
we approach our dissolution deadline, which could undermine our
ability to complete our business combination on terms that would
produce value for our stockholders.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Any
potential target business with which we enter into negotiations concerning a business combination will be aware that we must complete
our initial business combination within 18 months from the closing of this offering (or 21 months, as applicable). Consequently,
such target business may obtain leverage over us in negotiating a business combination, knowing that if we do not complete our
initial business combination with that particular target business, we may be unable to complete our initial business combination
with any target business. This risk will increase as we get closer to the time frame described above. In addition, we may have
limited time to conduct due diligence and may enter into our initial business combination on terms that we would have rejected
upon a more comprehensive investigation. </P>
<P 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may not be able to
complete our initial business combination within the prescribed
time frame, in which case we would cease all operations except for
the purpose of winding up and we would redeem our public shares and
liquidate.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
must complete our initial business combination within 18 months from the closing of this offering (or 21 months, as applicable).
We may not be able to find a suitable target business and complete our initial business combination within such time period. If
we have not completed our initial business combination within such time period, we will: (i) cease all operations except for the
purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public
shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
(which interest shall be net of taxes payable and less up to $50,000 of interest to pay liquidation expenses), divided by the
number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders
(including the right to receive further 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 clauses (ii) and (iii) to our obligations under Delaware law to provide for claims
of creditors and the requirements of other applicable law. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If we seek stockholder
approval of our initial business combination, our sponsor,
directors, executive officers, advisors and their affiliates may
elect to purchase shares from public stockholders, which may
influence a vote on a proposed business combination and reduce the
public &ldquo;float&rdquo; of our common stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .15pt;">If we seek stockholder
approval of our initial business combination and we do not conduct
redemptions in connection with our business combination pursuant to
the tender offer rules, our sponsor, directors, executive officers,
advisors or their affiliates may purchase shares in privately
negotiated transactions or in the open market either prior to or
following the completion of our initial business combination,
although they are under no obligation to do so. Such a purchase may
include a contractual acknowledgement that such stockholder,
although still the record holder of our shares is no longer the
beneficial owner thereof and therefore agrees not to exercise its
redemption rights. In the event that our sponsor, directors,
executive officers, advisors or their affiliates purchase shares in
privately negotiated transactions from public stockholders who have
already elected to exercise their redemption rights, such selling
stockholders would be required to revoke their prior elections to
redeem their shares. The purpose of such purchases could be to vote
such shares in favor of the business combination and thereby
increase the likelihood of obtaining stockholder approval of the
business combination or to satisfy a closing condition in an
agreement with a target that requires us to have a minimum net
worth or a certain amount of cash at the closing of our 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.</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;">
29</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, if such purchases are made, the public
&ldquo;float&rdquo; of our common stock and the number of
beneficial holders of our securities may be reduced, possibly
making it difficult to maintain or obtain the quotation, listing or
trading of our securities on a national securities exchange.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If a public stockholder
fails to receive notice of our offer to redeem our public shares in
connection with our business combination, or fails to comply with
the procedures for tendering its shares, such shares may not be
redeemed.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will comply with the tender offer rules or proxy rules, as
applicable, when conducting redemptions in connection with our
business combination. Despite our compliance with these rules, if a
public stockholder fails to receive our tender offer or proxy
materials, as applicable, such stockholder may not become aware of
the opportunity to redeem its shares. In addition, the tender offer
documents or proxy materials, as applicable, that we will furnish
to holders of our public shares in connection with our initial
business combination will describe the various procedures that must
be complied with in order to validly tender or redeem public
shares. In the event that a public stockholder fails to comply with
these procedures, its shares may not be redeemed. See
&ldquo;Proposed Business &mdash; Business Strategy &mdash;
Tendering stock certificates in connection with a tender offer or
redemption rights.&rdquo;</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>You
will not have any rights or interests in funds from the trust account, except under certain limited circumstances. To liquidate
your investment, therefore, you may be forced to sell your public shares, rights or warrants, potentially at a loss.</B> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
public stockholders will be entitled to receive funds from the trust account only upon the earlier to occur of: (i) our completion
of an initial business combination, and then only in connection with those shares of our common stock that such stockholder properly
elected to redeem, subject to the limitations described herein, (ii) the redemption of our public shares if we are unable to complete
an initial business combination within 18 months from the closing of this offering (or 21 months, as applicable), subject to applicable
law and as further described herein and (iii) the redemption of our public shares in connection with a stockholder vote to approve
an amendment to our amended and restated certificate of incorporation (A) that would affect the substance or timing of our obligation
to redeem 100% of our public shares if we have not consummated an initial business combination within 18 months from the closing
of this offering (or 21 months, as applicable) or (B) with respect to any other provision relating to stockholders&rsquo; rights
or pre-business combination activity. In no other circumstances will a public stockholder have any right or interest of any kind
in the trust account. Accordingly, to liquidate your investment, you may be forced to sell your public shares, rights or warrants,
potentially at a loss. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NASDAQ may delist our
securities from trading on its exchange, which could limit
investors&rsquo; ability to make transactions in our securities and
subject us to additional trading restrictions.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
have applied to have our units listed on NASDAQ. We expect that our units will be listed on NASDAQ on the date of this prospectus.
Following the date the shares of our common stock, rights and warrants are eligible to trade separately, we anticipate that the
shares of our common stock, rights and warrants will be listed separately on NASDAQ. Although after giving effect to this offering
we expect to meet, on a pro forma basis, 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 stockholder&rsquo;s equity
(generally $2,500,000) and a minimum number of holders of our securities (generally 300 round-lot holders). </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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 per
share and our stockholder&rsquo;s equity would generally be
required to be at least $5 million. We cannot assure you that we
will be able to meet those initial listing requirements at that
time.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 and
we are not able to list our securities on another national
securities exchange, we expect our securities could be quoted on an
over-the-counter market. If this were to occur, we could face
significant material adverse consequences, including:</P>
<P CLASS="BLm2" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> a limited
availability of market quotations for our securities;</P>
<P CLASS="BLm2" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> reduced
liquidity for our securities;</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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> a
determination that our common stock is a &ldquo;penny stock&rdquo;
which will require brokers trading in our common stock to adhere to
more stringent rules and possibly result in a reduced level of
trading activity in the secondary trading market for our
securities;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> a limited
amount of news and analyst coverage; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, although we intend to satisfy the 80% requirement even
if our securities are not listed on NASDAQ at the time of our
initial business combination, if NASDAQ were to delist our
securities for any reason, we may choose at that time not to comply
with the requirement that our initial business combination must be
with one or more target businesses that together have a fair market
value equal to at least 80% of the balance in the trust account
(less any deferred underwriting commissions and taxes payable on
interest earned) at the time of our signing a definitive agreement
in connection with our initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating
the sale of certain securities, which are referred to as &ldquo;covered securities.&rdquo; Because we expect that our units and
eventually our common stock, rights and warrants will be listed on NASDAQ, our units, common stock, rights and warrants will be
covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow
the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then
the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used
these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the state of Idaho, certain
state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers,
to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on NASDAQ, our
securities would not be covered securities and we would be subject to regulation in each state in which we offer our 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">You will not be entitled
to protections normally afforded to investors of many other blank
check companies.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Since the net proceeds of this offering and the sale of the private
placement units are intended to be used to complete an initial
business combination with a target business that has not been
identified, we may be deemed to be a &ldquo;blank check&rdquo;
company under the United States securities laws. However, because
we will have net tangible assets in excess of $5,000,000 upon the
successful completion of this offering and the sale of the private
placement units 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 in
blank check companies, such as Rule 419. Accordingly, investors
will not be afforded the benefits or protections of those rules.
Among other things, this means our units will be immediately
tradable and we will have a longer period of time to complete our
business combination than do companies subject to Rule 419.
Moreover, if this offering were subject to Rule 419, that rule
would prohibit the release of any interest earned on funds held in
the trust account to us unless and until the funds in the trust
account were released to us in connection with our completion of an
initial business combination. For a more detailed comparison of our
offering to offerings that comply with Rule 419, please see
&ldquo;Proposed Business &mdash; Comparison of This Offering to
Those of Blank Check Companies Subject to Rule 419.&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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If we seek stockholder
approval of our initial business combination and we do not conduct
redemptions pursuant to the tender offer rules, and if you or a
&ldquo;group&rdquo; of stockholders are deemed to hold in excess of
10% of our common stock, you will lose the ability to redeem all
such shares in excess of 10% of our common stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our
amended and restated certificate of incorporation provides that a
public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert
or as a &ldquo;group&rdquo; (as defined under Section 13 of the
Exchange Act), will be restricted from seeking redemption rights
with respect to more than an aggregate of 10% of the shares sold in
this offering, which we refer to as the &ldquo;Excess
Shares.&rdquo; However, we would not be restricting our
stockholders&rsquo; ability to vote all of their shares (including
Excess Shares) for or against our business combination. Your
inability to redeem the Excess Shares will reduce your influence
over our ability to complete our business combination and you could
suffer a material loss on your investment in us if you sell Excess
Shares in open market transactions. Additionally, you will not
receive redemption distributions with respect to the Excess Shares
if we</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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
complete our business combination. And as a result, you will
continue to hold that number of shares exceeding 10% and, in order
to dispose of such shares, would be required to sell your stock in
open market transactions, potentially at a loss.</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>Because
of our limited resources and the significant competition for business combination opportunities, it may be more difficult for
us to complete our initial business combination. If we are unable to complete our initial business combination, our public stockholders
may receive only approximately $10.10 per share, on our redemption, and our rights and warrants will expire worthless.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
expect to encounter intense competition from other entities having a business objective similar to ours, including private investors
(which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international,
competing for the types of businesses we intend to acquire. Many of these individuals and entities are well-established and have
extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing
services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry
knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors.
While we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and
the sale of the private placement units, our ability to compete with respect to the acquisition of certain target businesses that
are sizable will be limited by our available financial resources. This inherent competitive limitation gives others an advantage
in pursuing the acquisition of certain target businesses. Furthermore, if we are obligated to pay cash for the shares of common
stock redeemed and, in the event we seek stockholder approval of our business combination, we make purchases of our common stock,
this may potentially reduce the resources available to us for our initial business combination. Any of these obligations may place
us at a competitive disadvantage in successfully negotiating a business combination. If we are unable to complete our initial
business combination, our public stockholders may receive only approximately $10.10 per share on the liquidation of our trust
account and our rights and warrants will expire worthless. </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>If
the net proceeds of this offering not being held in the trust account are insufficient to allow us to operate for at least the
next 18 months (or 21 months, as applicable), we may be unable to complete our initial business combination.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">The
funds available to us outside of the trust account may not be sufficient to allow us to operate for at least the next 18 months
(or 21 months, as applicable), assuming that our initial business combination is not completed during that time. We believe that,
upon the closing of this offering, the funds available to us outside of the trust account, will be sufficient to allow us to operate
for at least the next 18 months (or 21 months, as applicable); however, we cannot assure you that our estimate is accurate. Of
the funds available to us, we could use a portion of the funds available to us to pay fees to consultants to assist us with our
search for a target business. We could also use a portion of the funds as a down payment or to fund a &ldquo;no-shop&rdquo; provision
(a provision in letters of intent designed to keep target businesses from &ldquo;shopping&rdquo; around for transactions with
other companies on terms more favorable to such target businesses) with respect to a particular proposed business combination,
although we do not have any current intention to do so. If we entered into a letter of intent where we paid for the right to receive
exclusivity from a target business and were subsequently required to forfeit such funds (whether as a result of our breach or
otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with respect to, a target business.
If we are unable to complete our initial business combination, our public stockholders may receive only approximately $10.10 per
share on the liquidation of our trust account and our rights and warrants will expire worthless.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If the net proceeds of
this offering not being held in the trust account are insufficient,
it could limit the amount available to fund our search for a target
business or businesses and complete our initial business
combination and we will depend on loans from our sponsor or
management team to fund our search, to pay our taxes and to
complete our business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Of
the net proceeds of this offering, only approximately $500,000 will be available to us initially outside the trust account to
fund our working capital requirements. In the event that our offering expenses exceed our estimate of $500,000, we may fund such
excess with funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside the trust
account would decrease by a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate
of $500,000, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount. If we
are required to seek additional capital, we would need</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;">
32</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">to
borrow funds from our sponsor, management team or other third parties to operate or may be forced to liquidate. Neither our sponsor,
members of our management team nor any of their affiliates is under any obligation to advance funds to us in such circumstances.
Any such advances would be repaid only from funds held outside the trust account or from funds released to us upon completion
of our initial business combination. If we are unable to complete our initial business combination because we do not have sufficient
funds available to us, we will be forced to cease operations and liquidate the trust account. Consequently, our public stockholders
may only receive approximately $10.10 per share on our redemption of our public shares, and our rights and warrants will expire
worthless.</FONT> </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Subsequent to our
completion of our initial business combination, we may be required
to subsequently take write-downs or write-offs, restructuring and
impairment or other charges that could have a significant negative
effect on our financial condition, results of operations and our
stock price, which could cause you to lose some or all of your
investment.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.15pt;">Even if we conduct extensive
due diligence on a target business with which we combine, we cannot
assure you that this diligence will surface all material issues
that may be present inside a particular target business, that it
would be possible to uncover all material issues through a
customary amount of due diligence, or that factors outside of the
target business and outside of our control will not later arise. As
a result of these factors, we may be forced to later write-down or
write-off assets, restructure our operations, or incur impairment
or other charges that could result in our reporting losses. Even if
our due diligence successfully identifies certain risks, unexpected
risks may arise and previously known risks may materialize in a
manner not consistent with our preliminary risk analysis. Even
though these charges may be non-cash items and would not have an
immediate impact on our liquidity, the fact that we report charges
of this nature could contribute to negative market perceptions
about us or our securities. In addition, charges of this nature may
cause us to violate net worth or other covenants to which we may be
subject as a result of assuming pre-existing debt held by a target
business or by virtue of our obtaining post-combination debt
financing. Accordingly, any stockholders who choose to remain
stockholders following the business combination could suffer a
reduction in the value of their shares. Such stockholders are
unlikely to have a remedy for such reduction in value unless they
are able to successfully claim that the reduction was due to the
breach by our officers or directors of a duty of care or other
fiduciary duty owed to them, or if they are able to successfully
bring a private claim under securities laws that the tender offer
materials or proxy statement relating to the business combination
contained an actionable material misstatement or material
omission.</FONT></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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If third parties bring
claims against us, the proceeds held in the trust account could be
reduced and the per-share redemption amount received by
stockholders may be less than $10.10 per share.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.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, service
providers, prospective target businesses or other entities with
which we do business execute agreements with us waiving any right,
title, interest or claim of any kind in or to any monies held in
the trust account for the benefit of our public stockholders, such
parties may not execute such agreements, or even if they execute
such agreements they may not be prevented from bringing claims
against the trust account, including, but not limited to,
fraudulent inducement, breach of fiduciary responsibility or other
similar claims, as well as claims challenging the enforceability of
the waiver, in each case in order to gain advantage with respect to
a claim against our assets, including the funds held in the trust
account. If any third party refuses to execute an agreement waiving
such claims to the monies held in the trust account, our management
will perform an analysis of the alternatives available to it and
will only enter into an agreement with a third party that has not
executed a waiver if management believes that such third
party&rsquo;s engagement would be significantly more beneficial to
us than any alternative. We are not aware of any product or service
providers who have not or will not provide such waiver other than
the underwriters of this offering. While our independent registered
public accounting firm has waived any right, title, interest or
claim of any kind in or to any monies held in the trust account for
the benefit of the public stockholders, our independent registered
public accounting firm has not waived any rights to fees for which
they would become entitled for services rendered.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Examples of possible
instances where we may engage a third party that refuses to execute
a waiver include the engagement of a third party consultant whose
particular expertise or skills are believed by management to be
significantly superior to those of other consultants that would
agree to execute a waiver or in cases where management is unable to
find a service provider willing to execute a waiver. In addition,
there is no guarantee that such entities will agree to waive any
claims they may have in the future as a result of, or arising out
of, any negotiations, contracts or agreements with us and will not
seek recourse against the trust account for any reason. Upon
redemption of our public shares, if we are unable to complete our
business combination within the prescribed time frame, or upon the
exercise of a redemption right in connection with our business
combination, we will be required to provide for payment of claims
of creditors that were not waived that may be brought against us
within the 10 years following redemption.</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;">
33</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Accordingly,
the per-share redemption amount received by public stockholders could be less than the $10.10 per share initially held in the
trust account, due to claims of such creditors. Our sponsor has agreed that it will be liable to us if and to the extent any claims
by a 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 (i) $10.10 per public share or (ii) such
lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions
in the value of the trust assets other than due to the failure to obtain such waiver, in each case net of the interest which may
be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of
any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of
this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed
waiver is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability
for such third party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity
obligations and believe that our sponsor&rsquo;s only assets are securities of our company. We have not asked our sponsor to reserve
for such indemnification obligations. Therefore, our sponsor may not be able to satisfy those obligations. As a result, if any
such claims were successfully made against the trust account, the funds available for our initial business combination and redemptions
could be reduced to less than $10.10 per public share. In such event, we may not be able to complete our initial business combination,
and you would receive such lesser amount per share in connection with any redemption of your public shares. None of our officers
or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target
businesses.</FONT> </P>
<P 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our directors may decide
not to enforce the indemnification obligations of our sponsor,
resulting in a reduction in the amount of funds in the trust
account available for distribution to our public
stockholders.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
the event that the proceeds in the trust account are reduced below the lesser of (i) $10.10 per public share or (ii) such lesser
amount per share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value
of the trust assets other than due to the failure to obtain such waiver, in each case net of the interest which may be withdrawn
to pay taxes, and our sponsor asserts that it is unable to satisfy its obligations or that it has no indemnification obligations
related to a particular claim, our independent directors would determine whether to take legal action against our sponsor to enforce
its indemnification obligations. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">While we currently expect
that our independent directors would take legal action on our
behalf against our sponsor to enforce its indemnification
obligations to us, it is possible that our independent directors in
exercising their business judgment may choose not to do so if, for
example, the cost of such legal action is deemed by the independent
directors to be too high relative to the amount recoverable or if
the independent directors determine that a favorable outcome is not
likely. If our independent directors choose not to enforce these
indemnification obligations, the amount of funds in the trust
account available for distribution to our public stockholders may
be reduced below $10.10 per share.</FONT></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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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</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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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="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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If we are deemed to be
an investment company under the Investment Company Act, we may be
required to institute burdensome compliance requirements and our
activities may be restricted, which may make it difficult for us to
complete our business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
restrictions on the nature of our investments, and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 burdensome requirements,
including:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
registration as an investment company;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> adoption
of a specific form of corporate structure; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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. The proceeds held in the
trust account may be invested by the trustee only in United States government treasury bills with a maturity of 180 days or less
or in money market funds investing solely in United States Treasuries and meeting certain conditions under Rule 2a-7 under the
Investment Company Act. Because the investment of the proceeds will be restricted to these instruments, we believe we will meet
the requirements for the exemption provided in Rule 3a-1 promulgated under the Investment Company Act. If we were deemed to be
subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for
which we have not allotted funds and may hinder our ability to complete a business combination. If we are unable to complete our
initial business combination, our public stockholders may receive only approximately $10.10 per share on the liquidation of our
trust account and our rights and warrants will expire worthless. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our stockholders may be
held liable for claims by third parties against us to the extent of
distributions received by them upon redemption of their
shares.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Under
the Delaware General Corporation Law, or DGCL, stockholders may be held liable for claims by third parties against a corporation
to the extent of distributions received by them in a dissolution. The pro rata portion of our trust account distributed to our
public stockholders upon the redemption of our public shares in the event we do not complete our initial business combination
within 18 months from the closing of this offering (or 21 months, as applicable) may be considered a liquidation distribution
under Delaware law. If a corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure
that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims
can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect
to a liquidating distribution is limited to the lesser of such stockholder&rsquo;s pro rata share of the claim or the </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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> amount
distributed to the stockholder, and any liability of the stockholder would be barred after the third anniversary of the dissolution.
However, it is our intention to redeem our public shares as soon as reasonably possible following the 18<FONT STYLE="font-size: 6pt"><SUP>th
</SUP></FONT>month (or 21<FONT STYLE="font-size: 6pt"><SUP>st</SUP></FONT> month, as applicable) from the closing of this offering
in the event we do not complete our business combination and, therefore, we do not intend to comply with those procedures. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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, Section 281(b) of the DGCL requires us to adopt a plan, based on facts known to us
at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against
us within the 10 years following our dissolution. However, because we are a blank check company, rather than an operating company,
and our operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise
would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. If our plan of distribution
complies with Section 281(b) of the DGCL, any liability of stockholders with respect to a liquidating distribution 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 likely be barred after the third anniversary of the dissolution. We cannot assure you that we will properly
assess all claims that may be potentially brought against us. As such, our stockholders could potentially be liable for any claims
to the extent of distributions received by them (but no more) and any liability of our stockholders may extend beyond the third
anniversary of such date. Furthermore, if the pro rata portion of our trust account distributed to our public stockholders upon
the redemption of our public shares in the event we do not complete our initial business combination within 18 months from the
closing of this offering (or 21 months, as applicable) is not considered a liquidation distribution under Delaware law and such
redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings that a party may bring
or due to other circumstances that are currently unknown), then pursuant to Section 174 of the DGCL, the statute of limitations
for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years, as in the
case of a liquidation distribution. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may not hold an
annual meeting of stockholders until after the consummation of our
initial business combination, which could delay the opportunity for
our stockholders to elect directors.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 DGCL, we are, however, required to hold an
annual meeting of stockholders for the purposes of electing
directors in accordance with our bylaws unless such election is
made by written consent in lieu of such a meeting. We may not hold
an annual meeting of stockholders to elect new directors prior to
the consummation of our initial business combination, and thus we
may not be in compliance with Section 211(b) of the DGCL, which
requires an annual meeting. Therefore, if our stockholders want us
to hold an annual meeting prior to the consummation of our initial
business combination, they may attempt to force us to hold one by
submitting an application to the Delaware Court of Chancery in
accordance with Section 211(c) of the DGCL.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We are not registering
the shares of common stock issuable upon exercise of the warrants
under the Securities Act or any state securities laws at this time,
and such registration may not be in place when an investor desires
to exercise warrants, thus precluding such investor from being able
to exercise its warrants and causing such warrants to expire
worthless.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">We are not registering the
shares of common stock issuable upon exercise of the warrants under
the Securities Act or any state securities laws at this time.
However, under the terms of the warrant agreement, we have agreed,
as soon as practicable, but in no event later than thirty (30) days
after the closing of our initial business combination, to use our
best efforts to file a registration statement under the Securities
Act covering such shares and maintain a current prospectus relating
to the common stock issuable upon exercise of the warrants, until
the expiration of the warrants in accordance with the provisions of
the warrant agreement. We cannot assure you that we will be able to
do so if, for example, any facts or events arise which represent a
fundamental change in the information set forth in the registration
statement or prospectus, the financial statements contained or
incorporated by reference therein are not current or correct or the
SEC issues a stop order. If the shares issuable upon exercise of
the warrants are not registered under the Securities Act within 90
days after the closing of our initial business combination, we will
be required to permit holders to exercise their warrants on a
cashless basis. However, no warrant will be exercisable for cash or
on a cashless basis, and we will not be obligated to issue any
shares to holders seeking to exercise their warrants, unless the
issuance of the shares upon such exercise is registered or
qualified under the securities laws of the state of the exercising
holder, unless an exemption is available. Notwithstanding the
above, if our common stock is at the time of any exercise of a
warrant not listed on a national securities exchange such that it
satisfies the definition</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;">
36</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">of a &ldquo;covered
security&rdquo; under Section 18(b)(1) of the Securities Act, we
may, at our option, require holders of public warrants who exercise
their warrants to do so on a &ldquo;cashless basis&rdquo; in
accordance with Section 3(a)(9) of the Securities Act and, in the
event we so elect, we will not be required to file or maintain in
effect a registration statement or register or qualify the shares
under blue sky laws, and in the event we do not so elect, we will
use our best efforts to register or qualify the shares under the
blue sky laws of the state of residence in those states in which
the warrants were initially offered by us in this offering. In no
event will we be required to net cash settle any warrant, or issue
securities or other compensation in exchange for the warrants in
the event that we are unable to register or qualify the shares
underlying the warrants under the Securities Act or applicable
state securities laws. If the issuance of the shares upon exercise
of the warrants is not so registered or qualified or exempt from
registration or qualification, the holder of such warrant shall not
be entitled to exercise such warrant and such warrant may have no
value and expire worthless. In such event, holders who acquired
their warrants as part of a purchase of units will have paid the
full unit purchase price solely for the shares of common stock
included in the units. If and when the warrants become redeemable
by us, we may not exercise our redemption right if the issuance of
shares of common stock upon exercise of the warrants is not exempt
from registration or qualification under applicable state blue sky
laws or we are unable to effect such registration or qualification.
We will use our best efforts to register or qualify the shares of
common stock under the blue sky laws of the state of residence in
those states in which the warrants were initially offered by us in
this offering. Furthermore, there may be instances in which holders
of our public warrants may be unable to exercise such public
warrants but holders of our private warrants may be able to
exercise such private warrants.</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>We
have no obligation to net cash settle the rights.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
no event will we have any obligation to net cash settle the rights. Furthermore, there are no contractual penalties for failure
to deliver securities to the holders of the rights upon consummation of an initial business combination. Accordingly, the rights
may expire worthless. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"letter-spacing: -.05pt;">The grant of registration rights to our
initial stockholder, its permitted transferees and holders of our
private placement units and their permitted transferees may make it
more difficult to complete our initial business combination, and
the future exercise of such rights may adversely affect the market
price of our common stock.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to an agreement to be entered into concurrently with the issuance and sale of the securities in this offering, our initial stockholder
and its permitted transferees can demand that we register the founder shares and holders of our private placement units (and their
constituent securities) and their permitted transferees can demand that we register the private placement units, private placement
shares, private placement rights, private placement warrants, the shares of common stock issuable upon conversion of the private
placement rights and the shares of common stock issuable upon exercise of the private placement warrants. We will bear the cost
of registering these securities. The registration and availability of such a significant number of securities for trading in the
public market may have an adverse effect on the market price of our common stock. In addition, the existence of the registration
rights may make our initial business combination more costly or difficult to conclude. This is because the stockholders of the
target business may increase the equity stake they seek in the combined entity or ask for more cash consideration to offset the
negative impact on the market price of our common stock that is expected when the securities owned by our initial stockholder,
holders of our private placement units (and their constituent securities) or their respective permitted transferees are registered. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may seek investment
opportunities in industries outside of the healthcare or the
healthcare related wellness industry (which industry may or may not
be outside of our management&rsquo;s area of expertise).</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although we intend to focus on identifying business combination
candidates in the healthcare or the healthcare related wellness
industry, and do not intend to actively seek to identify business
combination candidates in other industries (which industries may be
outside our management&rsquo;s area of expertise), we will consider
a business combination outside of the healthcare or the healthcare
related wellness industry if a business combination candidate is
identified and we determine that such candidate offers an
attractive investment opportunity for our company or we are unable
to identify a suitable candidate in the healthcare or the
healthcare related wellness industry after having expended a
reasonable amount of time and effort in an attempt to do so.
Although our management will endeavor to evaluate the risks
inherent in any particular business combination candidate, we
cannot assure you that we will adequately ascertain or assess all
of the significant risk factors. We also cannot assure you that an
investment in our units will not ultimately prove to be less
favorable to investors in this offering than a direct investment,
if an opportunity were available, in a business combination
candidate.</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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event we elect to pursue an investment outside of the
healthcare or the healthcare related wellness industry, our
management&rsquo;s expertise may not be directly applicable to its
evaluation or operation, and the information contained herein
regarding the healthcare or the healthcare related wellness
industry would not be relevant to an understanding of the business
that we elect to acquire.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Because we are not
limited to a particular industry or any specific target businesses
with which to pursue our initial business combination, you will be
unable to ascertain the merits or risks of any particular target
business&rsquo;s operations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">We intend to seek a business
combination with an operating company in the healthcare or the
healthcare related wellness industry, but may also pursue
acquisition opportunities in other industries, except that we will
not, under our amended and restated certificate of incorporation,
be permitted to effectuate our business combination with another
blank check company or similar company with nominal operations.
Because we have not yet identified or approached any specific
target business with respect to a business combination, there is no
basis to evaluate the possible merits or risks of any particular
target business&rsquo;s operations, results of operations, cash
flows, liquidity, financial condition or prospects. To the extent
we complete our business combination, we may be affected by
numerous risks inherent in the business operations with which we
combine. For example, if we combine with a financially unstable
business or an entity lacking an established record of sales or
earnings, we may be affected by the risks inherent in the business
and operations of a financially unstable or a development stage
entity. Although our officers and directors will endeavor to
evaluate the risks inherent in a particular target business, we
cannot assure you that we will properly ascertain or assess all of
the significant risk factors or that we will have adequate time to
complete due diligence. Furthermore, some of these risks may be
outside of our control and leave us with no ability to control or
reduce the chances that those risks will adversely impact a target
business. We also cannot assure you that an investment in our units
will ultimately prove to be more favorable to investors than a
direct investment, if such opportunity were available, in a
potential business combination target. Accordingly, any
stockholders who choose to remain stockholders following the
business combination could suffer a reduction in the value of their
shares. Such stockholders are unlikely to have a remedy for such
reduction in value unless they are able to successfully claim that
the reduction was due to the breach by our officers or directors of
a duty of care or other fiduciary duty owed to them, or if they are
able to successfully bring a private claim under securities laws
that the tender offer materials or proxy statement relating to the
business combination contained an actionable material misstatement
or material omission.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Although we have
identified general criteria and guidelines that we believe are
important in evaluating prospective target businesses, we may enter
into our initial business combination with a target that does not
meet such criteria and guidelines, and as a result, the target
business with which we enter into our initial business combination
may not have attributes entirely consistent with our general
criteria and guidelines.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">Although
we have identified general criteria and guidelines for evaluating prospective target businesses, it is possible that a target
business with which we enter into our initial business combination will not have all of these positive attributes. If we complete
our initial business combination with a target that does not meet some or all of these guidelines, such combination may not be
as successful as a combination with a business that does meet all of our general criteria and guidelines. In addition, if we announce
a prospective business combination with a target that does not meet our general criteria and guidelines, a greater number of stockholders
may exercise their redemption rights, which may make it difficult for us to meet any closing condition with a target business
that requires us to have a minimum net worth or a certain amount of cash. In addition, if stockholder approval of the transaction
is required by law, or we decide to obtain stockholder approval for business or other legal reasons, it may be more difficult
for us to attain stockholder approval of our initial business combination if the target business does not meet our general criteria
and guidelines. If we are unable to complete our initial business combination, our public stockholders may receive only approximately
$10.10 per share on the liquidation of our trust account and our rights and warrants will expire worthless.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may seek investment
opportunities with a financially unstable business or an entity
lacking an established record of revenue or earnings.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">To the extent we complete our
initial business combination with a financially unstable business
or an entity lacking an established record of sales or earnings, we
may be affected by numerous risks inherent in the operations of the
business with which we combine. These risks include volatile
revenues or earnings and difficulties in obtaining and retaining
key personnel. Although our officers and directors will endeavor to
evaluate the risks inherent in a particular target business, we may
not be able to properly ascertain or assess all of the significant
risk factors and we may not</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;">
38</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">have adequate time to
complete due diligence. Furthermore, some of these risks may be
outside of our control and leave us with no ability to control or
reduce the chances that those risks will adversely impact a target
business.</FONT></P>
<P 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We are not required to
obtain an opinion from an independent investment banking or
accounting firm, and consequently, you may have no assurance from
an independent source that the price we are paying for the business
is fair to our company from a financial point of view.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unless we complete our business combination with an affiliated
entity, we are not required to obtain an opinion from an
independent investment banking or accounting firm that the price we
are paying is fair to our company from a financial point of view.
If no opinion is obtained, our stockholders will be relying on the
judgment of our board of directors, who will determine fair market
value based on standards generally accepted by the financial
community. Such standards used will be disclosed in our tender
offer documents or proxy solicitation materials, as applicable,
related to 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may issue additional
common or preferred shares to complete our initial business
combination or under an employee incentive plan after completion of
our initial business combination, any one of which would dilute the
interest of our stockholders and likely present other
risks.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
certificate of incorporation authorizes the issuance of up to 35,000,000 shares of common stock, par value $0.0001 per share,
and 1,000,000 shares of preferred stock, par value $0.0001 per share. Immediately after this offering, there will be 15,780,000
(assuming that the underwriters have not exercised their over-allotment option) authorized but unissued shares of common stock
available for issuance, which amount takes into account shares reserved for issuance upon conversion of outstanding rights and
exercise of outstanding warrants. Immediately after this offering, there will be no shares of preferred stock issued and outstanding.
We may issue a substantial number of additional shares of common or preferred stock to complete our initial business combination
or under an employee incentive plan after completion of our initial business combination, however our amended and restated certificate
of incorporation provides, among other things, that prior to our initial business combination, we may not issue additional shares
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. These provisions of our amended and restated certificate of incorporation, like all provisions of our amended
and restated certificate of incorporation, may be amended with a stockholder vote. However, our executive officers, directors
and director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended
and restated 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 (which interest shall be net of taxes payable), divided by the number of then outstanding public shares. The
issuance of additional shares of common or preferred stock: </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> may
significantly dilute the equity interest of investors in this
offering;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> may
subordinate the rights of holders of common stock if preferred
stock is issued with rights senior to those afforded our common
stock;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> could
cause a change in control if a substantial number of shares of
common stock is issued, which may affect, among other things, our
ability to use our net operating loss carry forwards, if any, and
could result in the resignation or removal of our present officers
and directors; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may adversely affect prevailing market prices for our units, common stock, rights and/or warrants. </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>Resources
could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts
to locate and acquire or merge with another business. If we are unable to complete our initial business combination, our public
stockholders may receive only approximately $10.10 per share on the liquidation of our trust account and our rights and warrants
will expire worthless.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 </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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 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 $10.10 per
share on the liquidation of our trust account and our rights and warrants will expire worthless. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We are dependent upon
our executive officers and directors and their departure could
adversely affect our ability to operate.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our operations are dependent upon a relatively small group of
individuals and, in particular, our executive officers and
directors. We believe that our success depends on the continued
service of our executive officers and directors, at least until we
have completed our business combination. In addition, our executive
officers and directors are not required to commit any specified
amount of time to our affairs and, accordingly, will have conflicts
of interest in allocating management time among various business
activities, including identifying potential business combinations
and monitoring the related due diligence. We do not have an
employment agreement with, or key-man insurance on the life of, any
of our directors or executive officers. The unexpected loss of the
services of one or more of our directors or executive officers
could have a detrimental effect on us.</P>
<P 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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. The loss of key personnel could negatively
impact the operations and profitability of our post-combination
business.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our ability to successfully effect our business combination is
dependent upon the efforts of our key personnel. The role of our
key personnel in the target business, however, cannot presently be
ascertained. Although some of our key personnel may remain with the
target business in senior management or advisory positions
following our business combination, it is likely that some or all
of the management of the target business will remain in place.
While we intend to closely scrutinize any individuals we engage
after our business combination, we cannot assure you that our
assessment of these individuals will prove to be correct. These
individuals may be unfamiliar with the requirements of operating a
company regulated by the SEC, which could cause us to have to
expend time and resources helping them become familiar with such
requirements and take time away from oversight of our
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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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 business combination and as a result, may cause them
to have conflicts of interest in determining whether a particular
business combination is the most advantageous.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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.
However, we believe the ability of such individuals to remain with
us after the completion of our business combination will not be the
determining factor in our decision as to whether or not we will
proceed with any potential business combination. There is no
certainty, however, that any of our key personnel will remain with
us after the completion of our business combination. We cannot
assure you that any of our key personnel will remain in senior
management or advisory positions with us. The determination as to
whether any of our key personnel will remain with us will be made
at the time of our initial business combination.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may have a limited
ability to assess the management of a prospective target business
and, as a result, may effect our initial business combination with
a target business whose management may not have the skills,
qualifications or abilities to manage a public company.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">When evaluating the
desirability of effecting our initial business combination with a
prospective target business, our ability to assess the target
business&rsquo;s management may be limited due to a lack of time,
resources or information. Our assessment of the capabilities of the
target&rsquo;s management, therefore, may prove to be
incorrect</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;">
40</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">and such management may lack
the skills, qualifications or abilities we suspected. Should the
target&rsquo;s management not possess the skills, qualifications or
abilities necessary to manage a public company, the operations and
profitability of the post-combination business may be negatively
impacted. Accordingly, any stockholders who choose to remain
stockholders following the business combination could suffer a
reduction in the value of their shares. Such stockholders are
unlikely to have a remedy for such reduction in value unless they
are able to successfully claim that the reduction was due to the
breach by our officers or directors of a duty of care or other
fiduciary duty owed to them, or if they are able to successfully
bring a private claim under securities laws that the tender offer
materials or proxy statement relating to the business combination
contained an actionable material misstatement or material
omission.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The officers and directors of an acquisition candidate may resign
upon completion of our initial business combination. The departure
of a potential business combination target&rsquo;s key personnel
could negatively impact the operations and profitability of our
post-combination business. The role of an acquisition
candidate&rsquo;s key personnel upon the completion of our initial
business combination cannot be ascertained at this time. Although
we contemplate that certain members of an acquisition
candidate&rsquo;s management team will remain associated with the
acquisition candidate following our initial business combination,
it is possible that members of the management of an acquisition
candidate will not wish to remain in place.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Certain of our executive
officers and directors will allocate their time to other businesses
thereby causing conflicts of interest in their determination as to
how much time to devote to our affairs. This conflict of interest
could have a negative impact on our ability to complete our initial
business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our executive officers and directors are not required to, and some
of them will not, commit their full time to our affairs, which may
result in a conflict of interest in allocating their time between
our operations and our search for a business combination and their
other businesses. We do not intend to have any full-time employees
prior to the completion of our business combination. Each of our
executive officers is engaged in several other business endeavors
for which he or she may be entitled to substantial compensation and
our executive officers are not obligated to contribute any specific
number of hours per week to our affairs. Our independent directors
also serve as officers and board members for other entities. If our
executive officers&rsquo; and directors&rsquo; other business
affairs require them to devote substantial amounts of time to such
affairs in excess of their current commitment levels, it could
limit their ability to devote time to our affairs which may have a
negative impact on our ability to complete our initial business
combination. For a complete discussion of our executive
officers&rsquo; and directors&rsquo; other business affairs, please
see &ldquo;Management &mdash; Directors and Executive
Officers.&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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Certain of our executive
officers and directors are now, and all of them may in the future
become, affiliated with entities engaged in business activities
similar to those intended to be conducted by us following our
initial business combination and, accordingly, may have conflicts
of interest in determining to which entity a particular business
opportunity should be presented to our company or to another
entity.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Following the completion of
this offering and until we consummate our initial business
combination, we intend to engage in the business of identifying and
combining with one or more businesses. Our executive officers and
directors are, or may in the future become, affiliated with
entities that are engaged in business activities similar to those
intended to be conducted by us following our initial business
combination. See a description of our executive officers&rsquo; and
directors&rsquo; current affiliations under the headings
&ldquo;Management&rdquo; and &ldquo;Management &mdash; Conflicts of
Interest&rdquo; below.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our officers and directors also may become aware of business
opportunities which may be appropriate for presentation to us and
the other entities to which they owe certain fiduciary or
contractual duties. Accordingly, they may have conflicts of
interest in determining to which entity a particular business
opportunity should be presented to our company or to another
entity. These conflicts may not be resolved in our favor and a
potential target business may be presented to another entity prior
to its presentation to us. Our amended and restated certificate of
incorporation provides that we renounce our interest in any
corporate opportunity offered to any director or officer unless
such opportunity is expressly offered to such person solely in his
or her capacity as a director or officer of our company and such
opportunity is one we are legally and contractually permitted to
undertake and would otherwise be reasonable for us to pursue.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Members
of our management team may directly or indirectly own common stock, rights and warrants following this offering, and, accordingly,
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. Further, each of our officers and </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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> directors
may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of
any such officers and directors was included by a target business as a condition to any agreement with respect to our initial
business combination. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 5.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For a complete discussion of our executive officers&rsquo; and
directors&rsquo; business affiliations and the potential conflicts
of interest that you should be aware of, please see
&ldquo;Management &mdash; Directors and Executive Officers,&rdquo;
&ldquo;Management &mdash; Conflicts of Interest&rdquo; and
&ldquo;Certain Relationships and Related Party
Transactions.&rdquo;</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our executive officers,
directors, security holders and their respective affiliates may
have competitive pecuniary interests that conflict with our
interests.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">We have not adopted a policy
that expressly prohibits our directors, executive officers,
security holders or affiliates from having a direct or indirect
pecuniary or financial interest in any investment to be acquired or
disposed of by us or in any transaction to which we are a party or
have an interest. In fact, we may enter into a business combination
with a target business that is affiliated with our sponsor, our
directors or executive officers, although we do not intend to do
so. Nor do we have a policy that expressly prohibits any such
persons from engaging for their own account in business activities
of the types conducted by us. Accordingly, such persons or entities
may have a conflict between their interests and ours.</FONT></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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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 existing holders which may raise
potential conflicts of interest.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">In light of the involvement
of our sponsor, executive officers and directors with other
entities, we may decide to acquire one or more businesses
affiliated with our sponsor, executive officers and directors. Our
directors also serve as officers and board members for other
entities, including, without limitation, those described under
&ldquo;M<FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">anagement &mdash; Conflicts of
Int</FONT>erest.&rdquo; Such entities may compete with us for
business combination opportunities. Our sponsor, officers and
directors are not currently aware of any specific opportunities for
us to complete our business combination with any entities with
which they are affiliated, and there have been no preliminary
discussions concerning a business combination with any such entity
or entities. Although we will not be specifically focusing on, or
targeting, any transaction with any affiliated entities, we would
pursue such a transaction if we determined that such affiliated
entity met our criteria for a business combination as set forth in
&ldquo;Proposed Business &mdash; Effecting our initial business
combination &mdash; Selection of a target business and structuring
of our initial business combination&rdquo; and such transaction was
approved by a majority of our disinterested directors. 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 executive officers,
directors or existing holders, potential conflicts of interest
still may exist and, as a result, the terms of the business
combination may not be as advantageous to our public stockholders
as they would be absent any conflicts of interest.</FONT></P>
<P CLASS="H2" STYLE=
"margin-top: 8.0pt; 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Since our sponsor,
executive officers and directors will lose their entire investment
in us if our business combination is not completed, a conflict of
interest may arise in determining whether a particular business
combination target is appropriate for our initial business
combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 5.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> As
of the date of this prospectus, our sponsor, executive officers and directors beneficially own or have a pecuniary interest in
an aggregate of 2,875,000 founder shares, for which they paid an aggregate purchase price of $25,000. In addition, our sponsor
and underwriters have committed, pursuant to written agreements, to purchase an aggregate of 450,000 private placement units,
each consisting of one share of common stock, one right to receive one-tenth (1/10) of one share of common stock upon the consummation
of an initial business combination and one warrant to purchase one-half of one share of common stock with an exercise price of
$5.75 per half share, at a price of $10.00 per unit (a total of $4,500,000) simultaneously with the consummation of this offering.
All of these securities will be worthless if we do not complete an initial business combination. In conjunction with their investment
in the private placement units, the underwriters or their designees will also purchase membership interests in our sponsor, through
which the underwriters or their designees will collectively have a pecuniary interest in 200,000 (or 230,000 if the overallotment
option is exercised in full) founder shares, pursuant to a separate private placement that will close simultaneously with the
closing of the public offering and the private placement of units. Our sponsor will beneficially own the founder shares allocated
to the underwriters or their designees and will retain sole voting and dispositive power over such securities until the closing
of our initial business combination, at which time our sponsor will distribute the founder shares to the underwriters or their
designees for no additional consideration. Upon receipt of the founder shares, the underwriters or their designees will no longer
retain their ownership interests in our sponsor. </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-top: 5.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The personal and financial interests of our executive officers and
directors, as well as underwriters, may influence their motivation
in identifying and selecting a target business combination,
completing an initial business combination and influencing the
operation of the business following the initial business
combination.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Since our sponsor,
executive officers and directors will not be eligible to be
reimbursed for their out-of-pocket expenses if our business
combination is not completed, a conflict of interest may arise in
determining whether a particular business combination target is
appropriate for our initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">At the closing of our initial
business combination, our sponsor, executive officers and
directors, or any of their respective affiliates, will be
reimbursed for any out-of-pocket expenses incurred in connection
with activities on our behalf such as identifying potential target
businesses and performing due diligence on suitable business
combinations. There is no cap or ceiling on the reimbursement of
out-of-pocket expenses incurred in connection with activities on
our behalf. These financial interests of our sponsor, executive
officers and directors may influence their motivation in
identifying and selecting a target business combination and
completing an initial business combination.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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. We have agreed that we will not
incur any indebtedness unless we have obtained from the lender a
waiver of any right, title, interest or claim of any kind in or to
the monies held in the trust account. As such, no issuance of debt
will affect the per-share amount available for redemption from the
trust account. Nevertheless, the incurrence of debt could have a
variety of negative effects, including:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> default
and foreclosure on our assets if our operating revenues after an
initial business combination are insufficient to repay our debt
obligations;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
inability to pay dividends on our common stock;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> using a
substantial portion of our cash flow to pay principal and interest
on our debt, which will reduce the funds available for dividends on
our common stock if declared, expenses, capital expenditures,
acquisitions and other general corporate purposes;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
limitations on our flexibility in planning for and reacting to
changes in our business and in the industry in which we
operate;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> increased
vulnerability to adverse changes in general economic, industry and
competitive conditions and adverse changes in government
regulation; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="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="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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may only be able to
complete one business combination with the proceeds of this
offering and the sale of the private placement units, which will
cause us to be solely dependent on a single business which may have
a limited number of products or services. This lack of
diversification may negatively impact our operations and
profitability.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The net proceeds from this offering and the private placement of
units will provide us with $97,500,000 (or $112,125,000 if the
underwriters&rsquo; over-allotment option is exercised in full)
that we may use to complete our business combination (excluding up
to $3,500,000, or up to approximately $4,025,000 if the
over-allotment option is exercised in full, of deferred
underwriting commissions being held in the trust account).</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may effectuate our business combination with a single target
business or multiple target businesses simultaneously or within a
short period of time. However, we may not be able to effectuate our
business combination with more than one target business because of
various factors, including the existence of complex accounting
issues and the requirement that we prepare and file pro forma
financial statements with the SEC that present operating results
and the financial condition of several target businesses as if they
had been operated on a combined basis. By completing our initial
business combination with only a single entity our lack of
diversification may subject us to numerous economic, competitive
and regulatory risks. Further, we would not be able to diversify
our operations or benefit from the possible spreading of risks or
offsetting of losses, unlike other entities which may have the
resources to complete several business combinations in different
industries or different areas of a single industry. Accordingly,
the prospects for our success may be:</P>
<P CLASS="BLm2" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> solely
dependent upon the performance of a single business, property or
asset, or</P>
<P CLASS="BLm2" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may attempt to
simultaneously complete business combinations with multiple
prospective targets, which may hinder our ability to complete our
business combination and give rise to increased costs and risks
that could negatively impact our operations and
profitability.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we determine to simultaneously acquire several businesses that
are owned by different sellers, we will need for each of such
sellers to agree that our purchase of its business is contingent on
the simultaneous closings of the other business combinations, which
may make it more difficult for us, and delay our ability, to
complete our initial business combination. With multiple business
combinations, we could also face additional risks, including
additional burdens and costs with respect to possible multiple
negotiations and due diligence investigations (if there are
multiple sellers) and the additional risks associated with the
subsequent assimilation of the operations and services or products
of the acquired companies in a single operating business. If we are
unable to adequately address these risks, it could negatively
impact our profitability and results of operations.</P>
<P 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may attempt to
complete our initial business combination with a private company
about which little information is available, which may result in a
business combination with a company that is not as profitable as we
suspected, if at all.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In pursuing our acquisition strategy, we may seek to effectuate our
initial business combination with a privately held company. By
definition, very little public information exists about private
companies, and we could be required to make our decision on whether
to pursue a potential initial business combination on the basis of
limited information, which may result in a business combination
with a company that is not as profitable as we suspected, if at
all.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may structure a business combination so that the
post-transaction company in which our public stockholders own
shares will own less than 100% of the equity interests or assets of
a target business, but we will only complete such business
combination if the post-transaction company owns or acquires 50% or
more of the outstanding voting securities of the target or
otherwise acquires a controlling interest in the target sufficient
for us not to be required</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="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
to register as an investment company under the Investment Company
Act. We will not consider any transaction that does not meet such
criteria. Even if the post-transaction company owns 50% or more of
the voting securities of the target, our stockholders prior to the
business combination may collectively own a minority interest in
the post business combination company, depending on valuations
ascribed to the target and us in the business combination
transaction. For example, we could pursue a transaction in which we
issue a substantial number of new shares of common stock in
exchange for all of the outstanding capital stock of a target. In
this case, we would acquire a 100% interest in the target. However,
as a result of the issuance of a substantial number of new shares
of common stock, our stockholders immediately prior to such
transaction could own less than a majority of our outstanding
shares of common stock subsequent to such transaction. In addition,
other minority stockholders may subsequently combine their holdings
resulting in a single person or group obtaining a larger share of
the company&rsquo;s 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="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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We do not have a
specified maximum redemption threshold. The absence of such a
redemption threshold may make it possible for us to complete a
business combination with which a substantial majority of our
stockholders do not agree.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation does not
provide a specified maximum redemption threshold, except that in no
event will we redeem our public shares in an amount that would
cause our net tangible assets upon consummation of our initial
business combination to be less than $5,000,001 (such 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. As a result, we may be able to complete our business
combination even though a substantial majority of our public
stockholders do not agree with the transaction and have redeemed
their shares or, if we seek stockholder approval of our initial
business combination and do not conduct redemptions in connection
with our business combination pursuant to the tender offer rules,
have entered into privately negotiated agreements to sell their
shares to our sponsor, officers, directors, advisors or their
affiliates. In the event the aggregate cash consideration we would
be required to pay for all shares of common stock that are validly
submitted for redemption plus any amount required to satisfy cash
conditions pursuant to the terms of the proposed business
combination exceeds the aggregate amount of cash available to us,
we will not complete the business combination or redeem any shares,
all shares of common stock submitted for redemption will be
returned to the holders thereof, and we instead may search for an
alternate 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The exercise price for
the public warrants is higher than in many similar blank check
company offerings in the past, and, accordingly, the warrants are
more likely to expire worthless.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
exercise price of the public warrants is higher than is typical in many similar blank check companies in the past. Historically,
the exercise price of a warrant was generally a fraction of the purchase price of the units in the initial public offering. The
exercise price for our public warrants is $5.75 per half share, or $11.50 per whole share. As a result, the warrants are less
likely to ever be in the money and more likely to expire worthless. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"letter-spacing: -.1pt;">In order to effectuate our initial
business combination, blank check companies have, in the recent
past, amended various provisions of their charters and modified
governing instruments. We cannot assure you that we will not seek
to amend our amended and restated certificate of incorporation or
governing instruments in a manner that will make it easier for us
to complete our initial business combination that our stockholders
may not support.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In order to effectuate a business combination, blank check
companies have, in the recent past, amended various provisions of
their charters and modified governing instruments. For example,
blank check companies have amended the definition of business
combination, increased redemption thresholds as well as the time
needed to complete an initial business combination. In particular,
Capitol Acquisition Corp., a special purpose acquisition
corporation for which one of our director nominees served as a
consultant, amended its charter to allow the issuer to complete its
merger with Two Harbors Merger Corp. (&ldquo;Two Harbors&rdquo;),
even though (i) the issuer would ultimately be acquired by Two
Harbors (by amending the definition of &ldquo;Business
Combination&rdquo;), (ii) Two Harbors was not an operating
business, (iii) the fair market value of Two Harbors on the date of
the transaction was less than 80% of the balance of the trust
account, (iv) the transaction was not approved by disinterested
independent directors and (v) the issuer did not receive a fairness
opinion from an independent investment banking firm that the
transaction is fair to public stockholders from a financial point
of view. We cannot assure you that we will not seek to amend our
charter or governing instruments in order to effectuate 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;">
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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The provisions of our
amended and restated certificate of incorporation that relate to
our pre-business combination activity (and corresponding provisions
of the agreement governing the release of funds from our trust
account) may be amended with the approval of holders of 65% of our
common stock, which is a lower amendment threshold than that of
some other blank check companies. It may be easier for us,
therefore, to amend our amended and restated certificate of
incorporation to facilitate the completion of an initial business
combination that some of our stockholders may not
support.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Some other blank check
companies have a provision in their charter which prohibits the
amendment of certain of its provisions, including those which
relate to a company&rsquo;s pre-business combination activity,
without approval by a certain percentage of the company&rsquo;s
stockholders. In those companies, amendment of these provisions
requires approval by between 90% and 100% of the company&rsquo;s
public stockholders. Our amended and restated certificate of
incorporation provides that any of its provisions related to
pre-business combination activity (including the requirement to
deposit proceeds of this offering and the private placement of
units into the trust account and not release such amounts except in
specified circumstances, and to provide redemption rights to public
stockholders as described herein) may be amended if approved by
holders of 65% of our common stock, and corresponding provisions of
the trust agreement governing the release of funds from our trust
account may be amended if approved by holders of 65% of our common
stock. In all other instances, our amended and restated certificate
of incorporation may be amended by holders of a majority of our
common stock, subject to applicable provisions of the DGCL or
applicable stock exchange rules. Our initial stockholder, who will
beneficially own 22.0% of our common stock upon the closing of this
offering (assuming it does not purchase any units in this
offering), will participate in any vote to amend our amended and
restated certificate of incorporation and/or trust agreement and
will have the discretion to vote in any manner they choose. As a
result, we may be able to amend the provisions of our amended and
restated certificate of incorporation which govern our pre-business
combination behavior more easily than some other blank check
companies, and this may increase our ability to complete a business
combination with which you do not agree. Our stockholders may
pursue remedies against us for any breach of our amended and
restated certificate of incorporation.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">Our
sponsor, executive officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will
not propose any amendment to our amended and restated 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 (net of the interest which may be withdrawn to pay taxes), divided
by the number of then outstanding public shares. These agreements are contained in letter agreements that we have entered into
with our sponsor, executive officers, directors and director nominees. Prior to acquiring any founder shares or private placement
shares from our sponsor, officers, directors, director nominees or the underwriters, permitted transferees must enter into a written
agreement with us agreeing to be bound by the same restriction. Our stockholders are not parties to, or third-party beneficiaries
of, these agreements and, as a result, will not have the ability to pursue remedies against our sponsor, executive officers, directors
or director nominees for any breach of these agreements. As a result, in the event of a breach, our stockholders would need to
pursue a stockholder derivative action, subject to applicable law.</FONT> </P>
<P CLASS="H2" STYLE=
"margin-top: 8.0pt; 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;">
Certain agreements related to this offering may be amended without
stockholder approval.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.1pt">Certain
agreements, including the underwriting agreement relating to this offering, the investment management trust agreement between
us and Continental Stock Transfer &amp; Trust Company, the letter agreements among us and our sponsor, officers, directors, director
nominees and the underwriters, the registration rights agreement among us and our initial stockholders and the administrative
services agreement between us and our sponsor, may be amended without stockholder approval. These agreements contain various provisions
that our public stockholders might deem to be material. For example, the underwriting agreement related to this offering contains
(i) a representation that we will not consummate any public or private equity or debt financing prior to the consummation of a
business combination, unless all investors in such financing expressly waive, in writing, any rights in or claims against the
trust account and (ii) a covenant that the target company that we acquire must have a fair market value equal to at least 80%
of the balance in the trust account at the time of signing the definitive agreement for the transaction with such target business
(excluding taxes payable). While we do not expect our board to approve any amendment to any of these agreements prior to our initial
business combination, it may be possible that our board, in exercising its business judgment and subject to its fiduciary duties,
chooses to approve one or more amendments to any such agreement in connection with the consummation of our initial business combination.
Any such amendment may have an adverse effect on the value of an investment in our securities.</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;">
46</P>
<P CLASS="H2" STYLE=
"margin-top: 8.0pt; 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may be unable to
obtain additional financing to complete our initial business
combination or to fund the operations and growth of a target
business, which could compel us to restructure or abandon a
particular business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Although
we have not yet identified any prospective target business, and thus cannot ascertain the capital requirements for our initial
business combination, we anticipate that we will find the greatest number of opportunities for our initial business combination
among companies with aggregate enterprise value of approximately $300 million to $700 million. If we are unable to use our capital
stock in sufficient quantity in addition to the proceeds from this offering and the private placement of units, the acquisition
of a target business with enterprise value within this range will require that we seek additional financing in excess of the net
proceeds of this offering the sale of the private placement units. We cannot assure you that such financing will be available
on acceptable terms, if at all. The current economic environment has made it especially difficult for companies to obtain acquisition
financing. To the extent that additional financing proves to be unavailable when needed to complete our initial business combination,
we would be compelled to either restructure the transaction or abandon that particular business combination and seek an alternative
target business candidate. In addition, even if we do not need additional financing to complete our business combination, we may
require such financing to fund the operations or growth of the target business. The failure to secure additional financing could
have a material adverse effect on the continued development or growth of the target business. None of our officers, directors
or stockholders is required to provide any financing to us in connection with or after our business combination. If we are unable
to complete our initial business combination, our public stockholders may only receive approximately $10.10 per share on the liquidation
of our trust account, and our rights and warrants will expire worthless. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our initial stockholder
controls a substantial interest in us and thus may exert a
substantial influence on actions requiring a stockholder vote,
potentially in a manner that you do not support.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Upon the closing of this offering, our initial stockholder will own
22.0% of our issued and outstanding shares of common stock
(assuming it does not purchase any units in this offering).
Accordingly, it may exert a substantial influence on actions
requiring a stockholder vote, potentially in a manner that you do
not support, including amendments to our amended and restated
certificate of incorporation. If our initial stockholder purchases
any units in this offering or if our initial stockholder purchases
any additional shares of common stock in the aftermarket or in
privately negotiated transactions, this would increase their
control. Neither our initial stockholder nor, to our knowledge, any
of our officers or directors, have any current intention to
purchase additional securities, other than as disclosed in this
prospectus. Factors that would be considered in making such
additional purchases would include consideration of the current
trading price of our common stock. In addition, our board of
directors, whose members were elected by our sponsor, is and will
be divided into two classes, each of which will generally serve for
a term of two years with only one class of directors being elected
in each year. We may not hold an annual meeting of stockholders to
elect new directors prior to the completion of our business
combination, in which case all of the current directors will
continue in office until at least the completion of the business
combination. If there is an annual meeting, as a consequence of our
&ldquo;staggered&rdquo; board of directors, only a minority of the
board of directors will be considered for election and our initial
stockholder, because of its ownership position, will have
considerable influence regarding the outcome. Accordingly, our
initial stockholder will continue to exert control at least until
the completion of our 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>Our
sponsor paid an aggregate of $25,000, or approximately $0.009 per founder share, and, accordingly, you will experience immediate
and substantial dilution from the purchase of our common stock. In addition you may face additional dilution as a result of the
conversion of up to $1,000,000 in loans that may be made from our management into units.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 (allocating all of the unit purchase price to the common stock, including
the common stock underlying the rights included in the units, and none to the warrant included in the unit) and the pro forma
net tangible book value per share of our common stock after this offering constitutes the dilution to you and the other investors
in this offering. Our sponsor acquired the founder shares at a nominal price, significantly contributing to this dilution. Upon
the closing of this offering, and assuming no value is ascribed to the warrants included in the units, you and the other public
stockholders will incur an immediate and substantial dilution of approximately 89.6% (or $8.96 per share, assuming no exercise
of the underwriters&rsquo; over-allotment option), the difference between the pro forma net tangible book value per share of $1.04
and the initial offering price </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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> of
$10.00 per unit. In addition, you may face additional dilution as a result of the conversion into units of up to $1,000,000
in loans that may be made from our sponsor or an affiliate of our sponsor or certain of our officers and directors in order to
finance transaction costs in connection with an intended 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may amend the terms
of the warrants in a manner that may be adverse to holders with the
approval by the holders of at least 65% of the then outstanding
public warrants.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer &amp; Trust Company,
as warrant agent, and us. The warrant agreement provides that the
terms of the warrants may be amended without the consent of any
holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least 65% of the
then outstanding public warrants to make any change that adversely
affects the interests of the registered holders. Accordingly, we
may amend the terms of the warrants in a manner adverse to a holder
if holders of at least 65% of the then outstanding public warrants
approve of such amendment. Although our ability to amend the terms
of the warrants with the consent of at least 65% of the then
outstanding public warrants is unlimited, examples of such
amendments could be amendments to, among other things, increase the
exercise price of the warrants, shorten the exercise period or
decrease the number of shares of our common stock purchasable upon
exercise of a warrant.</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>We
may amend the terms of the rights in a manner that may be adverse to holders with the approval by the holders of at least 65%
of the then outstanding public rights.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
rights will be issued in registered form under a rights agreement between Continental Stock Transfer &amp; Trust Company, as right
agent, and us. The rights agreement provides that the terms of the rights may be amended without the consent of any holder to
cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the then outstanding
public rights to make any change that adversely affects the interests of the registered holders. Accordingly, we may amend the
terms of the rights in a manner adverse to a holder if holders of at least 65% of the then outstanding public rights approve of
such amendment. Although our ability to amend the terms of the rights with the consent of at least 65% of the then outstanding
public rights is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price
of the rights, shorten the exercise period or decrease the number of shares of our common stock purchasable upon exercise of a
right. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">We may redeem your
unexpired warrants prior to their exercise at a time that is
disadvantageous to you, thereby making your warrants
worthless.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have the ability to redeem outstanding warrants at any time
after they become exercisable and prior to their expiration, at a
price of $0.01 per warrant, provided that the last reported sales
price of our common stock equals or exceeds $18.00 per share for
any 20 trading days within a 30 trading-day period ending on the
third trading day prior to the date we send the notice of
redemption to the warrant holders. If and when the warrants become
redeemable by us, we may not exercise our redemption right if the
issuance of shares of common stock upon exercise of the warrants is
not exempt from registration or qualification under applicable
state blue sky laws or we are unable to effect such registration or
qualification. We will use our best efforts to register or qualify
the shares of common stock under the blue sky laws of the state of
residence in those states in which the warrants were initially
offered by us in this offering. Redemption of the outstanding
warrants could force you (i) to exercise your warrants and pay the
exercise price therefor at a time when it may be disadvantageous
for you to do so, (ii) to sell your warrants at the then-current
market price when you might otherwise wish to hold your warrants or
(iii) to accept the nominal redemption price which, at the time the
outstanding warrants are called for redemption, is likely to be
substantially less than the market value of your warrants. None of
the private placement warrants will be redeemable by us so long as
they are held by their initial purchasers or their permitted
transferees.</P>
<P 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
rights and warrants may have an adverse effect on the market price of our common stock and make it more difficult to effectuate
our business combination.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: 0.05pt">We
will be issuing (i) rights to receive 1,000,000 shares of our common stock (or up to 1,150,000 shares of common stock if the underwriters&rsquo;
over-allotment option is exercised in full) upon consummation of our business combination as part of the units offered by this
prospectus and (ii) warrants to purchase 5,000,000 shares of our common stock (or up to 5,750,000 shares of common stock if the
underwriters&rsquo; over-allotment option is exercised in full) as part of the units offered by this prospectus and, simultaneously
with the closing of this offering, we</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;">
48</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: 0.05pt">will
be issuing in a private placement an aggregate of (a) 450,000 private placement rights (or 502,500 private placement rights if
the over-allotment option is exercised in full) contained in the private placement units, each convertible into one tenth (1/10)
of one share of common stock (or an aggregate of 45,000 shares of common stock, or 50,250 shares of common stock if the over-allotment
option is exercised in full) and (b) 450,000 private placement warrants (or 502,500 private placement warrants if the over-allotment
option is exercised in full) contained in the private placement units, each exercisable to purchase one-half of one share of common
stock (or an aggregate of 225,000 shares of common stock, or 251,250 shares of common stock if the over-allotment option is exercised
in full) at $5.75 per half share. To the extent we issue shares of common stock to effectuate a business transaction, the potential
for the issuance of a substantial number of additional shares of common stock upon conversion of these rights and exercise of
these warrants could make us a less attractive acquisition vehicle to a target business. Such rights, when converted, and such
warrants, when exercised, will increase the number of issued and outstanding shares of our common stock and reduce the value of
the shares of common stock issued to complete the business transaction. Therefore, our rights and warrants may make it more difficult
to effectuate a business transaction or increase the cost of acquiring the target business.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The private placement warrants are identical to the warrants sold
as part of the units in this offering except that, so long as they
are held by our sponsor, the underwriters or their permitted
transferees, (i) they will not be redeemable by us, (ii) they
(including the common stock issuable upon exercise of these
warrants) may not, subject to certain limited exceptions, be
transferred, assigned or sold by the sponsor until 30 days after
the completion of our initial business combination and (iii) they
may be exercised by the holders on a cashless basis. In addition,
for as long as the private placement warrants are held by the
underwriters or their designees or affiliates, they may not be
exercised after five years from the effective date of the
registration statement of which this prospectus forms a part.</P>
<P 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>Because
each warrant is exercisable for only one-half of one share of our common stock and each right is exchangeable for only one-tenth
of one share of our common stock, the units may be worth less than units of other blank check companies.</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Each
warrant is exercisable for one-half of one share of common stock. 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 common stock to be issued to the warrant holder. In addition, each
holder of a right will receive one-tenth (1/10) of one share of common stock upon consummation of our initial business combination.
We will not issue fractional shares upon exchange of the rights. If, upon exchange of the rights, a holder would be entitled to
receive a fractional interest in a share, we will, upon exchange, either round up to the nearest whole number the number of shares
to be issued to the right holder or otherwise comply with Section 155 of the Delaware General Corporation Law (which provides
that Delaware companies shall either (1) arrange for the disposition of fractional interests by those entitled thereto, (2) pay
in cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined or
(3) issue scrip or warrants in registered form (either represented by a certificate or uncertificated) or in bearer form (represented
by a certificate) which shall entitle the holder to receive a full share upon the surrender of such scrip or warrants aggregating
a full share). This is different from other offerings similar to ours whose units include one share of common stock and one warrant
to purchase one whole share. This unit structure may cause our units to be worth less than if it included a warrant to purchase
one whole share. </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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Prior
to this offering there has been no public market for any of our securities. The public offering price of the units and the terms
of the rights and the warrants were negotiated between us and the underwriters. In determining the size of this offering, management
held customary organizational meetings with representatives of the underwriters, both prior to our inception and thereafter, with
respect to the state of capital markets generally, and the amount the underwriters believed they reasonably could raise on our
behalf. Factors considered in determining the size of this offering, prices and terms of the units, including the common stock,
rights and warrants underlying the units, include:</FONT> </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> the
history and prospects of companies whose principal business is the
acquisition of other companies;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> prior
offerings of those companies;</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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
prospects for acquiring an operating business at attractive
values;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> a review
of debt to equity ratios in leveraged transactions;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
capital structure;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> an
assessment of our management and their experience in identifying
operating companies;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> general
conditions of the securities markets at the time of this offering;
and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although these factors were considered, the determination of our
offering price is more arbitrary than the pricing of securities of
an operating company in a particular industry since we have no
historical operations or financial results.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">There is currently no
market for our securities and a market for our securities may not
develop, which would adversely affect the liquidity and price of
our securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Because we must furnish
our stockholders with target business financial statements, we may
lose the ability to complete an otherwise advantageous initial
business combination with some prospective target
businesses.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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. We will include the same
financial statement disclosure in connection with our tender offer
documents, whether or not they are required under the tender offer
rules. These financial statements may be required to be prepared in
accordance with, or be reconciled to, accounting principles
generally accepted in the United States of America, or GAAP, or
international financial reporting standards, or IFRS, depending on
the circumstances and the historical financial statements may be
required to be audited in accordance with the standards of the
Public Company Accounting Oversight Board (United States), or
PCAOB. These financial statement requirements may limit the pool of
potential target businesses we may acquire because some targets may
be unable to provide such 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="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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">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.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">We are an &ldquo;emerging
growth company&rdquo; within the meaning of the Securities Act, as
modified by the JOBS Act, and we may take advantage of certain
exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies
including, but not limited to, not being required to comply with
the auditor internal controls attestation requirements of Section
404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy
statements, and exemptions from the requirements of holding a
nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved.
As a result, our stockholders may not have access to certain
information they may deem important. We could be an emerging growth
company for up to five years, although circumstances could cause us
to lose that status earlier, including if the market value of our
common stock held by non-affiliates exceeds $700 million as of any
June 30 before that time, in which case we would no longer be an
emerging growth company as of the following December 31. We cannot
predict whether investors will find our securities less attractive
because we will rely on these exemptions. If some investors find
our securities less attractive as a result of our reliance on these
exemptions, the trading prices of our securities may be lower than
they otherwise would be, there may be a less active trading market
for our securities and the trading prices of our securities may be
more volatile.</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;">
50</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth
companies from being required to comply with new or revised
financial accounting standards until private companies (that is,
those that have not had a Securities Act registration statement
declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or
revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period
and comply with the requirements that apply to non-emerging growth
companies but any such election to opt out is irrevocable. We have
elected not to opt out of such extended transition period which
means that when a standard is issued or revised and it has
different application dates for public or private companies, we, as
an emerging growth company, can adopt the new or revised standard
at the time private companies adopt the new or revised standard.
This may make comparison of our financial statements with another
public company which is neither an emerging growth company nor an
emerging growth company which has opted out of using the extended
transition period difficult or impossible because of the potential
differences in accounting standards used.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Compliance obligations
under the Sarbanes-Oxley Act may make it more difficult for us to
effectuate our business combination, require substantial financial
and management resources, and increase the time and costs of
completing an acquisition.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Section 404 of the Sarbanes-Oxley Act requires that we evaluate and
report on our system of internal controls beginning with our Annual
Report on Form 10-K for the year ending December 31, 2018. As long
as we maintain our status as an emerging growth company, we will
not be required to comply with the independent registered public
accounting firm attestation requirement on our internal control
over financial reporting. The fact that we are a blank check
company makes compliance with the requirements of the
Sarbanes-Oxley Act particularly burdensome on us as compared to
other public companies because a target company with which we seek
to complete our business combination may not be in compliance with
the provisions of the Sarbanes-Oxley Act regarding adequacy of its
internal controls. The development of the internal control of any
such entity to achieve compliance with the Sarbanes-Oxley Act may
increase the time and costs necessary to complete any such
acquisition.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Provisions in our
amended and restated certificate of incorporation and Delaware law
may inhibit a takeover of us, which could limit the price investors
might be willing to pay in the future for our common stock and
could entrench management.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation contains
provisions that may discourage unsolicited takeover proposals that
stockholders may consider to be in their best interests. These
provisions include a staggered board of directors and the ability
of the board of directors to designate the terms of and issue new
series of preferred 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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Provisions in our
amended and restated certificate of incorporation and Delaware law
may have the effect of discouraging lawsuits against our directors
and officers.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation will require,
to the fullest extent permitted by law, that derivative actions
brought in our name, actions against directors, officers and
employees for breach of fiduciary duty and other similar actions
may be brought only in the Court of Chancery in the State of
Delaware and, if brought outside of Delaware, the stockholder
bringing such suit will be deemed to have consented to service of
process on such stockholder&rsquo;s counsel. This provision may
have the effect of discouraging lawsuits against our directors and
officers.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">An investment in this
offering may result in uncertain or adverse United States federal
income tax consequences.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> An
investment in this offering may result in uncertain United States federal income tax consequences. For instance, because there
are no authorities that directly address instruments similar to the units we are issuing in this offering, the allocation an investor
makes with respect to the purchase price of the unit among the share of common stock, the right and the warrant to purchase one-half
of one share of common stock included in each unit could be challenged </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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> by
the IRS or the courts. Furthermore, the United States federal income tax consequences of a cashless exercise of a warrant included
in the units is unclear under current law. Finally, it is unclear whether the redemption rights with respect to our shares of
common stock suspend the running of a U.S. holder&rsquo;s holding period for purposes of determining whether any gain or loss
realized by such holder on the sale or exchange of common stock is long-term capital gain or loss and for determining whether
any dividend we pay would be considered &ldquo;qualified dividends&rdquo; for federal income tax purposes. See the section titled
&lsquo;&lsquo;Taxation&rsquo;&rsquo; for a summary of the principal United States federal income tax consequences of an investment
in our securities. Prospective investors are urged to consult their tax advisors with respect to these and other tax consequences
when purchasing, holding or disposing of our 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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">If we effect our initial
business combination with a company located in the United States
but with operations or opportunities outside of the United States,
we would be subject to a variety of additional risks that may
negatively impact our operations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 company
located in the United States but with operations or opportunities
outside of the United States, we would be subject to any special
considerations or risks associated with companies operating in an
international setting, including any of the following:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> costs and
difficulties inherent in managing cross-border business
operations</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> rules and
regulations regarding currency redemption;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> complex
corporate withholding taxes on individuals;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> laws
governing the manner in which future business combinations may be
effected;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> tariffs
and trade barriers;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
regulations related to customs and import/export matters;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> longer
payment cycles;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> currency
fluctuations and exchange controls;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> rates of
inflation;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
challenges in collecting accounts receivable;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> cultural
and language differences;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
employment regulations;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 were unable to do so, our operations might suffer, which may
adversely impact our results of operations and financial
condition.</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;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">There are risks related
to the healthcare and healthcare-related wellness industry to which
we may be subject.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Business combinations with companies with operations in the
healthcare and healthcare related wellness industries entail
special considerations and risks. If we are successful in
completing a business combination with a target business with
operations in the healthcare and healthcare related wellness
industries, we will be subject to, and possibly adversely affected
by, the following risks:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Competition could reduce profit margins.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our inability to comply with governmental regulations affecting the
healthcare industry could negatively affect our operations.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
An inability to license or enforce intellectual property rights on
which our business may depend.</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="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The success of our planned business following consummation of our
initial business combination may depend on maintaining a
well-secured business and technology infrastructure.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
If we are required to obtain governmental approval of our products,
the production of our products could be delayed and we could be
required to engage in a lengthy and expensive approval process that
may not ultimately be successful.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Continuing government and private efforts to contain healthcare
costs, including through the implementation of legal and regulatory
changes, may reduce our future revenue and our profitability
following such business combination.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Changes in the healthcare related wellness industry and markets for
such products affecting our customers or retailing practices could
negatively impact customer relationships and our results of
operations.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The healthcare industry is susceptible to significant liability
exposure. If liability claims are brought against us following a
business combination, it could materially adversely affect our
operations.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Dependence of our operations upon third-party suppliers,
manufacturers or contractors whose failure to perform adequately
could disrupt our business.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The Affordable Care Act, possible changes to it, and how it is
implemented could negatively impact our business.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
A disruption in supply could adversely impact our business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any of the foregoing could have an adverse impact on our operations
following a business combination. However, our efforts in
identifying prospective target businesses will not be limited to
the healthcare and healthcare related wellness sectors.
Accordingly, if we acquire a target business in another industry,
these risks will likely not affect us and we will be subject to
other risks attendant with the specific industry in which we
operate or target business which we acquire, none of which can be
presently ascertained.</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="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 CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Cautionary Note
Regarding Forward-Looking Statements</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Certain 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 team&rsquo;s expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
&ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
&ldquo;continue,&rdquo; &ldquo;could,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo;
&ldquo;plan,&rdquo; &ldquo;possible,&rdquo;
&ldquo;potential,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;would&rdquo;
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. Forward-looking statements in this prospectus
may include, for example, statements about:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
ability to complete our initial business combination;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
success in retaining or recruiting, or changes required in, our
officers, key employees or directors following our initial business
combination;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
officers and directors allocating their time to other businesses
and potentially having conflicts of interest with our business or
in approving our initial business combination, as a result of which
they would then receive expense reimbursements;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
potential ability to obtain additional financing to complete our
initial business combination;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our pool
of prospective target businesses;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
public securities&rsquo; potential liquidity and trading;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> the lack
of a market for our securities;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> the 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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
financial performance following this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">The forward-looking
statements contained in this prospectus are based on our current
expectations and beliefs concerning future developments and their
potential effects on us. There can be no assurance that future
developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those factors described under the heading
&ldquo;Risk Factors&rdquo; beginning on page 27. Should one or more
of these risks or uncertainties materialize, or should any of our
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.</FONT></P>
<P 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="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 CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Use of
Proceeds</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are offering 10,000,000 units at an offering price of $10.00 per
unit. We estimate that the net proceeds of this offering together
with the funds we will receive from the sale of the private
placement 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="66%" VALIGN="bottom" STYLE=
"width: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Without<BR>
Over-Allotment<BR>
Option</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Over-Allotment<BR>
Option<BR>
Exercised</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT LANG=
"EN-GB">Gross proceeds</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
<FONT LANG="EN-GB">Gross proceeds from units offered to
public<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
100,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
115,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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 LANG="EN-GB">Gross proceeds from private placement units
offered in the private placement</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
4,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5,025,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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 gross proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
104,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
120,025,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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 CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT LANG=
"EN-GB">Offering expenses</FONT></FONT><FONT CLASS="superscript"
STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;"><I><FONT LANG="EN-GB"
STYLE=
"font-family: TimesNewRomanPSStd-Italic; font-size: 6pt;">(2)</FONT></I></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 11.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 11.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
<FONT LANG="EN-GB">Underwriting commissions (2.5% of gross proceeds
from units offered to public, excluding deferred
portion)<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(3)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2,875,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
200,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
200,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
Printing and engraving expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
39,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
39,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
SEC Expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
13,329</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
13,329</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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;">
FINRA Expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
17,750</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
17,750</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
Travel and road show</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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 and filing fees</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
75,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
75,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
Directors and officers insurance</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
75,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
75,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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 expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
19,421</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
19,421</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
<FONT LANG="EN-GB">Total offering expenses (other than underwriting
commissions)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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 after offering expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
101,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
116,650,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
<FONT LANG="EN-GB">Held in trust account<FONT CLASS="superscript"
STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(3)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
101,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 11.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
116,150,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; background: #CCEEFF; 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;">
% of public offering size</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; 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 CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.68%; border: none; background: #CCEEFF; 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 CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT LANG=
"EN-GB">101</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; 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 CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">%</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; 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 CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.68%; border: none; background: #CCEEFF; 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 CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT LANG=
"EN-GB">101</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; 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 CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">%</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; 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;">
Not held in trust account</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 11.68%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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" STYLE=
"margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table shows the use of the approximately $500,000 of
net proceeds not held in the trust account<FONT CLASS="superscript"
STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(4)</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="66%" VALIGN="bottom" STYLE=
"width: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Amount </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> %
of Total </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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, due diligence, travel, personnel, advisors and other expenses in connection with any business combination<FONT STYLE="font-size: 6pt"><SUP>(5)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20.0 </P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 66.94%; 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;"> Legal
and accounting fees related to regulatory reporting obligations </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.0 </P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 66.94%; background: #CCEEFF; 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
for office space, utilities and secretarial and administrative support ($10,000 per month for up to 18 months) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 180,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 36.0 </P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 66.94%; 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;"> Reserve
for liquidation expenses </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.0 </P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 66.94%; background: #CCEEFF; 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
continued listing fees </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11.0 </P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 66.94%; 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;"> Other
miscellaneous expenses (including franchise taxes) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 13.64%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 65,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.88%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 13.0 </P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 66.94%; background: #CCEEFF; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.64%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.88%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100.0 </P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Includes
amounts payable to public stockholders who properly redeem their
shares in connection with our successful completion of our initial
business combination.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> In
addition, a portion of the offering expenses have been paid from
the proceeds of a loan from our sponsor of up to $200,000 that we
may draw down as described in this prospectus. This loan will be
repaid upon completion of this offering out of the $500,000 of
offering proceeds that has been allocated for the payment of
offering expenses other than underwriting commissions. In the event
that offering expenses are less than set forth in this table, any
such amounts will be used for post-closing working capital
expenses.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
underwriters have agreed to defer underwriting commissions equal to
3.5% of the gross proceeds of this offering. Upon completion of our
initial business combination, up to $3,500,000, which constitutes
the underwriters&rsquo; deferred commissions (or up to $4,025,000
if the underwriters&rsquo; over-allotment option is exercised in
full) will be paid to the underwriters from the funds held in the
trust account, and the remaining funds, less amounts released to
the trustee to pay redeeming stockholders, will be released to us
and can be used to pay all or a portion of the purchase price of
the business or businesses with which our initial business
combination occurs or for general corporate purposes, including
payment of</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="Tablefootnotem" STYLE=
"text-indent: 0in; mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
principal or interest on indebtedness incurred in connection with
our initial business combination, to fund the purchases of other
companies or for working capital. The underwriters will not be
entitled to any interest accrued on the deferred underwriting
discounts and commissions.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&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 a business combination based upon the level of complexity of such business combination. In the event
we identify an acquisition target in a specific industry subject to specific regulations, we may incur additional expenses associated
with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result,
we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our
intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the
extent they exceed current estimates for any specific category of expenses, would not be available for our expenses. The amount
in the table above does not include interest available to us from the trust account to pay our taxes. Based on the current interest
rate environment, we would expect approximately $353,500 per year to be available to us from interest earned on the funds held
in the trust account over 18 months (or 21 months, as applicable) following the closing of this offering; however, we can provide
no assurances regarding this amount. This estimate assumes an interest rate of 0.35% per annum based upon current yields of securities
in which the trust account may be invested. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Includes
estimated amounts that may also be used in connection with our
business combination to fund a &ldquo;no shop&rdquo; provision and
commitment fees for financing.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
rules of the NASDAQ Capital Market provide that at least 90% of the gross proceeds from this offering and the private placement
be deposited in a trust account. Of the net proceeds of this offering and the sale of the private placement units, $101,000,000
(or $116,150,000 if the underwriters&rsquo; over-allotment option is exercised in full), including up to $3,500,000 (or up to
$4,025,000 if the underwriters&rsquo; over-allotment option is exercised in full) of deferred underwriting commissions, will be
placed in a trust account with Continental Stock Transfer &amp; Trust Company acting as trustee and will be invested only 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. We estimate that the interest
earned on the trust account will be approximately $353,500 per year, assuming an interest rate of 0.35% per year. We will not
be permitted to withdraw any of the principal or interest held in the trust account, except for the withdrawal of interest to
pay taxes (and $50,000 reserved for liquidation expenses if we do not successfully complete our initial business combination),
until the earlier of (i) the completion of our initial business combination, (ii) the redemption of 100% of our public shares
if we are unable to complete a business combination within 18 months from the closing of this offering (or 21 months, as applicable)
(subject to the requirements of law) or (iii) the redemption of our public shares in connection with a stockholder vote to approve
an amendment to our amended and restated certificate of incorporation (A) that would affect the substance or timing of our obligation
to redeem 100% of our public shares if we have not consummated an initial business combination within 18 months from the closing
of this offering (or 21 months, as applicable) or (B) with respect to any other provision relating to stockholders&rsquo; rights
or pre-business combination activity. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The net proceeds held in the trust account may be used as
consideration to pay the sellers of a target business with which we
ultimately complete our 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 business
combination, we may apply the balance of the cash released from the
trust account for general corporate purposes, including for
maintenance or expansion of operations of the post-transaction
company, the payment of principal or interest due on indebtedness
incurred in completing our initial business combination, to fund
the purchase of other companies or for working capital.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe that amounts not held in trust will be sufficient to pay
the costs and expenses to which such proceeds are allocated. This
belief is based on the fact that while we may begin preliminary due
diligence of a target business in connection with an indication of
interest, we intend to undertake in-depth due diligence, depending
on the circumstances of the relevant prospective acquisition, only
after we have negotiated and signed a letter of intent or other
preliminary agreement that addresses the terms of a business
combination. However, if our estimate of the costs of undertaking
in-depth due diligence and negotiating a business combination is
less than the actual amount necessary to do so, we may be required
to raise additional capital, the amount, availability and cost of
which is currently unascertainable. If we are required to seek
additional capital, we could seek such additional capital through
loans or additional investments from our sponsor, members of our
management team or their affiliates, but such persons are not under
any obligation to advance funds to, or invest in, us.</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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As of the date of this prospectus, our sponsor has loaned us
$140,000 of up to $200,000 to be used for a portion of the expenses
of this offering. This loan is non-interest bearing, unsecured and
is due at the earlier of June 30, 2017 or the closing of this
offering. This loan will be repaid upon the closing of this
offering out of the $500,000 of offering proceeds that has been
allocated to the payment of offering expenses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Commencing on the date of this prospectus, we have agreed to pay
our sponsor a total of $10,000 per month for office space,
utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation,
we will cease paying these monthly fees.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an
affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required.
If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released
to us. Otherwise, such loans would be repaid only out of funds held outside the trust account. In the event that our initial business
combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts
but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,000,000 of such loans will be convertible
into units of the post-business combination entity at a price of $10.00 per unit (which, for example, would result in the holders
being issued 110,000 shares of common stock if $1,000,000 of notes were so converted since the 100,000 rights included in such
units would result in the issuance of 10,000 shares upon the closing of our business combination, as well as 100,000 warrants
to purchase 50,000 shares) at the option of the lender. The units would be identical to the private placement units. No written
agreements exist with respect to such loans. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our business
combination pursuant to the tender offer rules, our sponsor,
directors, officers, advisors or their affiliates may also purchase
shares in privately negotiated transactions either prior to or
following the completion of our initial business combination.
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. If they engage in such
transactions, they will not make any such purchases when they are
in possession of any material non-public information not disclosed
to the seller or if such purchases are prohibited by Regulation M
under the Exchange Act. We do not currently anticipate that such
purchases, if any, would constitute a tender offer subject to the
tender offer rules under the Exchange Act or a going-private
transaction subject to the going-private rules under the Exchange
Act; however, if the purchasers determine at the time of any such
purchases that the purchases are subject to such rules, the
purchasers will comply with such rules.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may not redeem our public shares in an amount that would cause
our net tangible assets upon consummation of our initial business
combination to be less than $5,000,001 (so that we are not subject
to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) and the
agreement for our business combination may require as a closing
condition that we have a minimum net worth or a certain amount of
cash. If too many public stockholders exercise their redemption
rights so that we cannot satisfy the net tangible asset requirement
or any net worth or cash requirements, we would not proceed with
the redemption of our public shares or the business combination,
and instead may search for an alternate business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 upon the earlier to occur of: (i) our completion
of an initial business combination, and then only in connection with those shares of our common stock that such stockholder properly
elected to redeem, subject to the limitations described herein, (ii) the redemption of our public shares if we are unable to complete
our business combination within 18 months (or 21 months, as applicable) following the closing of this offering, subject to applicable
law and as further described herein or (iii) the redemption of our public shares in connection with a stockholder vote to approve
an amendment to our amended and restated certificate of incorporation (A) that would affect the substance or timing of our obligation
to redeem 100% of our public shares if we have not consummated an initial business combination within 18 months from the closing
of this offering (or 21 months, as applicable) or (B) with respect to any other provision relating to stockholders&rsquo; rights
or pre-business combination activity, and any limitations (including but not limited to cash requirements) created by the terms
of the 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="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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our sponsor, officers, directors, director nominees and the
underwriters have entered into letter agreements with us, pursuant
to which they have agreed to waive their redemption rights with
respect to their founder shares, private placement shares and
(except for the underwriters) public shares in connection with the
completion of our initial business combination. In addition, our
sponsor, officers, directors and director nominees and the
underwriters have agreed to waive their rights to liquidating
distributions from the trust account with respect to their founder
shares and private placement shares if we fail to complete our
business combination within the prescribed time frame. However, if
our sponsor or any of our officers, directors, director nominees or
the underwriters or their respective affiliates acquire public
shares in or after this offering, they will be entitled to
liquidating distributions from the trust account with respect to
such public shares if we fail to complete our initial business
combination within the prescribed time frame.</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="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 CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Dividend
Policy</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 our
initial business combination. The payment of cash dividends in the
future will be dependent upon our revenues and earnings, if any,
capital requirements and general financial condition subsequent to
completion of our initial business combination. The payment of any
cash dividends subsequent to our initial business combination will
be within the discretion of our board of directors at such time. In
addition, our board of directors is not currently contemplating and
does not anticipate declaring any 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 ownership of our
stockholders prior to this offering at 20.0% of our issued and
outstanding shares of our common stock upon the consummation of
this offering (excluding the private placement shares). Further, if
we incur any indebtedness in connection with our 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;">
59</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>Dilution</B> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 of
common stock, assuming no value is attributed to the warrants
included in the units we are offering pursuant to this prospectus
in or the private placement units, and the pro forma net tangible
book value per share of our common stock after this offering
constitutes the dilution to investors in this offering. Such
calculation does not reflect any dilution associated with the sale
and exercise of warrants, including the private placement warrants,
which would cause the actual dilution to the public stockholders to
be higher, particularly where a cashless exercise is utilized. Net
tangible book value per share is determined by dividing our net
tangible book value, which is our total tangible assets less total
liabilities (including the value of common stock which may be
redeemed for cash), by the number of outstanding shares of our
common stock.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> At
March 31, 2017, our net tangible book deficit was $262,115, or approximately $0.09 per share of common stock. For the purposes
of the dilution calculation, in order to present the maximum estimated dilution as a result of this offering, we have assumed
the issuance of 0.1 of a share for each right outstanding, as such issuance will occur upon a business combination without the
payment of additional consideration. After giving effect to the sale of 10,000,000 shares of common stock included in the units
we are offering by this prospectus, the sale of the private placement units and the deduction of underwriting commissions and
estimated expenses of this offering, our pro forma net tangible book value at March 31, 2017 would have been $5,000,005 or $1.13
per share, representing an immediate increase in net tangible book value (as decreased by the value of the approximately (9,206,993)
shares of common stock that may be redeemed for cash and assuming no exercise of the underwriters&rsquo; over-allotment option)
of $1.13 per share to our initial stockholder as of the date of this prospectus and an immediate dilution of $8.96 per share or
89.6% to our public stockholders not exercising their redemption rights. The dilution to new investors if the underwriter exercises
the over-allotment option in full would be an immediate dilution of $9.08 per share or 90.8%. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.15pt;">The following table
illustrates the dilution to the public stockholders on a per-share
basis, assuming no value is attributed to the warrants included in
the units or in the private placement warrants included in the
private placement units:</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="45%" VALIGN="bottom" STYLE=
"width: 45.6%; 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: 1.6%; 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="25%" COLSPAN="6" VALIGN="bottom" STYLE=
"width: 25.6%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> No
exercise of<BR>
over-allotment option </P>
</DIV>
</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="25%" COLSPAN="6" VALIGN="bottom" STYLE=
"width: 25.6%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Exercise
of<BR>
over-allotment option in full </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="45%" VALIGN="bottom" STYLE=
"width: 45.6%; background: #CCEEFF; 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: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 10.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 10.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="45%" VALIGN="bottom" STYLE=
"width: 45.6%; 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: 1.6%; 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="10%" VALIGN="bottom" STYLE=
"width: 10.8%; 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;"> (0.09 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; 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: 1.6%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; 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: 1.6%; 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="10%" VALIGN="bottom" STYLE=
"width: 10.8%; 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;"> (0.09 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; 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: 1.6%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; 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="45%" VALIGN="bottom" STYLE=
"width: 45.6%; background: #CCEEFF; 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 investors </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 10.8%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.13 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 10.8%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.01 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="45%" VALIGN="bottom" STYLE=
"width: 45.6%; 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 </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="10%" VALIGN="bottom" STYLE=
"width: 10.8%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: 1.2%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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="8%" VALIGN="bottom" STYLE=
"width: 8.88%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.04 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; 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: 1.6%; 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="10%" VALIGN="bottom" STYLE=
"width: 10.8%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: 1.2%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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="8%" VALIGN="bottom" STYLE=
"width: 8.88%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.92 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; 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="45%" VALIGN="bottom" STYLE=
"width: 45.6%; background: #CCEEFF; 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: 1.6%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 10.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 8.96 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 10.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.88%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 9.08 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="45%" VALIGN="bottom" STYLE=
"width: 45.6%; 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 public investors </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="10%" VALIGN="bottom" STYLE=
"width: 10.8%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: 1.2%; 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="8%" VALIGN="bottom" STYLE=
"width: 8.88%; 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;"> 89.6 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; 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: 1.6%; 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="10%" VALIGN="bottom" STYLE=
"width: 10.8%; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: 1.2%; 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="8%" VALIGN="bottom" STYLE=
"width: 8.88%; 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;"> 90.8 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.94%; 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>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> For
purposes of presentation, we have reduced our pro forma net tangible book value after this offering (assuming no exercise of the
underwriters&rsquo; over-allotment option) by $92,990,630 because holders of up to approximately 92% of our public shares may
redeem their shares for a pro rata share of the aggregate amount then on deposit in the trust account at a per-share redemption
price equal to the amount in the trust account as set forth in our tender offer or proxy materials (initially anticipated to be
the aggregate amount held in trust two days prior to the commencement of our tender offer or stockholders meeting, including interest
(which interest shall be net of taxes payable), divided by the number of shares of common stock sold in this offering. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; 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
initial stockholder and the public stockholders:</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="21%" VALIGN="bottom" STYLE=
"width: 21.26%; 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: 1.58%; 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="29%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 29.92%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Shares
Purchased </P>
</DIV>
</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>
<TD WIDTH="29%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 29.92%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Total
Consideration </P>
</DIV>
</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>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Average
Price</B> </P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.26%; 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: 1.58%; 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="14%" VALIGN="bottom" STYLE=
"width: 14.18%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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>Number</B> </P>
</DIV>
</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>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.18%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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>Percentage</B> </P>
</DIV>
</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>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.18%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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>Amount</B> </P>
</DIV>
</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>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.18%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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>Percentage</B> </P>
</DIV>
</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>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.18%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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>per
Share</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.26%; background: #CCEEFF; 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;"> Initial
stockholder<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 14.18%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.28%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 17.86 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.28%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.02 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.01 </P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.26%; 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;"> Private
Placement<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></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>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 495,000 </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>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.28%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3.54 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.58%; 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="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="13%" VALIGN="bottom" STYLE=
"width: 13.0%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,500,000 </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>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.28%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.31 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.58%; 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="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.0%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.00 </P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.26%; background: #CCEEFF; 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
Stockholders<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 14.18%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.28%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 78.60 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 13.0%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.28%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 95.67 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.00 </P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.26%; 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: 1.58%; 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="14%" VALIGN="bottom" STYLE=
"width: 14.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 13,995,000 </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>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.28%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100.00 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.58%; 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="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.0%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 104,525,000 </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>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.28%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100.00 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.9%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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: 1.58%; 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="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="13%" VALIGN="bottom" STYLE=
"width: 13.0%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Assumes
an aggregate of 375,000 shares held by our sponsor have been
forfeited.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Assumes the issuance of an additional 45,000 shares underlying the private rights. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Assumes the issuance of an additional 1,000,000 public shares underlying the public rights. </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="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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Dilution</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; 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
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: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Without<BR>
Over-allotment </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> With<BR>
Over-allotment </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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>Numerator:</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;"> Net
tangible book value before this offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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;"> (262,115 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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;"> (262,115 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 66.94%; background: #CCEEFF; 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
from this offering and sale of the private placement units, net of expenses<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 101,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 116,650,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;"> Plus:
Offering costs accrued for and paid in advance, excluded from net tangible book value before this offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 252,750 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 252,750 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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:
Deferred underwriters&rsquo; commissions payable </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; 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;"> (3,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; 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;"> (4,025,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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: 66.94%; 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;"> Less:
Amount of common stock subject to redemption to maintain net tangible assets of $5,000,001<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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;'> (92,990,630 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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;'> (107,615,632 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,000,005 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;"> <B>Denominator:</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,875,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,875,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;"> Shares
of common stock forfeited if over-allotment is not exercised </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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;"> (375,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 included in the units offered </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;"> Shares
of common stock underlying the rights included in the units offered </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 included in the private placement </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 450,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 502,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;"> <FONT STYLE="letter-spacing: -0.1pt">Shares
of common stock underlying the rights included in the private placement</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 45,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 50,250 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 redemption to maintain net tangible assets of<BR>
$5,000,001 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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;'> (9,206,993 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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;'> (10,655,013 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,788,007 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,422,737 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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>
</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;">
61</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 CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Capitalization</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; 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 March 31,
2017, and as adjusted to give effect to the filing of our amended
and restated certificate of incorporation, the sale of our units in
this offering and the private placement 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="66%" VALIGN="bottom" STYLE=
"width: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="31%" COLSPAN="7" VALIGN="bottom" STYLE=
"width: 31.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
March 31, 2017</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Actual</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">As
Adjusted</FONT></FONT><FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;"><FONT LANG="EN-GB"
STYLE="font-size: 6pt;">(1)</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 LANG="EN-GB">Note payable &ndash; related party<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(3)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
140,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
<FONT LANG="EN-GB">Deferred underwriting commissions<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(2)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 LANG="EN-GB">Common stock subject to possible redemption,
$0.0001 par value, -0-<BR>
and 9,299,063 shares are subject to possible redemption, actual and
as adjusted<FONT CLASS="superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(4)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
92,990,630</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Stockholder&rsquo;s equity:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 LANG="EN-GB">Preferred stock, $0.0001 par value; 1,000,000
shares authorized, no shares issued and outstanding, actual and as
adjusted</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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;">
<FONT LANG="EN-GB">Common stock, $0.0001 par value, 35,000,000
shares authorized; 2,875,000 shares issued and outstanding, actual;
3,743,007 shares issued and outstanding (excluding 9,206,993 shares
subject to possible redemption), as adjusted<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(4)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
287</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
374</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; 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 LANG="EN-GB">Additional paid-in capital<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt; mso-style-name: superscript; vertical-align: super;">(6)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
24,713</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5,003,996</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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;'>
(34,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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;'>
(34,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 66.94%; background: #CCEEFF; 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 stockholder&rsquo;s equity</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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;'>
(9,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5,000,005</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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: 66.94%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
130,635</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
101,490,635</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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>
</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Includes
the $4,500,000 we will receive from the sale of the private
placement units. Assumes the over-allotment option has not been
exercised and the resulting forfeiture of 375,000 founder shares
held by our sponsor has occurred.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Deferred
underwriting commissions &ldquo;As Adjusted&rdquo; reflects the
$3,500,000 payable to the underwriters for deferred underwriting
commissions to be placed in a trust account as described
herein.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Notes
payable &ldquo;As Adjusted&rdquo; reflects the repayment of the
non-interest bearing related party loans from our sponsor which are
to be repaid on the earlier of June 30, 2017 or the completion of
this offering.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the completion of our initial business combination, we will provide our public stockholders with the opportunity to
redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account
as of two business days prior to the consummation of the initial business combination, including interest (which interest shall
be net of taxes payable), subject to the limitations described herein whereby our net tangible assets upon consummation of our
initial business combination will be maintained at a minimum of $5,000,001 and any limitations (including, but not limited to,
cash requirements) created by the terms of the proposed business combination. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Common
stock, subject to redemption &ldquo;As Adjusted&rdquo; is
calculated as net tangible book value before this offering plus the
proceeds from this offering and sale of the private placement
units, net of expenses plus the offering costs excluded from net
tangible book value before this offering less the deferred
underwriter&rsquo;s commissions payable and required minimum net
tangible assets.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(6)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Additional paid-in capital &ldquo;As Adjusted&rdquo; is calculated
as the additional paid in capital as of March 31, 2017 plus the
additional paid in capital for the 3,743,007 common shares
(12,950,000 common shares less 9,206,993 shares subject to
redemption) plus the working capital that will be on the balance
sheet less the deferred underwriting commission.</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="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 CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of
Operations</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Overview</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are a Delaware blank check corporation formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. We have not identified any business
combination target and we have not, nor has anyone on our behalf,
initiated any substantive discussions, directly or indirectly, with
respect to identifying any business combination target. We intend
to effectuate our initial business combination using cash from the
proceeds of this offering and the private placement of the private
placement units, our capital stock, debt or a combination of cash,
stock and debt.</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
issuance of additional shares of our stock in a business
combination: may significantly dilute the equity interest of
investors in this offering;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> may
subordinate the rights of holders of common stock if preferred
stock is issued with rights senior to those afforded our common
stock;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> could
cause a change of control if a substantial number of shares of our
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;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> may have
the effect of delaying or preventing a change of control of us by
diluting the stock ownership or voting rights of a person seeking
to obtain control of us; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may adversely affect prevailing market prices for our common stock, rights and/or warrants. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> default
and foreclosure on our assets if our operating revenues after an
initial business combination are insufficient to repay our debt
obligations;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> our
inability to pay dividends on our common stock;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> using a
substantial portion of our cash flow to pay principal and interest
on our debt, which will reduce the funds available for dividends on
our common stock if declared, expenses, capital expenditures,
acquisitions and other general corporate purposes;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
limitations on our flexibility in planning for and reacting to
changes in our business and in the industry in which we
operate;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> increased
vulnerability to adverse changes in general economic, industry and
competitive conditions and adverse changes in government
regulation; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 March 31,
2017 and December 31, 2016, we had approximately $67,000 in cash.
Deferred offering costs was approximately $253,000 and $173,000 as
of March 31, 2017 and December 31, 2016, respectively. Further, we
expect to continue to incur significant costs in the pursuit of our
acquisition plans. We cannot assure you that our plans to raise
capital or to complete our initial business combination will be
successful.</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;">
63</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Results of Operations
and Known Trends or Future Events</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Liquidity and Capital
Resources</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 founder shares to our sponsor, as well
as loans from our sponsor totaling up to $200,000. As of March 31,
2017 and December 31, 2016, we have borrowed $140,000 under such
loans. We estimate that the net proceeds from (i) the sale of the
units in this offering, after deducting offering expenses of
approximately $500,000, underwriting commissions of $2,500,000
(excluding deferred underwriting commissions of $3,500,000 (or up
to $4,025,000 if the underwriters&rsquo; over-allotment option is
exercised in full)), and (ii) the sale of the private placement
units for a purchase price of $4,500,000, will be $101,500,000 (or
$116,650,000 if the underwriters&rsquo; over-allotment option is
exercised in full). $101,000,000 (or $116,150,000 if the
underwriters&rsquo; over-allotment option is exercised in full)
will be held in the trust account, which includes up to $3,500,000
(or up to $4,025,000 if the underwriters&rsquo; over-allotment
option is exercised in full) of deferred underwriting commissions.
The remaining approximately $500,000 will not be held in the trust
account. In the event that our offering expenses exceed our
estimate of $500,000, we may fund such excess with funds not to be
held in the trust account. In such case, the amount of funds we
intend to be held outside the trust account would decrease by a
corresponding amount. Conversely, in the event that the offering
expenses are less than our estimate of $500,000, the amount of
funds we intend to be held outside the trust account would increase
by a corresponding amount.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 funds held in the trust account, including any amounts representing interest earned on
the trust account (which interest shall be net of taxes payable and excluding deferred underwriting commissions) to complete our
initial business combination. We may withdraw interest to pay taxes and up to $50,000 for liquidation expenses, if any. We estimate
our annual Delaware franchise tax obligations, based on the number of shares of our common stock authorized and outstanding after
the completion of this offering, to be approximately $100,000. Our annual income tax obligations will depend on the amount of
interest and other income earned on the amounts held in the trust account. To the extent that our capital stock or debt is used,
in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account
will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue
our growth strategies. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prior to the completion of our initial business combination, we
will have available to us the approximately $500,000 of proceeds
held outside the trust account. We will use these funds primarily
to identify and evaluate target businesses, perform business due
diligence on prospective target businesses, travel to and from the
offices, plants or similar locations of prospective target
businesses or their representatives or owners, review corporate
documents and material agreements of prospective target businesses
(as well as pay personnel and advisors to do the forgoing),
structure, negotiate and complete a business combination, and to
pay taxes to the extent the interest earned on the trust account is
not sufficient to pay our taxes.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination,
our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds
as may be required. If we complete our initial business combination, we would repay such loaned amounts. In the event that our
initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay
such loaned amounts but no proceeds from our trust account would be used for such repayment. Up to $1,000,000 of such loans will
be convertible into units of the post-business combination entity at a price of $10.00 per unit (which, for example, would result
in the holders being issued 110,000 shares of common stock if $1,000,000 of notes were so converted since the 100,000 rights included
in such units would result in the issuance of 10,000 shares upon the closing of our business combination, as well as 100,000 warrants
to purchase 50,000 shares) at the option of the lender. The units would be identical to the private placement units. No written
agreements currently exist with respect to such loans. </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;">
64</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
expect our primary liquidity requirements during that period to include approximately $100,000 for legal, accounting, due diligence,
travel, personnel, advisors and other expenses associated with structuring, negotiating and documenting successful business combinations;
$50,000 for legal and accounting fees related to regulatory reporting requirements; $180,000 for office space, utilities and secretarial
and administrative support; $55,000 for NASDAQ and other regulatory fees; $50,000 as a reserve for liquidation expenses and approximately
$65,000 for general working capital that will be used for miscellaneous expenses and reserves (including franchise taxes). </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
These amounts are estimates and may differ materially from our
actual expenses. In addition, we could use a portion of the funds
not being placed in trust to pay commitment fees for financing,
fees to consultants to assist us with our search for a target
business or as a down payment or to fund a &ldquo;no-shop&rdquo;
provision (a provision designed to keep target businesses from
&ldquo;shopping&rdquo; around for transactions with other companies
on terms more favorable to such target businesses) with respect to
a particular proposed business combination, although we do not have
any current intention to do so. If we entered into an agreement
where we paid for the right to receive exclusivity from a target
business, the amount that would be used as a down payment or to
fund a &ldquo;no-shop&rdquo; provision would be determined based on
the terms of the specific business combination and the amount of
our available funds at the time. Our forfeiture of such funds
(whether as a result of our breach or otherwise) could result in
our not having sufficient funds to continue searching for, or
conducting due diligence with respect to, prospective target
businesses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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, if our estimates of the costs of
identifying a target business, undertaking in-depth due diligence
and negotiating an initial business combination are less than the
actual amount necessary to do so, we may have insufficient funds
available to operate our business prior to our business
combination. Moreover, we may need to obtain additional financing
either to complete our business combination or because we become
obligated to redeem a significant number of our public shares upon
completion of our 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 complete such financing
simultaneously with the completion of our business combination. In
the current economic environment, it has become especially
difficult to obtain acquisition financing. If we are unable to
complete our initial business combination because we do not have
sufficient funds available to us, we will be forced to cease
operations and liquidate the trust account. In addition, following
our initial business combination, if cash on hand is insufficient,
we may need to obtain additional financing in order to meet our
obligations.</P>
<P 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Controls and
Procedures</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 controls as defined by Section 404 of the Sarbanes-Oxley
Act. We will be required to comply with the internal control
requirements of the Sarbanes-Oxley Act for the fiscal year ending
December 31, 2018. As long as we maintain our status as an emerging
growth company, we will not be required to comply with the
independent registered public accounting firm attestation
requirement on our internal control over financial reporting.
Further, for as long as we remain an emerging growth company as
defined in the JOBS Act, we intend to take advantage of certain
exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies
including, but not limited to, not being required to comply with
the independent registered public accounting firm attestation
requirement.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prior to the closing of this offering, we have not completed an
assessment, nor have our auditors tested our systems, of internal
controls. We expect to assess the internal controls of our target
business or businesses prior to the completion of our initial
business combination and, if necessary, to implement and test
additional controls as we may determine are necessary in order to
state that we maintain an effective system of internal controls. A
target business may not be in compliance with the provisions of the
Sarbanes-Oxley Act regarding the adequacy of internal controls.
Many small and mid-sized target businesses we may consider for our
business combination may have internal controls that need
improvement in areas such as:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
reconciliation of accounts;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> evidence
of internal review and approval of accounting transactions;</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;">
65</P>
<P CLASS="BLm2" STYLE=
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<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 expenses in meeting our public reporting
responsibilities, particularly in the areas of designing,
enhancing, or remediating internal and disclosure controls. Doing
so effectively may also take longer than we expect, thus increasing
our exposure to financial fraud or erroneous financing
reporting.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Once our management&rsquo;s report on internal controls is
complete, we will retain our independent registered public
accounting firm to audit and render an opinion on such report when
required by Section 404. The independent auditors may identify
additional issues concerning a target business&rsquo;s internal
controls while performing their audit of internal control over
financial reporting.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Quantitative and
Qualitative Disclosures about Market Risk</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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
placement 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Related Party
Transactions</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In August 2015, our sponsor purchased an aggregate 2,875,000
founder shares for an aggregate purchase price of $25,000, or
approximately $0.009 per share. The number of founder shares issued
was determined based on the expectation that such founder shares
would represent 20.0% of the outstanding shares upon completion of
this offering (excluding the private placement shares). The
purchase price of the founder shares was determined by dividing the
amount of cash contributed to the company by the number of founder
shares issued. 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 a 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 20.0% of our issued and outstanding shares of
our common stock upon the consummation of this offering (excluding
the private placement shares).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As of March 31, 2017 and December 31, 2016, our sponsor has loaned
us $140,000 of up to $200,000 to be used for a portion of the
expenses of this offering. This loan is non-interest bearing,
unsecured and is due at the earlier of June 30, 2017 or the closing
of this offering. This loan will be repaid upon the closing of this
offering out of the $500,000 of offering proceeds that has been
allocated to the payment of offering expenses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Commencing on the date of this prospectus, we have agreed to pay
our sponsor a total of $10,000 per month for office space,
utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation,
we will cease paying these monthly fees.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an
affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required.
If we complete our initial business combination, we would repay such loaned amounts. In the event that our initial business combination
does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no
proceeds from our trust account would be used for such repayment. Up to $1,000,000 of such loans will be convertible into units
of the post-business combination entity at a price of $10.00 per unit (which, for example, would result in the holders being issued
110,000 shares of common stock if $1,000,000 of notes were so converted since the 100,000 rights included in such units would
result in the issuance of 10,000 shares upon the closing of our business combination, as well as 100,000 warrants to purchase
50,000 shares) at the option of the lender. The units would be identical to the private placement units. The terms of such loans
by our officers and directors, if any, have not been determined and no written agreements currently exist with respect to such
loans. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">Our
sponsor and the underwriters have committed to purchase an aggregate of 450,000 units (or 502,500 units if the over-allotment
option is exercised in full; 350,000 of such units shall be purchased by our sponsor and 100,000</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;">
66</P>
<P CLASS="Textflush" STYLE=
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such units shall be purchased by the underwriters, or 387,500 by our sponsor and 115,000 by the underwriters if the over-allotment
option is exercised in full), which units are identical to the units sold by this prospectus except as described herein, at a
price of $10.00 per unit (a total of $4,500,000, or $5,025,000 if the over-allotment option is <FONT STYLE="letter-spacing: -0.15pt">exercised
in full) in a private placement that will close simultaneously with the closing of this offering. The purchase price of the private
placement units will be added to the proceeds from this offering to be held in the trust account. If we do not complete a business
combination within 18 months from the consummation of this offering (or 21 months, as applicable), the proceeds from the sale
of the private placement units held in the trust account will be used to fund the redemption of our public shares (subject to
the requirements of applicable law). There will be no redemption rights or liquidating distributions with respect to our founder
shares, private placement shares, rights or warrants, which will expire worthless. The private placement units are identical to
the units being sold in this offering except the private placement warrants will be non-redeemable and exercisable on a cashless
basis so long as they are held by our sponsor, the underwriters or their affiliates or designees. If the private placement units
are held by someone other than the initial holder, or its permitted transferees, the private placement warrants will be redeemable
by us and exercisable by such holders on the same basis as the warrants included in the units being sold in this offering. In
addition, for as long as the private placement warrants are held by the underwriters or their designees or affiliates, they may
not be exercised after five years from the effective date of the registration statement of which this prospectus forms a part.
Other than as stated above, the private placement warrants have terms and provisions that are identical to those of the warrants
being sold as part of the units in this offering.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to a registration rights agreement we will enter into with
our initial stockholder and initial purchasers of the private
placement units on or prior to the closing of this offering, we may
be required to register certain securities for sale under the
Securities Act. These holders and their permitted transferees are
entitled under the registration rights agreement to make up to
three demands that we register certain of our securities held by
them for sale under the Securities Act and to have the securities
covered thereby registered for resale pursuant to Rule 415 under
the Securities Act. In addition, these holders and their permitted
transferees have the right to include their securities in other
registration statements filed by us. We will bear the costs and
expenses of filing any such registration statements. See
&ldquo;Certain Relationships and Related Party
Transactions.&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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Off-Balance Sheet
Arrangements; Commitments and Contractual Obligations; Quarterly
Results</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As of March 31, 2017 and December 31, 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.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">JOBS Act</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On April 5, 2012, the JOBS Act was signed into law. The JOBS Act
contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We will
qualify as an &ldquo;emerging growth company&rdquo; and under the
JOBS Act will be allowed to comply with new or revised accounting
pronouncements based on the effective date for private (not
publicly traded) companies. We are electing to delay the adoption
of new or revised accounting standards, and as a result, we may not
comply with new or revised accounting standards on the relevant
dates on which adoption of such standards is required for
non-emerging growth companies. As 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=
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Additionally, we are in the process of evaluating the benefits of
relying on the other reduced reporting requirements provided by the
JOBS Act. Subject to certain conditions set forth in the JOBS Act,
if, as an &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 controls over financial reporting pursuant to Section 404,
(ii) provide all of the compensation disclosure that may be
required of non-emerging growth public companies under the
Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)
comply with any requirement that may be adopted by the PCAOB
regarding mandatory audit firm rotation or a supplement to the
auditor&rsquo;s report providing additional information about the
audit and the financial statements (auditor discussion and
analysis), and (iv) disclose certain executive compensation related
items such as the correlation between executive compensation and
performance and comparisons of the CEO&rsquo;s compensation to
median employee compensation. These exemptions will apply for a
period of five years following the completion of our initial public
offering or until we are no longer an &ldquo;emerging growth
company,&rdquo; whichever is earlier.</P>
<P CLASS="RRH" STYLE=
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67</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Proposed
Business</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Our Company</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are a blank check company organized under the laws of the State
of Delaware on September 7, 2016. We were formed for the purpose of
effecting a merger, capital stock exchange, stock purchase, asset
acquisition or other similar business combination with one or more
operating businesses, which we refer throughout this prospectus as
our initial business combination. We intend to focus our efforts on
acquiring an operating company in the healthcare and related
wellness industry although our efforts in identifying a prospective
target business will not be limited to a particular industry. We
have not identified any business combination target and we have
not, nor has anyone on our behalf, initiated any substantive
discussions, directly or indirectly, with respect to identifying
any business combination target.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .15pt;">Our management team, augmented
by our Board of Directors and Scientific and Advisory Board, has
decades of experience investing in, acquiring, operating and
selling public and private healthcare companies. The team consists
of Marlene Krauss, M.D., our Chief Executive Officer and a director
and Joseph Williamson our Chief Operating Officer and a director as
of the effective date of this offering. Our other Board Members,
George Hornig, Andrew Sherman and Sherrill Neff, are seasoned
business people with an extensive network for deal origination,
decades of experience consummating business transactions and a
significant history of operating companies at a seni<FONT CLASS=
"nobreak" STYLE="mso-style-name: nobreak;">or
le</FONT>vel.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dr. Krauss, our Chief Executive Officer and a director since
inception, has over 30 years of experience starting, investing in,
acquiring, selling and growing healthcare companies in all areas of
life sciences and healthcare services. Beginning in 1998, she
raised three venture capital funds whose limited partners are
primarily institutional investors. Through these funds, public
financings, or with groups of private investors, she has played a
meaningful role in over 20 companies, some of which were pioneering
companies in their respective fields. A few examples are Summit
Technology (acquired by Alcon, now subsidiary of Novartis
(VTX:NOVN), for $839 million in 2000), Lumenos (sold to Wellpoint,
now known as Anthem, Inc. (NYSE:ANTM) for $185 million in 2005),
and PneumRx (sold to BTG plc (LON:BTG) for up to $475 million in
2014, which includes earn out payments). She also was Chief
Executive Officer of three prior special purpose acquisition
companies, KBL Healthcare I, II and III, and was involved in their
formation, deal sourcing, investment selection and operations, as
set forth below under <FONT CLASS="BoldItalic0" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
&ldquo;</FONT><FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Our management team
has an established track record of raising and operating blank
check companies. We believe this experience enhances the
probability of successfully completing a business
combination.&rdquo;</FONT> In managing us and seeking an attractive
target company, she combines her education, receiving both M.D. and
M.B.A. degrees from Harvard, her extensive medical and business
experience and her wide network created over decades in the
industry.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Mr. Williamson, our Chief Operating Officer and a director as of
the effective date of this offering, has over 35 years of
experience as a healthcare operator, executive and entrepreneur
primarily in post-acute healthcare facilities (senior living,
assisted living, hospice and home care) as well as ancillary
services. Since 2010, he has been Chairman of National Home Care
Holdings, LLC, a multi-state home health company. He was the
chairman and an investor of National Hospice Holdings, LLC from
2010 to 2014, when it merged into Trident USA. From 2004 to 2010,
he was a board member and investor in CCRx, a portfolio company of
Cressey &amp; Company that focused on pharmacy distribution. In
2010, CCrx was sold to Omnicare, Inc. (now a subsidiary of CVS
Health Corporation (NYSE:CVS)). From 1986 to 1996, he served in
various executive capacities at Genesis Health Ventures, the
predecessor of Genesis Healthcare Corporation (NYSE:GEN). Mr.
Williamson was a principal and General Partner in Commerce Health
Ventures, which merged into the private equity firm NewSpring
Capital.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dr. Krauss and Mr. Williamson have worked together on investments
and transactions for 20 years. However, with respect to the above
transactions, past performance by Dr. Krauss and Mr. Williamson, or
any other member of our combined team, is not a guarantee that we
will be able to locate a suitable candidate for our initial
business combination or of success with respect to any business
combination we may complete. Investors should not rely on the
historical record of our management&rsquo;s performance as
indicative of our future performance.</P>
<P CLASS="LRH" STYLE=
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68</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Competitive
Strengths</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic0" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our management team has broad healthcare and wellness experience
and most of them have worked together in the past.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are focusing on the health and wellness industries because of
our experience and because they are large and growing segments of
the U.S. economy. Our team&rsquo;s experience is broad, having
invested in many healthcare specialties some of which included
cardiology, ophthalmology, orthopedics and dermatology and many
sub-verticals of healthcare such as services, healthcare IT,
medical devices, and pharmaceuticals. Dr. Krauss and Mr. Williamson
will devote approximately 40 hours and 25 hours weekly,
respectively, to operating our company, consummating an initial
business combination, and potentially working with the company we
acquire. We also will utilize the extensive experience of our Board
members:</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
George Hornig, our Chairman upon the effective date of this
offering, has been involved as an executive officer of several
well-known investment firms, including Pinebridge Investments from
2010 to 2016 (Senior Managing director and Chief Operating
Officer), Credit Suisse Asset Management from 1999 to 2010
(Co-Global Chief Operating Officer), Deutsche Bank from 1993 to
1999 (Executive Vice President and Chief Operating Officer of the
Americas) and Wasserstein Perella &amp; Co. from 1988 to 1991 (Co-
founder and Chief Operating Officer). Mr. Hornig has been an early
investor in many high growth healthcare companies including Royalty
Pharma, a biopharmaceutical company that invests in
revenue-producing royalty interests, FibroGen Inc. (NASDAQ:FGEN), a
biopharmaceutical company focused on the discovery of novel
therapeutics to treat serious unmet medical needs, and Cibus, a
precision gene-editing company for agriculture.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Andrew Sherman, a director upon the effective date of this
offering, has worked for 22 years in investment banking, M&amp;A
and buyside roles with Morgan Joseph TriArtisan (Managing Director
in Healthcare), Madison Williams, Banc of America Securities,
Montgomery Securities and James D. Wolfensohn, Inc. Mr. Sherman
also worked in principal investing as a Partner at DCH Partners, a
healthcare-focused private equity firm. Mr. Sherman was also a
consultant to Capitol Acquisition Corp, a special purpose
acquisition corporation which completed a merger with Two Harbors
Investment Corp (NYSE:TWO), a real estate investment trust, helping
source, evaluate, and conduct due diligence of, potential target
companies. In connection with such services, Mr. Sherman received a
monthly cash payment (including reimbursement of expenses), a cash
bonus and an option to purchase shares of common stock of the
issuer at an exercise price equal to the closing price of the stock
on the closing date. Mr. Sherman was also a full-time consultant
for KBL III, leading transaction sourcing and helping evaluate,
conduct due diligence of, prepare financial analysis of, and
negotiate with, target companies. Mr. Sherman received a monthly
cash payment in connection with such services. KBL III completed an
initial public offering of $138 million; however, due to equity
market conditions in 2008, KBL III was unable to consummate a
business combination and was liquidated in 2009, with the public
investors receiving 100% of their investment less the dissolution
costs.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sherrill Neff, a director upon the effective date of this offering,
is the Founding Partner of Quaker Partners where he launched and
manages five life sciences venture funds with over $700 million in
total assets. Through Quaker Partners he invested in and was on the
Board of numerous healthcare companies. Some of these include:
Amicus Therapeutics (NASDAQ:FOLD); BioRexis Therapeutics (sold to
Pfizer); MedMark (sold to Walgreens); Durata Therapeutics (sold to
Actavis); Protez Pharmaceuticals (sold to Novartis); Regado
BioSciences (sold to Allergan); and Cempra Pharmaceuticals
(NASDAQ:CEMP). Mr. Neff was a Senior Vice President of U.S.
Healthcare from 1993 to 1994.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic0" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our Scientific and Advisory Board is not only grounded in clinical
practice but is also comprised of experienced healthcare
innovators, investors and operators.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dr. Jean-Pierre Garnier, Ph.D. was the former Chief Executive
Officer, Chief Operating Officer and a member of the Board at
GlaxoSmithKline plc from 1996 to 2008. Since 2015, Mr. Garnier has
been a Director of Radius Health, Inc. (NASDAQ:RDUS); since 2011,
he has been the Chairman of Actelion Ltd. (SIX: ATLN); since 1997,
he has been a Director of United Technologies (NYSE: UTX); and
since 2015, he has been the Board Chair at Alzheon, a
clinical-stage private biopharmaceutical company focused on brain
health, memory and aging. He was an Operating Partner at Advent
International Corporation, a global private equity fund. He has
been a board member of Renault S.A., Weill Cornell Medical College
and on the Dubai International Capital Advisory Board.</P>
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69</P>
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<FONT STYLE="letter-spacing: -.05pt;">Myron Weisfeldt, M.D. was the
former Chairman of the Department of Medicine at the Johns Hopkins
University School of Medicine for 13 years. He was also the
Chairman of the Department of Medicine at the Columbia University
College of Physicians and Surgeons for the prior 10 years. He
served as the President of the American Heart Association. Dr.
Weisfeldt played a major role in the first implantation of
automatic implantable defibrillators in human beings and helped
develop and test the Automatic External Defibrillators for
bystander use that are now seen in many public locations in the
United States. Dr. Weisfeldt has served on the advisory boards of
various healthcare companies including Merck &amp; Co., Inc
(NYSE:MRK), InControl, Inc., CardioLogic, Inc., Cambridge Heart,
Inc., and CHF Solutions (Intellicardia, Inc.) as well as several
portfolio companies in which KBL funds were invested.</FONT></P>
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Phyllis Gardner, M.D. has been a tenured Professor of Medicine at
Stanford University for the past 32 years. From 1996 to 1998, Dr.
Gardner served as Vice President of Research and Principal
Scientist at ALZA Corporation and Head of the ALZA Technology
Institute. In 2001, ALZA merged with Johnson &amp; Johnson
Services, Inc.. She is and has been a director of various global
life science companies such as Revance Therapeutics,
Inc.(NASDAQ:RUNC) and Corium International, Inc. (NASDAQ:CORI),
both biotechnology companies, and was a director of Pharmacyclics,
Inc., which was bought by AbbVie, Inc. in 2015. She has been an
adjunct partner at Essex Woodlands Health Ventures since 2000.</P>
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Roy Geronemus, M.D. is the Director of the Laser and Skin Surgery
Center, a Dermatology center in New York. Dr. Geronemus has
published over 240 medical articles, chapters and books. He has
been involved with the development of multiple new laser and
related technology systems as well as therapeutic techniques, which
are now commonly used throughout the world for the treatment of
vascular and pigmented birthmarks, tattoo removal, laser
resurfacing for rejuvenation and technology based fat reduction. He
has consulted with many technology and cosmetic companies such as
Candela/Syneron (NASDAQ:ELOS), Zeltiq, Inc. (NASDAQ:ZLTQ), Cutera,
Inc. (NASDAQ:CUTR), Cynosure (NASDAQ:CYNO), Allergan plc
(NYSE:AGN), Galderma SA (now a subsidiary of Nestl&eacute;
(VTX:NESN)), L&rsquo;Oreal SA (EPA:OR) and Merz Pharma GmbH &amp;
Co. KGaA.</P>
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Ellen R. Marram, our special advisor, has significant expertise in
the consumer and wellness area. She has been a Director of Ford
Motor Company since 1988, The New York Times Company since 1998,
and Eli Lilly and Company since 2002. She was a former Chief
Executive Officer and President of Tropicana Beverage Group and
Nabisco Biscuit Company and she was the executive Vice President of
the Seagram Company Ltd. She was also a Managing Director at North
Castle Partners, LLC, a private equity firm focused on investments
in the healthy living and aging sector from 2000 to 2005 and from
2006 to 2010 was an advisor to the firm.</P>
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Our management team is supported by the members of our Scientific
and Advisory Board, who are not only grounded in clinical practice
but are also experienced healthcare innovators, investors and
operators. We currently expect our Scientific and Advisory Board to
(i) assist us in sourcing potential business combination targets
and in related due diligence, (ii) provide their scientific and
business insights when we assess potential business combination
targets and (iii) upon our request, provide their scientific and
business insights as we work to create additional value in the
businesses that we acquire. In this regard, they will fulfill some
of the same functions as our board members. However, the members of
our Scientific and Advisory Board have no obligation to provide
advice or services to us. For additional information on the
backgrounds of our Management, Board of Directors and Scientific
and Advisory Board, including their blank check company and
acquisition experience, please see the section in this prospectus
titled &ldquo;Management.&rdquo;</P>
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<FONT CLASS="BoldItalic0" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our management team has an established track record of raising and
operating blank check companies.</FONT> <FONT CLASS="BoldItalic0"
STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
We believe this experience enhances the probability of successfully
completing a business combination.</FONT></P>
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Dr. Krauss was the founder and Chief Executive Officer of three
prior blank check companies: KBL I, II and III.</P>
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<FONT STYLE="letter-spacing: -.05pt;">KBL I, a blank check company
with an objective to acquire an operating business in the
healthcare industry, consummated its initial public offering on
April 27, 1993, raising gross proceeds of $17.25 million. Dr.
Krauss was chairperson of the board and chief executive officer of
KBL I from its inception until it merged with Concord, an owner,
developer and operator of assisted living and long-term care
facilities, on August 16, 1994. Pursuant to the merger agreement
with Concord, all the outstanding shares of Concord were converted
into the right to receive a total of 3,500,000 shares of KBL
I&rsquo;s common stock and $1.4 million in cash. KBL I&rsquo;s
remaining cash, by way of merger, became working capital of
Concord. Prior to the merger with Concord, Dr. Krauss did not
receive any salary for her services to KBL I. However, KBL
Healthcare, Inc., a company in which Dr. Krauss is the chairperson
and chief executive officer, received a $5,000 per month fee from
KBL I for the use of office space and administrative
services.</FONT></P>
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70</P>
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Dr. Krauss also did not receive any salary for her services to
Concord. However, in connection with the merger between KBL I and
Concord, Concord entered into a financial advisory and consulting
agreement with KBL Healthcare, Inc. Pursuant to the agreement, KBL
Healthcare, Inc. provided consulting services to Concord with
respect to, among other things, developing and implementing
corporate strategy and developing relationships with healthcare
providers, service companies and other companies engaged in the
healthcare industry. Pursuant to the agreement, KBL Healthcare,
Inc. was paid $125,000 upon signing the agreement and $100,000 per
year for the life of the agreement for its consulting services.
Additionally, Concord paid KBL Healthcare, Inc. an additional
$170,000 for its services in connection with assisting Concord in
refinancing certain of its then outstanding debt obligations. This
agreement was terminated by Concord in connection with the
acquisition of Concord by the Multicare Companies, Inc., a company
providing skilled nursing care, assisted living, sub-acute care and
related activities, on February 16, 1996 for $7.35 per share in
cash, or approximately $114 million. Dr. Krauss remained as vice
chairperson of the board of Concord until it was acquired by
Multicare. At the time of the sale to Multicare, Dr. Krauss held
shares of Concord common stock.</P>
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KBL II, a blank check company with an objective to acquire an
operating business in the healthcare industry, consummated its
initial public offering on April 27, 2005, raising gross proceeds
of $55.2 million. KBL II&rsquo;s shares currently trade on NASDAQ
under the symbol SUMR. From its inception until its merger with
Summer (as defined below), Dr. Krauss was the chief executive
officer, secretary and director of KBL II. Dr. Krauss did not
receive any salary for her services to KBL II. However, KBL
Healthcare Management, an affiliate of Dr. Krauss, received a
$7,500 per month fee from KBL II for the use of office space and
administrative services prior to the merger between KBL II and
Summer. Prior to KBL II&rsquo;s initial public offering, Dr. Krauss
and her children, as well as Mr. Williamson, had purchased shares
of common stock of KBL II. Dr. Krauss and her affiliates also
subsequently purchased warrants to purchase shares of common
stock.</P>
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On March 6, 2007, KBL II consummated the transactions contemplated
by the Agreement and Plans of Reorganization with each of Summer
Infant, Inc., Summer Infant Europe, Limited, and Summer Infant
Asia, Ltd. (collectively, &ldquo;Summer&rdquo;), and all of the
stockholders of Summer, pursuant to which Summer became a wholly
owned subsidiary of KBL II. In the transaction, the sellers
received an aggregate of $20 million in cash and 3,916,667 shares
of KBL II common stock, subject to adjustment. At the closing of
the acquisition, Dr. Krauss became KBL II&rsquo;s chairman of the
board of directors, pursuant to an employment agreement under which
she received an annual base salary of $125,000. Dr. Krauss
subsequently resigned in 2008.</P>
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In 2007, KBL III completed an initial public offering of $138
million. However, due to equity market conditions in 2008, KBL III
was unable to consummate a business combination. The entity was
liquidated in 2009 and the public investors received 100% of their
investment less the dissolution costs.</P>
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In 2008, Dr. Krauss was an executive officer of another KBL blank
check company that intended to complete an initial public offering.
However, due to equity market conditions, the company abandoned its
plans prior to launching any such offering.</P>
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Joseph A. Williamson was president and Chief Operating Officer of
Concord Health from 1992 to 1996. He was instrumental in the
company&rsquo;s sale to KBL I. Mr. Williamson became a special
advisor to KBL II and also served as a member of the board of
directors of KBL III.</P>
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George Hornig was on the board of KBL I and then served on the
board of Concord Health following the merger until 2010. He was
instrumental in sourcing Multicare, the acquirer of Concord Health
and negotiating and completing the transaction.</P>
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As discussed above, Andrew Sherman was a consultant to two special
purpose acquisition companies: KBL III and Capitol Acquisition
Corp., which completed a merger with Two Harbors Investment Corp.
(NYSE:TWO), a real-estate investment trust.</P>
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<FONT CLASS="BoldItalic0" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Our network is extensive and we have decades of deal sourcing
experience.</FONT></P>
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We believe our search for a strong acquisition candidate will be
aided by the myriad of contacts we have developed over the years,
including seasoned healthcare investors in private equity and
venture capital funds, many of whom have co-invested with our
management team in the past. As entrepreneurs, our management team
have contacts</P>
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71</P>
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with many private companies founded by families and serial
entrepreneurs which have grown into substantial commercial
businesses. In addition, they have extensive experience navigating
the public markets which we believe will be value-enhancing to
these companies, which are seeking a public market exit. Our
management team also has extensive relationships with the
healthcare teams at many investment banks. We intend to be
proactive in sourcing potential acquisition targets and we are very
cognizant of medical opportunities and trends; as a result we feel
we can identify the acquisitions in the forefront of these trends.
We are targeting companies that have strong management teams,
reliable and stable cash flow, competitive advantages and
attractive growth prospects. However, the company we intend to
acquire may not exhibit all these characteristics.</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Areas of
Focus</FONT></P>
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Healthcare</P>
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The healthcare industry constitutes a large and growing segment of
the United States economy. It was 17.8% of United States GDP in
2015 and is expected to constitute 18.7% in 2020. Healthcare
spending in the United States is estimated to be close to $3.2
trillion in 2015 and will grow at about a 5.6% compounded annual
growth rate from 2015 to 2020 based on the national health
expenditure data published by Centers for Medicare &amp; Medicaid
Services (CMS). Newly passed regulations such as Patient Protection
and the Affordable Care Act and Medicaid expansion are altering the
interactions within the healthcare eco-system. We believe the key
drivers of growth in healthcare include the following:</P>
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Aging population and
rising incidence of chronic diseases.</FONT>&emsp;It is estimated
that the 65-year and older population group in the U.S. will make
up over 16.0% of the total U.S population in 2020, up from 14.6%
estimated for 2015. On a per capita basis, health care spending for
the 65 and older population was over five times higher than the
spending per child and approximately three times the spending per
working-age person claimed by a 2012 CMS research report. Chronic
diseases &mdash; such as diabetes, heart disease, cancer and mental
health diseases &mdash;will affect over 45% of the U.S. population
by 2020. Treating people with chronic diseases accounts for more
than 75% of the health care costs based on data from the Centers
for Disease Control and Prevention (CDC). This data leads us to
consider companies that focus on areas such as home healthcare,
assisted living, disease management, behavioral health facilities
and services, and preventive care, among others.</P>
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Scientific
Advances</FONT>.&emsp;Our management believes technological
advances create significant new markets and alter the competitive
landscape of established healthcare sub-verticals. More
importantly, the regulatory environment has improved since 2010.
According to the U.S. Food and Drug Administration, both the
approval rate and approval time for FDA approval and 510(k)
applications have reached their optimal levels in the last six
years. We believe the stabilization in such regulatory processes
will encourage continued innovation and commercialization
activities in the healthcare space.</P>
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Shift to value-based
care.&emsp;</FONT>The traditional fee-for-service reimbursement
model has been a major contributor to the ballooning healthcare
spending in the U.S. in the past decades. In response, both the
public and private sectors are shifting away from the
fee-for-service models toward value-based, performance-measured
models that are designed to realign value and quality at an
individual patient level. We believe this transition will
fundamentally change the behaviors of healthcare providers, payors
and consumers in the coming years and create opportunities for
companies that offer solutions for cost containment, clinical
results measurement, regulatory compliance and patient
engagement.</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Increasing global
pharmaceutical outsourcing activities.</FONT>&emsp;Worldwide
prescription drug sales are expected to reach almost $1 trillion by
2020, up from approximately $734 billion in 2015. U.S.
pharmaceutical spending is projected to be over $600 billion by
2020 on a gross basis with steady mid-single digit growth. On the
other hand, research and developmental spending for the
pharmaceutical and biotechnology industry is expected to reach $160
billion in 2020, representing a forecasted growth of only 2.6%. The
need for companies to contain R&amp;D expenditures while achieving
greater clinical and regulatory success will stimulate
pharmaceutical outsourcing activities to organizations such as
contracted research organizations (&ldquo;CROs&rdquo;), contracted
manufacturing organizations (&ldquo;CMOs&rdquo;) and In Vitro
Diagnostics (&ldquo;IVDs&rdquo;).</P>
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72</P>
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Consumer empowerment
and need for information</FONT>.&emsp;The U.S. health insurance
marketplace is undergoing a structural change which results in
broader consumer access to health insurance, more plan options for
individuals, and a higher cost burden to insurers. Consumers saw a
13% increase in their average deductible and out-of-pocket maximum
costs according to a Consumer Financial Protection Bureau report
issued in 2014. Because consumers are responsible for more of their
healthcare spending, they are motivated to take more preventive
care, research their conditions, discuss treatment plans with their
physicians and choose the best providers with the lowest cost. This
provides opportunities for digital health, wellness, telemedicine
and disease management.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic0" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Wellness</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">The wellness industry,
including areas such as healthy eating, nutrition, weight loss,
preventive healthcare, work place wellness, fitness and monitoring
devices, is estimated by PricewaterhouseCoopers to be a $1.5
trillion industry. This industry, a convergence between healthcare,
technology, media, and consumer retail, is less regulated and
fosters a business environment that allows for rapid growth and
profitability. As healthcare cost rises and the financial burden
shifts more to consumers, wellness companies are playing a pivotal
role to fill the gap between consumer expectations and the current
medical infrastructure. We believe the key drivers of growth in
wellness include the following:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Millennials and
Generation X redefine the concept of
wellness</FONT>.&emsp;Millennials and Generation X together
represent close to half of the U.S. population. They have strong
spending power and they view wellness as an active daily pursuit.
They approach wellness in a more holistic way than previous
generations and are devoted to eating the right food and staying
active both mentally and physically. They also have a high affinity
for technology and are frequent users of websites, blogs and apps
to track training data, review health and wellness options, and
stay connected with the communities.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic; letter-spacing: -.05pt;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic; letter-spacing: -.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"letter-spacing: -.05pt;">Higher healthcare costs are stimulating
the rise of corporate wellness
initiatives</FONT></FONT><FONT STYLE="letter-spacing: -.05pt;">.&emsp;It
is estimated that about 70% of U.S. employers currently offer a
general wellness program, up from 58% in 2008. The market is
estimated to be $6.0 billion today and constitutes offers such as
annual health screening, on-site fitness centers and fitness
classes, transit options, smoke cessation facilitation, and a
healthy pantry.</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Increased
accessibility through the digital media</FONT>.&emsp;Mobile is now
the leading digital platform, with the total activity on
smartphones and tablets accounting for 62% of the digital media
time spent, and apps alone now representing the majority of digital
media time at 54%. A growing number of mobile applications and
wellness-focused websites are helping digital services and
connected devices to expand audience, to raise awareness and offer
solutions.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Rising income
levels</FONT>.&emsp;Growth in select household disposable income
and rising consumer confidence allow consumers more time and
resources for participating in wellness and fitness programs and
preparing a healthy diet. Based on data compiled by Trading
Economics, total disposable personal income in the United States is
projected to grow from $13.9 billion in June 2016 to $16.1 billion
in 2020, representing a compound annual growth rate of roughly
3.7%.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Business
Strategy</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our business strategy will be to identify and acquire a company
with a strong value proposition mainly in the U.S. healthcare or
the healthcare-related wellness industry. We are seeking a company
with a management team that has a track record of developing and
growing this business. As seasoned investors, entrepreneurs,
operators and clinicians, we intend to collaborate with this
company by bringing it growth capital, clinical and commercial
knowledge and public market and investor relations expertise. Our
acquisition selection process will leverage our Management&rsquo;s
and Board&rsquo;s network of potential transaction sources, ranging
from owners and directors of private and public companies, venture
capital and private equity funds, investment bankers, lenders,
attorneys, accountants and other trusted advisors across various
sectors. We expect this network will provide our management team
with a robust and consistent flow of acquisition opportunities.
Upon completion of this offering, members of our management team
will conduct outreach to their networks of relationships to explore
business combination opportunities that fit our investment
parameters and begin the process of pursuing and reviewing
potentially interesting leads.</P>
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73</P>
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Acquisition
Criteria</FONT></P>
<P CLASS="Textflush" STYLE=
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We believe the majority of the transactions we will review and
consider fall into the following categories, although we may decide
to enter into a business combination with a target that falls
outside of these categories:</P>
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Portfolio Companies
of Private Equity and Later Stage Venture Capital
funds</FONT>&emsp;Due to a lackluster IPO market, it is more
difficult for portfolio companies to go public and raise capital.
In addition, both venture capital and private equity investors may
be seeking a public currency and partial exit for investments they
made many years ago.</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Private Middle Market
Companies</FONT>.&emsp;Owners of privately held middle market
companies may seek to realize the value of their investments
through a sale of all or part of their company.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Industry
Consolidations</FONT>.&emsp;Opportunities in fragmented industries
in which revenue growth is driven, and operating expenses are
leveraged, via strategic acquisitions.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Divisional
Spin-outs</FONT>.&emsp;Operating units of larger companies that are
profitable but may be deemed non-core by the parent
organization.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
While we do not have set criteria for a target business, we have
established general guidelines:</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic; letter-spacing: -.15pt;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic; letter-spacing: -.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"letter-spacing: -.15pt;">Established
Companies.&emsp;</FONT></FONT><FONT STYLE=
"letter-spacing: -.15pt;">We will focus on companies with a good
history of operating and financial results, with an EBITDA of
greater than $15 million and a valuation in the $300 million to
$700 million range.</FONT></P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Strong Free Cash Flow
Characteristics</FONT>.&emsp;We will seek to acquire companies that
have a history of, or the ability to generate, strong, stable free
cash flow. This may include companies with opportunities for cash
flow growth through operational expansion or turnarounds.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Growth
Scenarios.&emsp;</FONT>We will target situations where companies
have the opportunity for organic growth through market development,
incremental marketing or increases in working capital.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Strong Competitive
Industry Position.</FONT>&emsp;We will focus on companies that have
a leading market position or that we believe have an opportunity to
develop such a position. We will seek to acquire businesses that
demonstrate advantages when compared to their competitors, which
may help to protect their market position and profitability and
deliver strong free cash flow.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Experienced
Management Team</FONT>.&emsp;We will seek to acquire businesses
that have strong, experienced management teams. We may also seek to
supplement a target business&rsquo;s management team with seasoned
and experienced executives recruited through our extensive
professional network. We will focus on management teams with a
proven track record of driving revenue growth, enhancing
profitability and generating strong free cash flow.</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE="font-family: TimesNewRomanPSStd-Italic;">
&bull;</FONT></I></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><I><FONT STYLE=
"font-size: 8.5pt; font-family: TimesNewRomanPSStd-Italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></FONT>
<FONT CLASS="Italic0" STYLE=
"mso-style-name: Italic; font-style: italic;">Diversified Customer
and Supplier Base</FONT>.&emsp;We will seek to acquire businesses
that have a diversified customer and supplier base. These companies
are generally better able to endure economic downturns, industry
consolidation, changing business preferences and other factors that
may negatively influence their customers, suppliers and
competitors.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe such factors will be important in evaluating prospective
target businesses, regardless of whether we acquire a target
business in the healthcare or healthcare related wellness industry
and anticipate using these same criteria to analyze a target
business in any industry that we ultimately may explore. These
criteria are not intended to be exhaustive. We may enter into our
initial business combination with a target business that does not
meet these criteria or guidelines. Any evaluation relating to the
merits of a particular business combination will be based, to the
extent relevant, on the above factors as well as other
considerations deemed relevant by our management in effecting an
initial business combination consistent with our business
objective.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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 do so. We
are also required to have all prospective target businesses execute
agreements with us waiving any right, title, interest or claim of
any kind in or to any monies held in the trust account. If any
prospective target business refused to execute such agreement, we
would cease negotiations with such target business.</P>
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74</P>
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<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Initial Business
Combination</FONT></P>
<P CLASS="Textflush" STYLE=
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NASDAQ rules provide that our initial business combination must be
with one or more target businesses that together have a fair market
value equal to at least 80% of the balance in the trust account
(less any deferred underwriting commissions and taxes payable on
interest earned) at the time of our signing a definitive agreement
in connection with our 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 that is a member of the
Financial Industry Regulatory Authority, or FINRA, or a qualified
independent accounting firm with respect to the satisfaction of
such criteria. If our securities are not listed on NASDAQ after
this offering, we would not be required to satisfy the 80%
requirement. However, we intend to satisfy the 80% requirement even
if our securities are not listed on NASDAQ at the time of our
initial business combination.</P>
<P CLASS="Textflush" STYLE=
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We anticipate structuring our initial business combination so that
the post-transaction company in which our public stockholders own
shares will own or acquire 100% of the equity interests or assets
of the target business or businesses. We may, however, structure
our initial business combination such that the post-transaction
company owns or acquires less than 100% of such interests or assets
of the target business in order to meet certain objectives of the
target management team or stockholders or for other reasons, but we
will only complete such business combination if the
post-transaction company owns or acquires 50% or more of the
outstanding voting securities of the target or otherwise acquires a
controlling interest in the target sufficient for us not to be
required to register as an investment company under the Investment
Company Act. Even if the post-transaction company owns or acquires
50% or more of the voting securities of the target, our
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% of net
assets test. If the business combination involves more than one
target business, the 80% of net assets test will be based on the
aggregate value of all of the target businesses. If our securities
are not listed on NASDAQ after this offering, we would not be
required to satisfy the 80% requirement. However, we intend to
satisfy the 80% requirement even if our securities are not listed
on NASDAQ at the time of our initial business combination.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, officers or
directors. In the event we seek to complete our initial business
combination with a company that is affiliated with our sponsor,
officers or directors, we, or a committee of independent directors,
will obtain an opinion from an independent investment banking firm
which is a member of FINRA or a qualified independent accounting
firm that our initial business combination is fair to our company
from a financial point of view.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Members
of our management team may directly or indirectly own common stock, rights and warrants following this offering, and, accordingly,
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. Further, each of our officers and directors may have a conflict of interest with respect to
evaluating a particular business combination if the retention or resignation of any such officers and directors was included by
a target business as a condition to any agreement with respect to our initial business combination. For additional information
regarding our executive officers&rsquo; and directors&rsquo; business affiliations and potential conflicts of interest, see &ldquo;Management
&mdash; Directors and Executive Officers&rdquo; and &ldquo;Management &mdash; Conflicts of Interest.&rdquo; </P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Each of our officers and directors presently has, and any of them
in the future may have additional, fiduciary or contractual
obligations to another entity pursuant to which such officer or
director is required to present a business combination opportunity
to such entity. Accordingly, if any of our officers or directors
becomes aware of a business combination opportunity which is
suitable for an entity to which he or she has current fiduciary or
contractual obligations, he or she will honor his or her fiduciary
or contractual obligations to present such business combination
opportunity to such entity, and only present it to us if such
entity rejects the opportunity. We do not believe, however, that
the fiduciary duties or contractual obligations of our executive
officers will materially affect our ability to complete our
business combination. Our amended and restated certificate of
incorporation provides that we renounce our interest in any
corporate opportunity offered to any director or officer unless
such opportunity is expressly</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>
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offered to such person solely in his or her capacity as a director
or officer of our company and such opportunity is one we are
legally and contractually permitted to undertake and would
otherwise be reasonable for us to pursue.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.2pt">Our
executive officers have agreed, pursuant to a written letter agreement, not to become an officer or director of any other special
purpose acquisition company with a class of securities registered under the Securities Exchange Act of 1934, as amended, or the
Exchange Act, until we have entered into a definitive agreement regarding our initial business combination or we have failed to
complete our initial business combination within 18 months after the closing of this offering (or 21 months, as applicable).</FONT> </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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Status as a Public
Company</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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. Although there are various costs and
obligations associated with being a public company, we believe
target businesses will find this process 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, road show and
public reporting efforts that may not be present to the same extent
in connection with a business combination with us.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Furthermore, once a proposed business combination is completed, 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, which 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. 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=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
While we believe that our structure and our management team&rsquo;s
backgrounds will make us an attractive business partner, some
potential target businesses may view our status as a blank check
company, without an operating history, and the uncertainty relating
to our ability to obtain stockholder approval of our proposed
initial business combination and retain sufficient funds in our
trust account in connection therewith, negatively.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 the JOBS Act. We will remain an emerging growth company until the
earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in
which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated filer,
which means the market value of our 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. </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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Financial
Position</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
With funds available for a business combination initially in the
amount of $97,500,000 assuming no redemptions and after payment of
up to $3,500,000 of deferred underwriting fees (or $112,125,000
after payment of up to $4,025,000 of deferred underwriting fees if
the underwriters&rsquo; over-allotment option is exercised in
full), we offer a target business a variety of options such as
creating a liquidity event for its owners, providing capital for
the potential growth and expansion of its operations or
strengthening its balance sheet by reducing its debt ratio. Because
we are able to complete our business combination using our cash,
debt or equity securities, or a combination of the foregoing, we
have the flexibility to use the most efficient combination that
will allow us to tailor the consideration to be paid to the target
business to fit its needs and desires. However, we have not taken
any steps to secure third party financing and there can be no
assurance it will be available to us.</P>
<P 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>Offering
Structure</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Unlike
other blank check companies that sell units comprised of shares of common stock and warrants to purchase a full share of common
stock in their initial public offerings, we are selling units comprised of shares of common stock, warrants to purchase one-half
of one share of our common stock and rights, each of which entitles the holder thereof to receive one-tenth (1/10) of one share
of common stock upon consummation of our initial business combination. Our management believes that investors in similarly structured
blank check offerings, and those likely </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="Textflush" STYLE=
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invest in this offering, have come to expect the units of such companies to include one share of common stock and another security
which would allow the holders to acquire additional shares of common stock. Without the ability to acquire such additional shares
of common stock, our management believes the investors would not be willing to purchase units in such companies&rsquo; initial
public offerings. Accordingly, because the number of shares ordinarily issuable upon exercise of the warrants found in the structure
of other blank check initial public offerings is lessened in our case (since such warrants often entitle the holder thereof to
receive a full share of common stock as opposed to the one-tenth (1/10) of one share the rights entitle a holder to receive and
the one-half of one share of common stock that each warrantholder is entitled to purchase), although not completely eliminated,
our management believes we may be viewed more favorably by potential target companies when determining which company to engage
in a business combination with. However, our management may be incorrect in this belief. </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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Effecting our Initial
Business Combination</FONT></P>
<P CLASS="H2" STYLE=
"margin-top: 7.0pt; 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">General</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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
operations for an indefinite period of time following this
offering. We intend to effectuate our initial business combination
using cash from the proceeds of this offering and the private
placement of the private placement units, our capital stock, debt
or a combination of these as the consideration to be paid in our
initial business combination. We may seek to complete our initial
business combination with a company or business that may be
financially unstable or in its early stages of development or
growth, which would subject us to the numerous risks inherent in
such companies and businesses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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
business combination or used for redemptions of purchases of our
common stock, we may apply the balance of the cash released to us
from the trust account for general corporate purposes, including
for maintenance or expansion of operations of the post-transaction
company, the payment of principal or interest due on indebtedness
incurred in completing our initial business combination, to fund
the purchase of other companies or for working capital.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have not identified any business combination target and we have
not, nor has anyone on our behalf, initiated any substantive
discussions with respect to identifying any business combination
target. From the period commencing with our formation through the
date of this prospectus, there have been no communications or
discussions between any of our officers, directors or our sponsor
and any of their potential contacts or relationships regarding a
potential initial business combination. Additionally, we have not
engaged or retained any agent or other representative to identify
or locate any suitable acquisition candidate, to conduct any
research or take any measures, directly or indirectly, to locate or
contact a target business. Accordingly, there is no current basis
for investors in this offering to evaluate the possible merits or
risks of the target business with which we may ultimately complete
our initial business combination. Although our management will
assess the risks inherent in a particular target business with
which we may combine, we cannot assure you that this assessment
will result in our identifying all risks that a target business may
encounter. Furthermore, some of those risks may be outside of our
control, meaning that we can do nothing to control or reduce the
chances that those risks will adversely impact a target
business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may seek to raise additional funds through a private offering of
debt or equity securities in connection with the completion of our
initial business combination, and we may effectuate our initial
business combination using the proceeds of such offering rather
than using the amounts held in the trust account. Subject to
compliance with applicable securities laws, we would complete such
financing only simultaneously with the completion of our business
combination. In the case of an initial business combination funded
with assets other than the trust account assets, our tender offer
documents or proxy materials disclosing the business combination
would disclose the terms of the financing and, only if required by
law, we would seek stockholder approval of such financing. There
are no prohibitions on our ability to raise funds privately or
through loans in connection with our initial business combination.
At this time, we are not a party to any arrangement or
understanding with any third party with respect to raising any
additional funds through the sale of securities or otherwise.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Origination and Sourcing
of Target Business Opportunities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe our combined team&rsquo;s extensive investment and
transaction experience, along with relationships with
intermediaries and companies, will provide us with a substantial
number of potential business combination targets. Over the course
of their careers, the members of our combined team have developed a
broad network of contacts 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;">
77</P>
<P CLASS="Textflush" STYLE=
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corporate relationships. This network has been developed over the
course of a combined 65 years, in the case of our Chief Executive
Officer.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">We expect that the combined
team&rsquo;s network of existing contacts and relationships will be
able to deliver a flow of potential platform and add-on acquisition
opportunities which are proprietary or where a limited group of
established, credentialed buyers have been invited to participate
in the sale process. In addition, we anticipate that target
business candidates will be brought to our attention from various
sources, including, private equity funds, late stage venture
capital funds, investment banks and large business enterprises
seeking to divest non-core assets or divisions.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, executive
officers or directors, or making the acquisition through a joint
venture or other form of shared ownership with our sponsor,
executive officers or directors. In the event we seek to complete
an initial business combination with a target that is affiliated
with our sponsor, executive officers or directors, we, or a
committee of independent directors, would obtain an opinion from an
independent investment banking firm which is a member of FINRA or a
qualified independent accounting firm that such an initial business
combination is fair to our company from a financial point of view.
We are not required to obtain such an opinion in any other
context.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 executive officers 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. Certain
of our executive officers currently have certain relevant fiduciary
duties or contractual obligations that may take priority over their
duties to us. Our amended and restated certificate of incorporation
provides that we renounce our interest in any corporate opportunity
offered to any director or officer unless such opportunity is
expressly offered to such person solely in his or her capacity as a
director or officer of our company and such opportunity is one we
are legally and contractually permitted to undertake and would
otherwise be reasonable for us to pursue.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We anticipate that target business candidates will also be brought
to our attention from various unaffiliated sources, including
investment bankers, private investment funds and other
intermediaries. 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. In addition, we expect to
receive a number of proprietary deal flow opportunities that would
not otherwise necessarily be available to us as a result of the
track record and business relationships of our officers and
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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Selection of a target
business and structuring of our initial business
combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
NASDAQ rules provide that our initial business combination must be
with one or more target businesses that together have a fair market
value equal to at least 80% of the balance in the trust account
(less any deferred underwriting commissions and taxes payable on
interest earned) at the time of our signing a definitive agreement
in connection with our initial business combination. The fair
market value of the target or targets will be determined by our
board of directors based upon one or more standards generally
accepted by the financial community, such as discounted cash flow
valuation or value of comparable businesses. 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 independent
investment banking firm that is a member of FINRA or a qualified
independent accounting firm with respect to the satisfaction of
such criteria. If our securities are not listed on NASDAQ after
this offering, we would not be required to satisfy the 80%
requirement. However, we intend to satisfy the 80% requirement even
if our securities are not listed on NASDAQ at the time of our
initial business combination. Subject to this requirement, our
management will have virtually unrestricted flexibility in
identifying and selecting one or more prospective target
businesses, although we will not be permitted to effectuate our
initial business combination with another blank check company or a
similar company with nominal operations.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In any case, we will only complete an initial business combination
in which we own or acquire 50% or more of the outstanding voting
securities of the target or otherwise acquire a controlling
interest in the target sufficient for us not to be required to
register as an investment company under the Investment Company Act.
If we own or acquire</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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
less than 100% of the equity interests or assets of a target
business or businesses, the portion of such business or businesses
that are owned or acquired by the post-transaction company is what
will be valued for purposes of the 80% of net assets test. There is
no basis for investors in this offering to evaluate the possible
merits or risks of any target business with which we may ultimately
complete our business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To the extent we effect our business combination with a company or
business that may be financially unstable or in its early stages of
development or growth we may be affected by numerous risks inherent
in such company or business. Although our management will endeavor
to evaluate the risks inherent in a particular target business, we
cannot assure you that we will properly ascertain or assess all
significant risk factors.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The time required to select and evaluate a target business and to
structure and complete our initial business combination, and the
costs associated with this process, are not currently ascertainable
with any degree of certainty. Any costs incurred with respect to
the identification and evaluation of a prospective target business
with which our business combination is not ultimately completed
will result in our incurring losses and will reduce the funds we
can use to complete another business combination.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Lack of business
diversification</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
For an indefinite period of time after the completion of our
initial business combination, the prospects for our success may
depend entirely on the future performance of a single business.
Unlike other entities that have the resources to complete business
combinations with multiple entities in one or several industries,
it is probable that we will not have the resources to diversify our
operations and mitigate the risks of being in a single line of
business. By completing our business combination with only a single
entity, our lack of diversification may:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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 on the
particular industry in which we operate after our initial business
combination, and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> cause us
to depend on the marketing and sale of a single product or limited
number of products or services.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Limited ability to
evaluate the target&rsquo;s management team</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although we intend to closely scrutinize the management of a
prospective target business when evaluating the desirability of
effecting our business combination with that business, our
assessment of the target business&rsquo;s management may not prove
to be correct. In addition, the future management may not have the
necessary skills, qualifications or abilities to manage a public
company. Furthermore, the future role of members of our management
team, if any, in the target business cannot presently be stated
with any certainty. While it is possible that one or more of our
directors will remain associated in some capacity with us following
our business combination, it is unlikely that any of them will
devote their full efforts to our affairs subsequent to our business
combination. Moreover, we cannot assure you that members of our
management team will have significant experience or knowledge
relating to the operations of the particular target business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We cannot assure you that any of our key personnel will remain in
senior management or advisory positions with the combined company.
The determination as to whether any of our key personnel will
remain with the combined company will be made at the time of our
initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Following a business combination, we may seek to recruit additional
managers to supplement the incumbent management of the target
business. We cannot assure you that we will have the ability to
recruit additional managers, or that the additional managers 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Stockholders may not
have the ability to approve our initial business
combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may conduct redemptions without a stockholder vote pursuant to
the tender offer rules of the SEC. However, we will seek
stockholder approval if it is required by law or applicable stock
exchange rule, or we may decide to seek stockholder approval for
business or other legal reasons. Presented in the table below is a
graphic explanation of the types of initial business combinations
we may consider and whether stockholder approval is currently
required under Delaware law for each such transaction.</P>
<P 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>
<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="83%" VALIGN="bottom" STYLE=
"width: 83.2%; 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Type
of Transaction</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.12%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Whether<BR>
Stockholder<BR>
Approval is<BR>
Required</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="top" STYLE=
"width: 83.2%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Purchase of assets</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="top" STYLE=
"width: 15.12%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="top" STYLE=
"width: 83.2%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Purchase of stock of target not involving a
merger with the company</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="top" STYLE=
"width: 15.12%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="top" STYLE=
"width: 83.2%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Merger of target into a subsidiary of the
company</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="top" STYLE=
"width: 15.12%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="top" STYLE=
"width: 83.2%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Merger of the company with a target</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="top" STYLE=
"width: 15.12%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Yes</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Under NASDAQ&rsquo;s listing rules, stockholder approval would be
required for our initial business combination if, for example:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> we issue
common stock that will be equal to or in excess of 20% of the
number of shares of our common stock then outstanding;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho"; letter-spacing: -.1pt;'>&#10148;</FONT></FONT><FONT STYLE="font-size: 8.5pt; letter-spacing: -.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="letter-spacing: -.1pt;">any of our directors, officers
or substantial stockholders (as defined by NASDAQ rules) has a 5%
or greater interest (or such persons collectively have a 10% or
greater interest), directly or indirectly, in the target business
or assets to be acquired or otherwise and the present or potential
issuance of common stock could result in an increase in outstanding
shares of common stock or voting power of 5% or more; or</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> the
issuance or potential issuance of common stock will result in our
undergoing a change of control.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Permitted purchases of
our securities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event we seek stockholder approval of our business
combination and we do not conduct redemptions in connection with
our business combination pursuant to the tender offer rules, our
sponsor, directors, officers, advisors or their affiliates may
purchase shares in privately negotiated transactions or in the open
market either prior to or following the completion of our initial
business combination. 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. None
of the funds in the trust account will be used to purchase shares
in such transactions. They will not make any such purchases when
they are in possession of any material non-public information not
disclosed to the seller or if such purchases are prohibited by
Regulation M under the Exchange Act. Such a purchase may include a
contractual acknowledgement that such stockholder, although still
the record holder of our shares is no longer the beneficial owner
thereof and therefore agrees not to exercise its redemption rights.
Subsequent to the consummation of this offering, we will adopt an
insider trading policy which will require insiders to: (i) refrain
from purchasing shares during certain blackout periods and when
they are in possession of any material nonpublic information and
(ii) clear all trades with our legal counsel prior to execution. We
cannot currently determine whether our insiders will make such
purchases pursuant to a Rule 10b5-1 plan, as it will be dependent
upon several factors, including but not limited to, the timing and
size of such purchases. Depending on such circumstances, our
insiders may either make such purchases pursuant to a Rule 10b5-1
plan or determine that such a plan is not necessary.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event that our sponsor, directors, officers, advisors or
their affiliates purchase shares in privately negotiated
transactions from public stockholders who have already elected to
exercise their redemption rights, such selling stockholders would
be required to revoke their prior elections to redeem their shares.
We do not currently anticipate that such purchases, if any, would
constitute a tender offer subject to the tender offer rules 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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) 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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.</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=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">Our sponsor, officers,
directors and/or their affiliates anticipate that they may identify
the stockholders with whom our sponsor, officers, directors or
their affiliates may pursue privately negotiated purchases by
either the stockholders contacting us directly or by our receipt of
redemption requests submitted by stockholders following our mailing
of proxy materials in connection with our initial business
combination. To the extent that our sponsor, officers, directors,
advisors or their affiliates enter into a private purchase, they
would identify and contact only potential selling stockholders who
have expressed their election to redeem their shares for a pro rata
share of the trust account or vote against the business
combination. Our sponsor, officers, directors, advisors or their
affiliates will only purchase shares if such purchases comply with
Regulation M under the Exchange Act and the other federal
securities laws.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any purchases by our sponsor, officers, directors and/or their
affiliates who are affiliated purchasers under Rule 10b-18 under
the Exchange Act will only be made to the extent such purchases are
able to be made in compliance with Rule 10b-18, which is a safe
harbor from liability for manipulation under Section 9(a)(2) and
Rule 10b-5 of the Exchange Act. Rule 10b-18 has certain technical
requirements that must be complied with in order for the safe
harbor to be available to the purchaser. Our sponsor, officers,
directors and/or their affiliates will not make purchases of common
stock if the purchases would violate Section 9(a)(2) or Rule 10b-5
of the Exchange Act.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Redemption rights for
public stockholders upon completion of our initial business
combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will provide our public stockholders with the opportunity to redeem all or a portion of their shares of common stock upon the
completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account as of two business days prior to the consummation of the initial business combination, including interest
(which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be approximately $10.10 per public share. The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions
we will pay to the underwriters. Our sponsor, officers, directors, director nominees and the underwriters have entered into letter
agreements with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares,
private placement shares and (except for the underwriters) any public shares they may hold in connection with the completion of
our 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Manner of Conducting
Redemptions</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will provide our public stockholders with the opportunity to
redeem all or a portion of their shares of common stock upon the
completion of our initial business combination either (i) in
connection with a stockholder meeting called to approve the
business combination or (ii) by means of a tender offer. The
decision as to whether we will seek stockholder approval of a
proposed business combination or conduct a tender offer will be
made by us, solely in our discretion, and will be based on a
variety of factors such as the timing of the transaction and
whether the terms of the transaction would require us to seek
stockholder approval under the law or stock exchange listing
requirement. Asset acquisitions and stock purchases would not
typically require stockholder approval while direct mergers with
our company where we do not survive and any transactions where we
issue more than 20% of our outstanding common stock or seek to
amend our amended and restated certificate of incorporation would
require stockholder approval. We intend to conduct redemptions
without a stockholder vote pursuant to the tender offer rules of
the SEC unless stockholder approval is required by law or stock
exchange listing requirement or we choose to seek stockholder
approval for business or other legal reasons.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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,
pursuant to our amended and restated certificate of
incorporation:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> conduct
the redemptions pursuant to Rule 13e-4 and Regulation 14E of the
Exchange Act, which regulate issuer tender offers, and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> file
tender offer documents with the SEC prior to completing our initial
business combination which contain substantially the same financial
and other information about the initial business combination and
the redemption rights as is required under Regulation 14A of the
Exchange Act, which regulates the solicitation of proxies.</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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Upon the public announcement of our business combination, we or our
sponsor will terminate any plan established in accordance with Rule
10b5-1 to purchase shares of our common stock in the open market if
we elect to redeem our public shares through a tender offer, to
comply with Rule 14e-5 under the Exchange Act.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event we conduct redemptions pursuant to the tender offer
rules, our offer to redeem will remain open for at least 20
business days, in accordance with Rule 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 are not purchased by our sponsor, which number will be
based on the requirement that we may not redeem public shares in an
amount that would cause our net tangible assets upon consummation
of our initial business combination 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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 stock exchange listing requirement, or we decide to obtain
stockholder approval for business or other legal reasons, we will,
pursuant to our amended and restated certificate of
incorporation:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> conduct
the redemptions in conjunction with a proxy solicitation pursuant
to Regulation 14A of the Exchange Act, which regulates the
solicitation of proxies, and not pursuant to the tender offer
rules, and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 our public stockholders with the
redemption rights described above upon completion of the initial
business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we seek stockholder approval, we will complete our initial
business combination only if a majority of the outstanding shares
of common stock voted are voted in favor of the business
combination. In such case, our sponsor has agreed to vote its
founder shares, private placement shares and any public shares
purchased during or after this offering in favor of our initial
business combination. The underwriters have not committed to vote
any private placement shares held by them in favor of our initial
business combination. As a result, assuming all shareholders are
present at the stockholders&rsquo; meeting held to approve our
initial business combination, we would need only 3,625,001 of the
10,000,000 public shares, or approximately 36.3%, sold in this
offering to be voted in favor of our initial business combination
in order to have such transaction approved (assuming the
over-allotment option is not exercised). Furthermore, assuming only
the minimum number of shareholders required to be present at the
stockholders&rsquo; meeting held to approve our initial business
combination approve our initial business combination are present at
such meeting, we would need only 387,501 of the 10,000,000 public
shares, or approximately 3.9%, sold in this offering to be voted in
favor of our initial business combination in order to have such
transaction approved (assuming the over-allotment option is not
exercised). In addition, in the event that our board of directors
amends our bylaws to reduce the number of shares required to be
present at a meeting of our stockholders, we would need even fewer
public shares to be voted in favor of our initial business
combination in order to have such transaction approved. Each public
stockholder may elect to redeem their public shares irrespective of
whether they vote for or against the proposed transaction. In
addition, our sponsor, officer, directors, director nominees and
the underwriters have entered into letter agreements with us,
pursuant to which they have agreed to waive their redemption rights
with respect to their founder shares, private placement shares and
(except for the underwriters) public shares in connection with the
completion of a business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation provides that
in no event will we redeem our public shares in an amount that
would cause our net tangible assets upon consummation of our
initial business combination to be less than $5,000,001 (so that we
are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo;
rules). Redemptions of our public shares may also be subject to a
higher net tangible asset test or cash requirement pursuant to an
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 we would
be required to pay for all shares of common stock that are validly
submitted for redemption plus any amount required to satisfy cash
conditions</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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
pursuant to the terms of the proposed business combination exceeds
the aggregate amount of cash available to us, we will not complete
the business combination or redeem any shares, and all shares of
common stock submitted for redemption will be returned to the
holders thereof.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"letter-spacing: -.05pt;">Limitation on redemption upon completion
of our initial business combination if we seek stockholder
approval</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notwithstanding the foregoing, if we seek stockholder approval of
our initial business combination and we do not conduct redemptions
in connection with our business combination pursuant to the tender
offer rules, our amended and restated certificate of incorporation
provides that a public stockholder, together with any affiliate of
such stockholder or any other person with whom such stockholder is
acting in concert or as a &ldquo;group&rdquo; (as defined under
Section 13 of the Exchange Act), will be restricted from seeking
redemption rights with respect to Excess Shares. We believe this
restriction will discourage stockholders from accumulating large
blocks of shares, and subsequent attempts by such holders to use
their ability to exercise their redemption rights against a
proposed business combination as a means to force us or our
management to purchase their shares at a significant premium to the
then-current market price or on other undesirable terms. Absent
this provision, a public stockholder holding more than an aggregate
of 10% of the shares sold in this offering could threaten to
exercise its redemption rights if such holder&rsquo;s shares are
not purchased by us or our management at a premium to the
then-current market price or on other undesirable terms. By
limiting our stockholders&rsquo; ability to redeem no more than 10%
of the shares sold in this offering, we believe we will limit the
ability of a small group of stockholders to unreasonably attempt to
block our ability to complete our business combination,
particularly in connection with a business combination with a
target that requires as a closing condition that we have a minimum
net worth or a certain amount of cash. However, we would not be
restricting our stockholders&rsquo; ability to vote all of their
shares (including Excess Shares) for or against our 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Tendering stock
certificates in connection with redemption rights</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may require our public stockholders seeking to exercise their
redemption rights, whether they are record holders or hold their
shares in &ldquo;street name,&rdquo; to either tender their
certificates to our transfer agent up to two business days prior to
the vote on the proposal to approve the business combination in the
event we distribute proxy materials, 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 materials that we will furnish
to holders of our public shares in connection with our initial
business combination will indicate whether we are requiring public
stockholders to satisfy such delivery requirements. Accordingly, a
public stockholder would have from two days prior to the vote on
the business combination if we distribute proxy materials to tender
its shares if it wishes to seek to exercise its redemption rights.
Given the relatively short exercise period, it is advisable for
stockholders to use electronic delivery of their public shares.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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
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 $35.00 and it would be up to
the broker whether or not to pass this cost on to the redeeming
holder. However, this fee would be incurred regardless of whether
or not we require holders seeking to exercise redemption rights to
tender their shares. The need to deliver shares is a requirement of
exercising redemption rights regardless of the timing of when such
delivery must be effectuated.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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. In order to perfect redemption rights in
connection with their business combinations, many blank check
companies 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 redemption 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 completion 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 redemption 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 redemption rights, to
which stockholders were aware they needed to commit before the
stockholder meeting, would become &ldquo;option&rdquo; rights
surviving past the completion of the business combination until the
redeeming holder delivered its certificate. The requirement for
physical or electronic delivery prior to the meeting ensures that a
redeeming holder&rsquo;s election to redeem is irrevocable once the
business combination is 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;">
83</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any request to redeem such shares, once made, may be withdrawn at
any time up to the date set forth in the tender offer materials or
the date of the stockholder meeting set forth in our proxy
materials, as applicable. Furthermore, if a holder of a public
share delivered its certificate in connection with an election of
redemption rights and subsequently decides prior to the applicable
date not to elect to exercise such rights, such holder may simply
request that the transfer agent return the certificate (physically
or electronically). It is anticipated that the funds to be
distributed to holders of our public shares electing to redeem
their shares will be distributed promptly after the completion of
our business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If our initial business combination is not approved or completed
for any reason, then our public stockholders who elected to
exercise their redemption rights would not be entitled to redeem
their shares for the applicable pro rata share of the trust
account. In such case, we will promptly return any certificates
delivered by public holders who elected to redeem their shares.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
our initial proposed business combination is not completed, we may continue to try to complete a business combination with a different
target until 18 months from the closing of this offering (or 21 months, as applicable). </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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Redemption of public
shares and liquidation if no initial business
combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
sponsor, executive officers, directors and director nominees have agreed that we will have only 18 months from the closing of
this offering, or 21 months from the closing of this offering if we have executed a letter of intent, agreement in principle or
definitive agreement for an initial business combination within 18 months from the closing of this offering but have not completed
the initial business combination within such 18-month period to complete our initial business combination. If we are unable to
complete our initial business combination within such 18-month (or 21-month, as applicable) period, we will: (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter,
redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest (less up to $50,000 of interest to pay liquidation expenses (which interest shall be net of taxes payable),
divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo;
rights as stockholders (including the right to receive further 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 clauses (ii) and (iii) to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating
distributions with respect to our rights and warrants, which will expire worthless if we fail to complete our business combination
within the 18-month (or 21-month, as applicable) time period. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
sponsor, officers, directors, director nominees have entered into letter agreements with us, pursuant to which they have waived
their rights to liquidating distributions from the trust account with respect to their founder shares and private placement shares
if we fail to complete our initial business combination within 18 months from the closing of this offering (or 21 months, as applicable).
However, if they acquire public shares in or after this offering, they will be entitled to liquidating distributions from the
trust account with respect to such public shares if we fail to complete our initial business combination within the allotted 18-month
(or 21-month, as applicable) time period. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
sponsor, executive officers, directors and director nominees have agreed, pursuant to a written letter agreement with us, that
they will not propose any amendment to our amended and restated 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 (which interest shall be net of taxes payable), divided
by the number of then outstanding public shares. However, we may not redeem our public shares in an amount that would cause our
net tangible assets upon consummation of our initial business combination to be less than $5,000,001 (so that we are not subject
to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules). If this optional redemption right is exercised with respect to an excessive
number of public shares such that we cannot satisfy the net tangible asset requirement (described above), we would not proceed
with the amendment or the related redemption of our public shares at such time. Prior to acquiring any founder shares or private
placement shares from our sponsor, officers, directors, director nominees or the underwriters, permitted transferees must enter
into a written agreement with us agreeing to be bound by the same restriction. </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="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
expect that all costs and expenses associated with implementing our plan of dissolution, as well as payments to any creditors,
will be funded from amounts remaining out of the approximately $1,000,000 of proceeds held outside the trust account, although
we cannot assure you that there will be sufficient funds for such purpose. However, if those funds are not sufficient to cover
the costs and expenses associated with implementing our plan of dissolution, to the extent that there is any interest accrued
in the trust account not required to pay taxes, we may request the trustee to release to us an additional amount of up to $50,000
of such accrued interest to pay those costs and expenses. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we were to expend all of the net proceeds of this offering,
other than the proceeds deposited in the trust account, and without
taking into account interest, if any, earned on the trust account,
the per-share redemption amount received by stockholders upon our
dissolution would be approximately $10.10. The proceeds deposited
in the trust account could, however, become subject to the claims
of our creditors which would have higher priority than the claims
of our public stockholders. We cannot assure you that the actual
per-share redemption amount received by stockholders will not be
substantially less than $10.10. Under Section 281(b) of the DGCL,
our plan of dissolution must provide for all claims against us to
be paid in full or make provision for payments to be made in full,
as applicable, if there are sufficient assets. These claims must be
paid or provided for before we make any distribution of our
remaining assets to our stockholders. While we intend to pay such
amounts, if any, we cannot assure you that we will have funds
sufficient to pay or provide for all creditors&rsquo; claims.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Although
we will seek to have all vendors, service providers, prospective target businesses or other entities with which we do business
execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account
for the benefit of our public stockholders, there is no guarantee that they will execute such agreements or even if they execute
such agreements that they would be prevented from bringing claims against the trust account including but not limited to fraudulent
inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the
waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the
trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account,
our management will perform an analysis of the alternatives available to it and will only enter into an agreement with a third
party that has not executed a waiver if management believes that such third party&rsquo;s engagement would be significantly more
beneficial to us than any alternative. Examples of possible instances where we may engage a third party that refuses to execute
a waiver include the engagement of a third party consultant whose particular expertise or skills are believed by management to
be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable
to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive
any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and
will not seek recourse against the trust account for any reason. Our sponsor has agreed that it will be 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 (i) $10.10 per
public share or (ii) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust
account, due to reductions in value of the trust assets other than due to the failure to obtain such waiver, in each case net
of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver
of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters
of this offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver
is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for
such third party claims We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations
and believe that our sponsor&rsquo;s only assets are securities of our company. We have not asked our sponsor to reserve for such
indemnification obligations. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. As a
result, if any such claims were successfully made against the trust account, the funds available for our initial business combination
and redemptions could be reduced to less than $10.10 per public share. In such event, we may not be able to complete our initial
business combination, and you would receive such lesser amount per share in connection with any redemption of your public shares.
None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors
and prospective target businesses. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
the event that the proceeds in the trust account are reduced below (i) $10.10 per public share or (ii) such lesser amount per
public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in value of the
trust assets other than due to the failure to obtain such waiver, in each case net of the </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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> amount
of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy its indemnification obligations
or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether
to take legal action against our sponsor to enforce its indemnification obligations. While we currently expect that our independent
directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible
that our independent directors in exercising their business judgment may choose not to do so if, for example, the cost of such
legal action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors
determine that a favorable outcome is not likely. We have not asked our sponsor to reserve for such indemnification obligations
and we cannot assure you that our sponsor would be able to satisfy those obligations. Accordingly, we cannot assure you that due
to claims of creditors the actual value of the per-share redemption price will not be less than $10.10 per public share. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will seek to reduce the possibility that our sponsor will have
to indemnify the trust account due to claims of creditors by
endeavoring to have all vendors, service providers, prospective
target businesses or other entities with which we do business
execute agreements with us waiving any right, title, interest or
claim of any kind in or to monies held in the trust account. Our
sponsor will also not be liable as to any claims under our
indemnity of the underwriters of this offering against certain
liabilities, including liabilities under the Securities Act. We
will have access to up to approximately $1,000,000 from the
proceeds of this offering with which to pay any such potential
claims (including costs and expenses incurred in connection with
our liquidation, currently estimated to be no more than
approximately $50,000). In the event that we liquidate and it is
subsequently determined that the reserve for claims and liabilities
is insufficient, stockholders who received funds from our trust
account could be liable for claims made by creditors. In the event
that our offering expenses exceed our estimate of $500,000, we may
fund such excess with funds from the funds not to be held in the
trust account. In such case, the amount of funds we intend to be
held outside the trust account would decrease by a corresponding
amount. Conversely, in the event that the offering expenses are
less than our estimate of $500,000, the amount of funds we intend
to be held outside the trust account would increase by a
corresponding amount.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Under
the DGCL, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received
by them in a dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption
of our public shares in the event we do not complete our business combination within 18 months from the closing of this offering
(or 21 months, as applicable) may be considered a liquidation distribution under Delaware law. If the corporation complies with
certain procedures set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against
it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period
during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating distributions
are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited to the lesser of
such stockholder&rsquo;s 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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 our public shares in
the event we do not complete our business combination within 18 months from the closing of this offering (or 21 months, as applicable),
is not considered a liquidation distribution under Delaware law and such redemption distribution is deemed to be unlawful (potentially
due to the imposition of legal proceedings that a party may bring or due to other circumstances that are currently unknown), then
pursuant to Section 174 of the DGCL, the statute of limitations for claims of creditors could then be six years after the unlawful
redemption distribution, instead of three years, as in the case of a liquidation distribution. If we are unable to complete our
business combination within 18 months from the closing of this offering (or 21 months, as applicable), we will: (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter,
redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest (net of the amount of interest which may be withdrawn to pay taxes and less up to $50,000 of interest to pay
liquidation expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public
stockholders&rsquo; rights as stockholders (including the right to receive further 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 each case to our obligations under Delaware law to
provide for claims of creditors and the requirements of other applicable law. Accordingly, it is our intention to redeem our public
shares as soon as reasonably possible following our 18<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT> month (or 21<FONT STYLE="font-size: 6pt"><SUP>st
</SUP></FONT>month, as applicable), and, therefore, </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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> we
do not intend to comply with those procedures. As such, our stockholders could potentially be liable for any claims to the extent
of distributions received by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary
of such date. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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, Section 281(b)
of the DGCL requires us to adopt a plan, based on facts known to us
at such time that will provide for our payment of all existing and
pending claims or claims that may be potentially brought against us
within the subsequent 10 years. However, because we are a blank
check company, rather than an operating company, and our operations
will be limited to searching for prospective target businesses to
acquire, the only likely claims to arise would be from our vendors
(such as lawyers, investment bankers, etc.) or prospective target
businesses. As described above, pursuant to the obligation
contained in our underwriting agreement, we will seek to have all
vendors, service providers, prospective target businesses or other
entities with which we do business execute agreements with us
waiving any right, title, interest or claim of any kind in or to
any monies held in the trust account.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> As
a result of this obligation, the claims that could be made against us are significantly limited and the likelihood that any claim
that would result in any liability extending to the trust account is remote. Further, our sponsor may be liable only to the extent
necessary to ensure that the amounts in the trust account are not reduced below (i) $10.10 per public share or (ii) such lesser
amount per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in
value of the trust assets other than due to the failure to obtain such waiver, in each case net of the amount of interest withdrawn
to pay taxes and less any per-share amounts distributed from our trust account to our public stockholders in the event we are
unable to complete our business combination within 18 months from the closing of this offering (or 21 months, as applicable) and
will not be liable as to any claims under our indemnity of the underwriters of this offering against certain liabilities, including
liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party,
our sponsor will not be responsible to the extent of any liability for such third-party claims. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">If we file a bankruptcy
petition or an involuntary bankruptcy petition is filed against us
that is not dismissed, the proceeds held in the trust account could
be subject to applicable bankruptcy law, and may be included in our
bankruptcy estate and subject to the claims of third parties with
priority over the claims of our stockholders. To the extent any
bankruptcy claims deplete the trust account, we cannot assure you
we will be able to return $10.10 per share to our public
stockholders. Additionally, if we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not
dismissed, any distributions received by stockholders could be
viewed under applicable debtor/creditor and/or bankruptcy laws as
either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent
conveyance.&rdquo; As a result, a bankruptcy court could seek to
recover all amounts received by our stockholders. Furthermore, our
board may be viewed as having breached its fiduciary duty to our
creditors and/or may have acted in bad faith, and thereby exposing
itself and our company to claims of punitive damages, by paying
public stockholders from the trust account prior to addressing the
claims of creditors. We cannot assure you that claims will not be
brought against us for these reasons.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
public stockholders will be entitled to receive funds from the trust account only in the event of the redemption of our public
shares if we do not complete our business combination within 18 months from the closing of this offering (or 21 months, as applicable)
or if they redeem their respective shares for cash upon the completion of the initial business combination. In no other circumstances
will a stockholder have any right or interest of any kind to or in the trust account. In the event we seek stockholder approval
in connection with our initial business combination, a stockholder&rsquo;s voting in connection with the business combination
alone will not result in a stockholder&rsquo;s redeeming its shares to us for an applicable pro rata share of the trust account.
Such stockholder must have also exercised its redemption rights described 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Amended and Restated
Certificate of Incorporation</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated 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 seek to amend any provisions of our
amended and restated certificate of incorporation relating to
stockholders&rsquo; rights or pre-business combination activity, we
will provide dissenting public stockholders with the opportunity to
redeem their public shares in connection with any such vote. Our
sponsor, officers, directors, director nominees and 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;">
87</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
have agreed to waive any redemption rights with respect to their
founder shares, private placement shares and (except for the
underwriters) public shares in connection with the completion of
our initial business combination. Specifically, our amended and
restated certificate of incorporation provides, among other things,
that:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><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 stockholders may seek to redeem 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, including interest (which interest shall be net of taxes payable), or (2) provide our stockholders
with the opportunity to tender 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, including interest (which
interest shall be net of taxes payable), in each case subject to the limitations described herein; </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> we will
consummate our initial business combination only if we have net
tangible assets upon consummation of our initial business
combination of at least $5,000,001 upon such consummation and,
solely if we seek stockholder approval, a majority of the
outstanding shares of common stock voted are voted in favor of the
business combination;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: MS Mincho">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if our initial business combination is not consummated within 18 months from the closing of this offering (or 21 months,
as applicable), then our existence will terminate and we will distribute all amounts in the trust account; and </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
'font-family: "MS Mincho";'>&#10148;</FONT></FONT><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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
These provisions cannot be amended without the approval of holders
of 65% of our common stock. In the event we seek stockholder
approval in connection with our initial business combination, our
amended and restated certificate of incorporation provides that we
may consummate our initial business combination only if approved by
a majority of the shares of common stock voted by our stockholders
at a duly held stockholders meeting.</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="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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Comparison of redemption
or purchase prices in connection with our initial business
combination and if we fail to complete our business
combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
following table compares the redemptions and other permitted purchases of public shares that may take place in connection with
the completion of our initial business combination and if we are unable to complete our business combination within 18 months
from the closing of this offering (or 21 months, as applicable). </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="21%" VALIGN="bottom" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Redemptions
in Connection<BR>
with our Initial Business<BR>
Combination </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Other
Permitted Purchases<BR>
of Public Shares by our<BR>
Affiliates </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;"> Redemptions
if we fail to<BR>
Complete an Initial Business<BR>
Combination </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Calculation
of redemption price</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Redemptions
at the time of our initial business combination may be made pursuant to a tender offer or in connection with a stockholder vote.
The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a stockholder
vote. In either case, our public stockholders may redeem their public shares for cash equal to the aggregate amount then on deposit
in the trust account as of two business days prior to the consummation of the initial business combination (which is initially
anticipated to be $10.10 per share), including interest (which interest shall be net of taxes payable), divided by the number
of then outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would
cause our net tangible assets upon consummation of our initial business combination to be less than $5,000,001 and any limitations
(including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed business
combination. </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
we seek stockholder approval of our initial business combination, our sponsor, directors, officers, advisors or their affiliates
may purchase shares in privately negotiated transactions or in the open market either prior to or following completion of our
initial business combination. Such purchases will only be made to the extent such purchases are able to be made in compliance
with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2) and Rule 10b-5 of the Exchange
Act. None of the funds in the trust account will be used to purchase shares in such transactions. </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
we are unable to complete our business combination within 18 months from the closing of this offering (or 21 months, as applicable),
we will redeem all public shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account (which is initially anticipated to be $10.10 per share), including interest (less up to $50,000 of interest to pay liquidation
expenses, which interest shall be net of taxes payable) divided by the number of then outstanding public shares. </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;">
89</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="21%" VALIGN="bottom" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: 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%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Redemptions in Connection<BR>
with our Initial Business<BR>
Combination</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Other Permitted Purchases<BR>
of Public Shares by our<BR>
Affiliates</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Redemptions if we fail to<BR>
Complete an Initial Business<BR>
Combination</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Impact to remaining stockholders</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The redemptions in connection with our initial
business combination will reduce the book value per share for our
remaining stockholders, who will bear the burden of the deferred
underwriting commissions and interest withdrawn in order to pay
taxes (to the extent not paid from amounts accrued as interest on
the funds held in the trust account).</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If the permitted purchases described above are
made, there will be no impact to our remaining stockholders because
the purchase price would not be paid by us.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; 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: 24.4%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The redemption of our public shares if we fail
to complete our business combination will reduce the book value per
share for the shares held by our sponsor and the underwriters, who
will be our only remaining stockholders after such
redemptions.</FONT></P>
</TD>
</TR>
</TABLE>
<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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Comparison of This
Offering to Those of Blank Check Companies Subject to Rule
419</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 5.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; 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="24%" VALIGN="bottom" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.66%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms of Our Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Escrow of offering proceeds</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The rules of the NASDAQ Capital Market provide
that at least 90% of the gross proceeds from this offering and the
private placement be deposited in a trust account. $100,000,000 of
the net proceeds of this offering and the sale of the private
placement units will be deposited into a trust account located in
the United States at JPMorgan Chase Bank with Continental Stock
Transfer &amp; Trust Company acting as trustee.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.1pt;">Approximately
$87,750,000 of the offering proceeds, representing the gross
proceeds of this offering less allowable underwriting commissions,
expenses and company deductions under Rule 419, would be required
to be deposited into either an escrow account with an insured
depositary institution or in a separate bank account established by
a broker-dealer in which the broker-dealer acts as trustee for
persons having the beneficial interests in the account.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Investment of net proceeds</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">$100,000,000 of the net offering proceeds and
the sale of the private placement units held in trust will be
invested only 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.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Proceeds could be invested only in specified
securities such as a money market fund meeting conditions of the
Investment Company Act or in securities that are direct obligations
of, or obligations guaranteed as to principal or interest by, the
United States.</FONT></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;">
90</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="24%" VALIGN="bottom" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.66%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms of Our Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Receipt
of interest on escrowed funds</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Interest
on proceeds from the trust account to be paid to stockholders is reduced by (i) any taxes paid or payable and (ii) in the event
of our liquidation for failure to complete our initial business combination within the allotted time, up to $50,000 of net interest
that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution
and liquidation.</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 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. </P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Limitation on fair value or net assets of target
business</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">NASDAQ rules provide that our initial business
combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the
balance in the trust account (less any deferred underwriting
commissions and taxes payable on interest earned) at the time of
our signing a definitive agreement in connection with our initial
business combination. If our securities are not listed on NASDAQ
after this offering, we would not be required to satisfy the 80%
requirement. However, we intend to satisfy the 80% requirement even
if our securities are not listed on NASDAQ at the time of our
initial business combination.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The fair value or net assets of a target
business must represent at least 80% of the maximum offering
proceeds.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Trading
of securities</B><BR>
<B>issued</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
units will begin trading on or promptly after the date of this prospectus. The common stock, rights and warrants comprising the
units will begin separate trading on the 52<FONT STYLE="font-size: 6pt"><SUP>nd</SUP></FONT> day following the date of this prospectus
unless Ladenburg Thalmann &amp; Co. Inc. informs us of its decision to allow earlier separate trading, subject to our having filed
the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin.
We will file the Current Report on Form 8-K promptly after the closing of this offering, which is anticipated to take place four
business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such
Current Report on Form 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 over-allotment option. </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> No
trading of the units or the underlying common stock, rights and warrants would be permitted until the completion of a business
combination. During this period, the securities would be held in the escrow or trust account. </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;">
91</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="24%" VALIGN="bottom" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.66%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms of Our Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Exercise of the warrants</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The warrants cannot be exercised until the later
of 30 days after the completion of our initial business combination
or 12 months from the closing of this offering.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The warrants could be exercised prior to the
completion of a business combination, but securities received and
cash paid in connection with the exercise would be deposited in the
escrow or trust account.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Election
to remain an investor</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will provide our public stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share
of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial
business combination, including interest, which interest shall be net of taxes payable, upon the completion of our initial business
combination, subject to the limitations described herein. We may not be required by law to hold a stockholder vote. If we are
not required by law and do not otherwise decide to hold a stockholder vote, we will, pursuant to our amended and restated certificate
of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the
SEC which will contain substantially the same financial and other information about the initial business combination and the redemption
rights as is required under the SEC&rsquo;s proxy rules. If, however, we hold a stockholder vote, we will, like many blank check
companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the
outstanding shares of common stock voted are voted in favor of the business combination. Additionally, each public stockholder
may elect to redeem its public share irrespective of whether it votes for or against the proposed transaction. </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; 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>
</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;">
92</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="24%" VALIGN="bottom" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.66%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms of Our Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Business
combination deadline</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.1pt">If
we are unable to complete an initial business combination within 18 months from the closing of this offering (or 21 months, as
applicable), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but
not more than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and
less up to $50,000 of interest to pay liquidation expenses), divided by the number of then outstanding public shares, which redemption
will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further 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 each case to our
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; 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="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Release
of funds</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Except
for the withdrawal of interest to pay taxes and $50,000 reserved for liquidation expenses (in the event we do not successfully
complete our initial business combination), none of the funds held in trust (including the interest on such funds) will be released
from the trust account until the earlier of (i) the completion of our initial business combination, (ii) the redemption of 100%
of our public shares if we are unable to complete a business combination within the required time frame (subject to the requirements
of applicable law) or (iii) the redemption of our public shares in connection with a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation (A) that would affect the substance or timing of our obligation to redeem
100% of our public shares if we have not consummated an initial business combination within 18 months from the closing of this
offering (or 21 months, as applicable) or (B) with respect to any other provision relating to stockholders&rsquo; rights or pre-business
combination activity.</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; 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>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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;">
93</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="24%" VALIGN="bottom" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.66%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms of Our Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; 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;">
Terms Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Limitation on redemption rights of stockholders holding
more than 10% of the shares sold in this offering if we hold a
stockholder vote</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we seek stockholder approval of our initial
business combination and we do not conduct redemptions in
connection with our initial business combination pursuant to the
tender offer rules, our amended and restated certificate of
incorporation will provide that a public stockholder, together with
any affiliate of such stockholder or any other person with whom
such stockholder is acting in concert or as a &ldquo;group&rdquo;
(as defined under Section 13 of the Exchange Act), will be
restricted from seeking redemption rights with respect to Excess
Shares (i.e., more than an aggregate of 10% of the shares sold in
this offering). Our public stockholders&rsquo; inability to redeem
Excess Shares will reduce their influence over our ability to
complete our business combination and they could suffer a material
loss on their investment in us if they sell Excess Shares in open
market transactions.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Many blank check companies provide no
restrictions on the ability of stockholders to redeem shares based
on the number of shares held by such stockholders in connection
with an initial business combination</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-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="24%" VALIGN="top" STYLE=
"width: 24.8%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"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-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Tendering stock certificates in connection with a tender
offer or redemption rights</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="39%" VALIGN="top" STYLE=
"width: 39.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may require our public stockholders seeking
to exercise their redemption rights, whether they are record
holders or hold their shares in &ldquo;street name,&rdquo; to
either tender their certificates to our transfer agent prior to the
date set forth in the tender offer documents mailed to such
holders, or up to two business days prior to the vote on the
proposal to approve our initial business combination in the event
we distribute proxy materials, or to deliver their shares to the
transfer agent electronically using Depository Trust
Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at
the holder&rsquo;s option. The tender offer or proxy materials, as
applicable, that we will furnish to holders of our public shares in
connection with our initial business combination will indicate
whether we are requiring public stockholders to satisfy such
delivery requirements. Accordingly, a public stockholder would have
from the time we furnish our tender offer materials until the close
of the tender offer period, or up to two days prior to the vote on
our initial business combination if we distribute proxy materials,
as applicable, to tender its shares if it wishes to seek to
exercise its redemption rights.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.24%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In order to perfect redemption rights in
connection with their business combinations, holders could vote
against a proposed business combination and check a box on the
proxy card indicating such holders were seeking to exercise their
redemption rights. After the business combination was approved, the
company would contact such stockholders to arrange for them to
deliver their certificates to verify ownership.</FONT></P>
</TD>
</TR>
</TABLE>
<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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Competition</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 for our
business combination, we may encounter intense competition from
other entities having a business objective similar to ours,
including other blank check companies, private equity groups and
leveraged buyout funds, and operating businesses seeking strategic
acquisitions. Many of these entities are well established and have
extensive experience identifying and effecting business
combinations directly or through affiliates. Moreover, many of
these competitors possess greater financial, technical, human and
other resources than us. Our ability to acquire larger target
businesses will be limited by our available financial resources.
This inherent limitation gives others an advantage in pursuing the
acquisition of a 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;">
94</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Furthermore,
our obligation to pay cash in connection with our public stockholders who exercise their redemption rights may reduce the resources
available to us for our initial business combination and our outstanding rights and warrants, and the future dilution they potentially
represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a competitive disadvantage
in successfully negotiating an initial business combination. </P>
<P 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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Facilities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We currently maintain our executive offices at 527 Stanton
Christiana Rd., Newark, DE 19713. Our executive offices are
provided to us by an affiliate of our sponsor. Commencing on the
date of this prospectus, we have agreed to pay our sponsor a total
of $10,000 per month for office space, utilities and secretarial
and administrative support. We consider our current office space
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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Employees</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We currently have two executive officers. Members of our management
team are not obligated to devote any specific number of hours to
our matters but they intend to devote as much of their time as they
deem necessary to our affairs until we have completed our initial
business combination. The amount of time that Dr. Krauss or any
other members of our management will devote in any time period will
vary based on whether a target business has been selected for our
initial business combination and the current stage of the business
combination process, but we expect that she will devote a
substantial portion of her professional time to our affairs.</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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Periodic Reporting and
Financial Information</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will register our units, common stock, rights and warrants under the Exchange Act and have reporting obligations, including the
requirement that we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange
Act, our annual reports will contain financial statements audited and reported on by our independent registered public auditors. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 the tender offer
materials or proxy solicitation materials sent to stockholders to
assist them in assessing the target business. In all likelihood,
these financial statements will need to be prepared in accordance
with GAAP. We cannot assure you that any particular target business
identified by us as a potential acquisition candidate will have
financial statements prepared in accordance with GAAP or that the
potential target business will be able to prepare its financial
statements in accordance with GAAP. To the extent that this
requirement cannot be met, we may not be able to acquire the
proposed target business. While this may limit the pool of
potential acquisition candidates, we do not believe that this
limitation will be material.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will be required to evaluate our internal control procedures for
the fiscal year ending December 31, 2018 as required by the
Sarbanes-Oxley Act. Only in the event we are deemed to be a large
accelerated filer or an accelerated filer will we be required to
have our internal control procedures audited. A target company may
not be in compliance with the provisions of the Sarbanes-Oxley Act
regarding adequacy of their internal controls. The development of
the internal controls of any such entity to achieve compliance with
the Sarbanes-Oxley Act may increase the time and costs necessary to
complete any such acquisition.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prior to the date of this prospectus, we will file a Registration
Statement on Form 8-A with the SEC to voluntarily register our
securities under Section 12 of the Exchange Act. As a result, we
will be subject to the rules and regulations promulgated under the
Exchange Act. We have no current intention of filing a Form 15 to
suspend our reporting or other obligations under the Exchange Act
prior or subsequent to the consummation of our business
transaction.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 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, reduced disclosure obligations regarding
executive compensation in our periodic reports and proxy
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;">
95</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 $1.07 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>
<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;">
<FONT CLASS="Bold0" STYLE=
"mso-style-name: Bold; font-weight: bold;">Legal
Proceedings</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
There is no material litigation, arbitration or governmental
proceeding currently pending against us or any members of our
management team in their capacity as such, and we and the members
of our management team have not been subject to any such proceeding
in the 12 months preceding the date of this prospectus.</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;">
96</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Management</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Directors and Executive
Officers</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our current directors, officers and director nominees 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="31%" VALIGN="bottom" STYLE=
"width: 31.6%; 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 !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Name</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Age</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="bottom" STYLE=
"width: 47.76%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Position</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="31%" VALIGN="top" STYLE=
"width: 31.6%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Marlene Krauss, M.D.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="top" STYLE=
"width: 16.88%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
71</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.76%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chief Executive Officer and Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="31%" VALIGN="top" STYLE=
"width: 31.6%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Joseph A. Williamson</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="top" STYLE=
"width: 16.88%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
63</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.76%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Chief Operating Officer and Director
Nominee</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="31%" VALIGN="top" STYLE=
"width: 31.6%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
George Hornig</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="top" STYLE=
"width: 16.88%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
62</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.76%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Chairman (Nominee) of the Board of
Directors</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="31%" VALIGN="top" STYLE=
"width: 31.6%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Andrew Sherman</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="top" STYLE=
"width: 16.88%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
47</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.76%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director Nominee</P>
</TD>
</TR>
<TR>
<TD WIDTH="31%" VALIGN="top" STYLE=
"width: 31.6%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sherrill Neff</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="top" STYLE=
"width: 16.88%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
65</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.76%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director Nominee</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Marlene Krauss,
M.D.,</FONT> has been Chief Executive Officer and a director since
our inception. She has over 30 years of experience in acquiring,
selling and growing more than 20 companies in all areas of
healthcare including healthcare services, pharmaceuticals and
medical devices. She was also the Chief Executive Officer and
founder of three prior SPACs; KBL I, II and III, respectively, as
described under the heading &ldquo;<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Our management team
has an established track record of raising and operating blank
check companies. We believe this experience enhances the
probability of successfully completing a business
combination</FONT>.&rdquo; While holding these positions, she was
involved in their formation, deal sourcing, investment selection
and operations. She played a crucial role in KBL I&rsquo;s
acquisition of Concord Health and negotiated the sale of Concord
Health to the MultiCare Companies for approximately $130.5 million
in cash. In addition, in KBL II, she was instrumental in the
acquisition of Summer Infant, a baby care company. In 1998, she
founded KBL Healthcare Ventures and remains its Managing Director.
KBL consists of three funds, KBL Healthcare Ventures LP, KBL
Healthcare LP and KBL Partnership LP, backed by institutional
investors which has completed its investment cycle. Through her
funds, with individual groups of investors, or in public financings
she has invested in, grown and/or been on the board of a variety of
healthcare companies. She was an initial Board Member and investor
in Summit Technology (acquired by Alcon, now a subsidiary of
Novartis (VTX:NOVN), one of the first companies to develop the
Lasik laser. Summit was sold to Alcon for $839 million in 2000.
From 1999 to 2005, through KBL, she was a founder, Board Member and
investor in Lumenos, which was among the initial companies that
created a consumer driven health care insurance product. The
company was sold to Wellpoint (now known as Anthem,
Inc.(NYSE:ANTM)) in 2005 for $185 million. In 2004, she was an
early investor of Remon Medical Technologies Inc., a
development-stage company focused on creating communication
technology for medical device applications, through its sale to
Boston Scientific Corporation for an undisclosed amount in 2007.
She led the first institutional round of investors and was on the
Board of PneumRx, Inc., a developer of one of the first
non-invasive devices to treat lung disease from 2005 to 2011. It
was sold to BTG plc (LON:BTG) in 2014 for up to $475 million which
included potential earn out payments. Since 2005, she has been a
founder and board member of Vampire Pharmaceuticals LLC, a
biopharmaceutical company that is developing products to treat
conditions such as diabetes and sickle cell disease. Dr. Krauss
received an M.B.A and M.D. degree from Harvard University and a
B.A. degree from Cornell University. She is a board certified
ophthalmologist with a specialty in retinal surgery and trained at
the Harvard Hospitals, New York Hospital and Mt. Sinai Hospital in
New York. She has been on the Advisory Committee on Education at
Harvard Medical School since 2012 and received the Alumni
Achievement Award and was on the Deans Advisory Committee of
Harvard Business School. We believe Dr. Krauss is well qualified to
serve on our board due to her extensive business, operational and
management experience, along with her prior experience with blank
check companies.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Joseph A.
Williamson</FONT>, our Chief Operating Officer and a director as of
the effective date of this offering<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">,</FONT> has over 35
years of experience as a healthcare operator, executive and
entrepreneur primarily in the post-acute healthcare facilities
field (senior living, assisted living, hospice and home care) as
well as ancillary services such as physical therapy, occupational
therapy, rehabilitation therapy, pharmaceutical distribution, and
medical supplies. Since 2009, Mr. Williamson has been the Managing
Partner at JAW Capital, LLC, an investment fund vehicle for private
investments focusing on healthcare. He has been the Chairman of
National Home Care Holdings, LLC, a multi-state home health
company, from 2010 to the present. Mr. Williamson served as the
Chairman and Chief Executive Officer of National Medical and
Security Holdings, LLC, a medical supply and equipment company from
2013 to 2015, until it was sold to NSM; as a board member and
investor in CCRx, a portfolio company of Cressey &amp; Company that
focused on pharmacy distribution in the senior and correctional
area from 2004 to 2010 when it was sold to Omnicare, Inc. (now a
subsidiary of CVS Health Corporation (NYSE:CVS)); as
chairman/investor of National Hospice Holdings Investors, LLC from
2010 to 2014, when it merged into TridentUSA, an affiliate of</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
97</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Formation Capital. Formerly, Mr. Williamson was the founder,
Chairman and Chief Executive Officer of Brandywine Senior Care,
Inc., an assisted living facility company from 2006 to 2002. From
1992 to 1996, Mr. Williamson was co-founder, President and Chief
Operating Officer and director of Concord Health Group, Inc., a
long term care company which was acquired by KBL I and subsequently
was acquired by Multicare Companies Inc. Prior to Concord Health
Group, Mr. Williamson served in various senior positions at Genesis
Health Ventures, Inc., the predecessor of Genesis Healthcare
Corporation (NYSE:GEN) from 1986 until 1992. Prior to Genesis, Mr.
Williamson was co-founder, Chief Executive Officer and President of
Healthcare Resources Corp., a nursing home, rehabilitation and
pharmacy distribution company which he helped sell to Genesis in
1986. Prior to Healthcare Resources, Mr. Williamson held officer
positions at Leader Nursing Centers, Inc, a publicly held nursing
home and rehabilitation company founded by former Governor of
Pennsylvania, George M. Leader. Mr. Williamson also was a
principal/general partner of a private equity health care fund,
Commerce Health Ventures which merged into NewSpring Capital. Mr.
Williamson earned his Juris Doctor degree at The Delaware Law
School of Widener University, his MBA in Health Care Administration
from Temple University and a BS in Accounting from Villanova
University. We believe Mr. Williamson is well qualified to serve on
our board due to his extensive business, operational and management
experience, along with his prior blank check company
experience.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"letter-spacing: -.1pt;">George Hornig</FONT></FONT> <FONT STYLE=
"letter-spacing: -.1pt;">will serve as our Chairman as of the
effective date of this offering. Mr. Hornig has served as the Chief
Executive Officer of RON Transatlantic Financial Holdings since
January 2017. Mr. Hornig served as Senior Managing Director as well
as the Chief Operating Officer of PineBridge Investments from 2010
to September 2016. During his employment with PineBridge, he was
responsible for the management of global operations. He was
involved in the restructuring of the former AIG Investment
Management division into PineBridge. He has served on the boards of
Forrester Research, a research and analysis provider, since 1996;
Xometry, a specialty machining company, since 2014; Edelman, a
marketing firm, since 2016. Previously, Mr. Hornig was on the Board
of KBL Healthcare Acquisition Corp. I and then served on the Board
of the merged company, Concord Health. From 1999 to 2010, Mr.
Hornig spent 11 years at Credit Suisse Asset Management where he
became its Co-Global Chief Operating Officer. From 1993 to 1999, he
served as Executive Vice President and Chief Operating Officer of
the Americas at Deutsche Bank. From 1988 to 1991, Mr. Hornig was
also a Co-founder and Chief Operating Officer of Wasserstein
Perella &amp; Co. following his tenure in the First Boston Mergers
and Acquisitions group from 1983 to 1988. Mr. Hornig has been an
early investor in a many high growth companies including Royalty
Pharma, a biopharmaceutical company that invests in
revenue-producing royalty interests in biopharma products;
FibroGen, a publicly traded biopharmaceutical company; and Cibus, a
precision gene-editing company for agriculture. Mr. Hornig holds an
A.B. from Harvard College and an M.B.A. from Harvard Business
School and J.D. from Harvard Law School. We believe Mr. Hornig is
well-qualified to serve as a director due to his extensive
experience in finance, management and investment
banking.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"letter-spacing: -.1pt;">Andrew Sherman</FONT></FONT> <FONT STYLE=
"letter-spacing: -.1pt;">will serve as a member of our board of
directors as of the effective date of this offering. Since August
2016, Mr. Sherman has served as a consultant focused on transaction
development for Unified Physician Management (&ldquo;UPM&rdquo;), a
physician practice management company focused on obstetrics and
gynecology. Prior to UPM, from May 2015 to August 2016, Mr. Sherman
was a Partner at DCH Partners, a healthcare-focused private equity
firm. Prior to DCH Partners, Mr. Sherman worked for 22 years in
investment banking, M&amp;A and buyside roles. From 2011 to 2015,
Mr. Sherman was a Managing Director in Healthcare with Morgan
Joseph TriArtisan and from 2010 to 2011, he worked in healthcare
investment banking at Madison Williams. From 2009 to 2010, Mr.
Sherman was a consultant to Capitol Acquisition Corp. which
completed a merger in 2010 with Two Harbors Investment Corp.
(NYSE:TWO), a real-estate investment trust. From 2007 to 2009, Mr.
Sherman was also a consultant to KBL III. From 2001 to 2007, Mr.
Sherman worked as a Principal in investment banking at Banc of
America Securities. From 1999 to 2001, Mr. Sherman co-founded Brand
3, a private label infrastructure internet service provider, which
was sold to American Express in 2001. From 1997 to 1999, Mr.
Sherman worked in investment banking at Montgomery Securities. From
1992 to 1995, Mr. Sherman worked in mergers and acquisitions at
James D Wolfensohn, Inc. Mr. Sherman holds a B.S. in Economics and
Finance from The Wharton School of Business, a B.A. in
International Relations from the University of Pennsylvania, and an
M.B.A. with Distinction from The Harvard Graduate School of
Business Administration. We believe Mr. Sherman is well qualified
to serve as a director due to his extensive experience in finance,
investment in healthcare related businesses, along with his prior
blank check company experience.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Sherrill Neff</FONT>
will serve as a member of our board of directors as of the
effective date of this offering. Since 2002, Mr. Neff <FONT CLASS=
"BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
<FONT STYLE="font-weight: normal; font-style: normal;">has been
a</FONT></FONT> Founding Partner of Quaker Partners, a healthcare
investment firm focusing on venture and growth stage companies. In
this position, he launched and managed five life sciences venture
funds which managed $700 million committed capital. He has invested
in many areas of healthcare, including biotechnology, medical
technology and healthcare services, and has invested in both
private and public companies. Investments for which</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
98</P>
<P CLASS="Textflush" STYLE=
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he was responsible include Amicus Therapeutics (Nasdaq:FOLD);
BioRexis Therapeutics (sold to Pfizer); MedMark (sold to
Walgreens); Durata Therapeutics (sold to Actavis); Protez
Pharmaceuticals (sold to Novartis); Regado BioSciences (merged with
Tobira Therapeutics and subsequently sold to Allergan); RainDance
Technologies (sold to BioRad); and Cempra Pharmaceuticals
(Nasdaq:CEMP). As part of his Quaker Partners portfolio
responsibilities, Mr. Neff has served on the boards of directors of
Cempra Pharmaceuticals since 2011; of Intact Vascular since 2013;
of Vesper Medical since 2016; and of Rapid Micro BioSystems since
2017. He is currently a board observer to Neuronetics, Inc., and
served as a member of its board of directors from 2006 until 2015.
He also currently serves on the board of directors of Resource
Capital Corporation (NYSE: RSO), a mortgage real estate finance
company. Prior to this, from 1994 to 2002, he was President and COO
of a publicly traded biotechnology company, Neose Technologies.
Prior to this, from 1993 to 1994, Mr. Neff was Senior Vice
President of U.S. Healthcare, a publicly traded managed care
company where he had responsibilities for strategic corporate
development. Prior to this, Mr. Neff was a Managing Director in the
Investment Banking division of Alex. Brown &amp; Sons. Mr. Neff is
a graduate of Wesleyan University and graduated magna cum laude
from the University of Michigan Law School. We believe Mr. Neff is
well qualified to serve as a director due to his extensive
experience in finance, investment in healthcare related businesses,
and operations and executive 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Number and Terms of
Office of Officers and Directors</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our board of directors is divided into two classes with only one
class of directors being elected in each year and each class
(except for those directors appointed prior to our first annual
meeting of stockholders) serving a two-year term. The term of
office of the first class of directors, consisting of Messrs.
Sherman and Neff, will expire at our first annual meeting of
stockholders. The term of office of the second class of directors,
consisting of Dr. Krauss and Messrs. Williamson and Hornig, will
expire at the second annual meeting of stockholders. We do not
currently intend to hold an annual meeting of stockholders until
after we consummate our initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our officers are elected 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
Chief Executive Officer, President, Chief Financial Officer, Chief
Operating Officer, Vice Presidents, Secretary, Assistant
Secretaries, Treasurer and such other offices 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Director
Independence</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
NASDAQ listing standards require 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. Our board of directors has determined that Messrs.
Hornig, Sherman and Neff are &ldquo;independent directors&rdquo; as
defined in the NASDAQ listing standards and applicable SEC rules.
Our independent directors will have regularly scheduled meetings at
which only independent directors are present.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Executive Officer and
Director Compensation</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
None of our executive officers, directors or director nominees has
received any cash (or non-cash) compensation for services rendered
to us. Commencing on the date of this prospectus, we have agreed to
pay our sponsor a total of $10,000 per month for office space,
utilities and secretarial and administrative support. Our sponsor,
executive officers and directors, or any of their respective
affiliates, will be reimbursed for any out-of-pocket expenses
incurred in connection with activities on our behalf such as
identifying potential target businesses and performing due
diligence on suitable business combinations. Our independent
directors will review on a quarterly basis all payments that were
made to our sponsor, officers, directors or our or their
affiliates.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
After the completion of our initial business combination, directors
or members of our combined team who remain with us may be paid
consulting, management or other fees from the combined company. All
of these fees will be fully disclosed to stockholders, to the
extent then known, in the tender offer materials or proxy
solicitation materials furnished to our stockholders in connection
with a proposed business combination. It is unlikely the amount of
such compensation will be known at the time, because the directors
of the post-combination business will be responsible for
determining executive and director compensation. Any compensation
to be paid to our officers will be determined by a compensation
committee constituted solely of independent directors.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
99</P>
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We do not intend to take any action to ensure that members of our
combined team maintain their positions with us after the
consummation of our initial business combination, although it is
possible that some or all of our executive officers and directors
may negotiate employment or consulting arrangements to remain with
us after the initial business combination. The existence or terms
of any such employment or consulting arrangements to retain their
positions with us may influence our management&rsquo;s motivation
in identifying or selecting a target business but we do not believe
that the ability of our management to remain with us after the
consummation of our initial business combination will be a
determining factor in our decision to proceed with any potential
business combination. We are not party to any agreements with our
executive officers and directors that provide for benefits upon
termination of employment.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Committees of the Board
of Directors</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Upon the effective date of the registration statement of which this
prospectus forms part, our board of directors will have two
standing committees: an audit committee and a compensation
committee. Both our audit committee and our compensation committee
will be composed solely of independent directors.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Audit Committee</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subject to phase-in rules and a limited exception, NASDAQ listing
standards and applicable SEC rules require that the audit committee
of a listed company be comprised solely of independent directors.
We have established an audit committee of the board of directors,
which currently consists of Messrs. Hornig, Sherman and Neff.
Messrs. Hornig, Sherman and Neff meet the independent director
standard under Nasdaq&rsquo;s listing standards and under Rule
10A-3(b)(1) of the Exchange Act. Mr. Neff will serve as Chairman of
the audit committee. Each member of the audit committee is
financially literate and our board of directors has determined that
Mr. Neff qualifies as an &ldquo;audit committee financial
expert&rdquo; as defined in applicable SEC rules.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Responsibilities of the audit committee include:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
"letter-spacing: -.2pt;">&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="letter-spacing: -.2pt;">the appointment, compensation,
retention, replacement, and oversight of the work of the
independent registered public accounting firm and any other
independent registered public accounting firm engaged by
us;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
pre-approving all audit and non-audit services to be provided by
the independent <FONT STYLE="letter-spacing: -.2pt;">registered
public accounting firm</FONT> or any other registered public
accounting firm engaged by us, and establishing pre-approval
policies and procedures;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
reviewing and discussing with the independent <FONT STYLE=
"letter-spacing: -.2pt;">registered public accounting firm</FONT>
all relationships the firm have with us in order to evaluate their
continued independence;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
setting clear hiring policies for employees or former employees of
the independent <FONT STYLE="letter-spacing: -.2pt;">registered
public accounting firm;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
setting clear policies for audit partner rotation in compliance
with applicable laws and regulations;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
"letter-spacing: -.1pt;">&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="letter-spacing: -.1pt;">obtaining and reviewing a
report, at least annually, from the independent</FONT> <FONT STYLE=
"letter-spacing: -.3pt;">registered public accounting firm</FONT>
<FONT STYLE="letter-spacing: -.1pt;">describing (i) the independent
auditor&rsquo;s internal quality-control procedures and (ii) any
material issues raised by the most recent internal quality-control
review, or peer review, of the audit firm, or by any inquiry or
investigation by governmental or professional authorities, within,
the preceding five years respecting one or more independent audits
carried out by the firm and any steps taken to deal with such
issues;</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
reviewing and approving any related party transaction required to
be disclosed pursuant to Item 404 of Regulation S-K promulgated by
the SEC prior to us entering into such transaction; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
"letter-spacing: -.1pt;">&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="letter-spacing: -.1pt;">reviewing with management, the
independent</FONT> <FONT STYLE="letter-spacing: -.3pt;">registered
public accounting firm</FONT><FONT STYLE="letter-spacing: -.1pt;">,
and our legal advisors, as appropriate, any legal, regulatory or
compliance matters, including any correspondence with regulators or
government agencies and any employee complaints or published
reports that raise material issues regarding our financial
statements or accounting policies and any significant changes in
accounting standards or rules promulgated by the Financial
Accounting Standards Board, the SEC or other regulatory
authorities.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
100</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Compensation Committee</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 be Messrs. Hornig and Neff. Mr. Hornig 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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
reviewing and approving on an annual basis the corporate goals and
objectives relevant to our Chief Executive Officer&rsquo;s
compensation, evaluating our Chief Executive Officer&rsquo;s
performance in light of such goals and objectives and determining
and approving the remuneration (if any) of our Chief Executive
Officer based on such evaluation in executive session at which the
Chief Executive Officer is not present;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
reviewing and approving the compensation of all of our other
executive officers;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
reviewing our executive compensation policies and plans;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
implementing and administering our incentive compensation
equity-based remuneration plans;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
assisting management in complying with our proxy statement and
annual report disclosure requirements;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
producing a report on executive compensation to be included in our
annual proxy statement; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notwithstanding the foregoing, as indicated above, other than the
$10,000 per month administrative fee payable to our sponsor and
reimbursement of expenses, no compensation of any kind, including
finders, consulting or other similar fees, will be paid to any of
our sponsor, officers, directors or any of their respective
affiliates, prior to, or for any services they render in order to
effectuate the consummation of a business combination<FONT CLASS=
"Bold" STYLE="mso-style-name: Bold; font-weight: bold;">.</FONT>
Accordingly, it is likely that prior to the consummation of an
initial business combination, the compensation committee will only
be responsible for the review and recommendation of any
compensation arrangements to be entered into in connection with
such initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Director
Nominations</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">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 and recommendation of director nominees are Messrs.
Hornig, Neff and Sherman. 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.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
101</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Compensation Committee
Interlocks and Insider Participation</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
None of our officers currently serves, or in the past year has
served, as a member of the board of directors or compensation
committee of any entity that has one or more officers serving on
our board of directors.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Code of
Ethics</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have adopted a Code of Ethics applicable to our directors,
officers and employees. We have filed a copy of our form of Code of
Ethics and our audit committee charter as exhibits to the
registration statement of which this prospectus is a part. You will
be able to review these documents by accessing our public filings
at the SEC&rsquo;s web site at <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">www.sec.gov</FONT>.
In addition, a copy of the Code of Ethics will be provided without
charge upon request from us. We intend to disclose any amendments
to or waivers of certain provisions of our Code of Ethics in a
Current Report on Form 8-K. See &ldquo;Where You Can Find
Additional Information.&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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Conflicts of
Interest</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Certain of our executive officers and directors presently have, and
any of them in the future may have additional, fiduciary or
contractual obligations to another entity pursuant to which such
officer or director is required to present a business combination
opportunity to such entity. Accordingly, if any of the above
executive officers or directors becomes aware of a business
combination opportunity which is suitable for an entity to which he
or she has current fiduciary or contractual obligations, he or she
will honor his or her fiduciary or contractual obligations to
present such business combination opportunity to such entity, and
only present it to us if such entity rejects the opportunity. We do
not believe, however, that the fiduciary duties or contractual
obligations of our executive officers or directors will materially
affect our ability to complete our business combination. Our
amended and restated certificate of incorporation provides that we
renounce our interest in any corporate opportunity offered to any
director or officer unless such opportunity is expressly offered to
such person solely in his or her capacity as a director or officer
of our company and such opportunity is one we are legally and
contractually permitted to undertake and would otherwise be
reasonable for us to pursue.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
executive officers, directors and director nominees may become involved with subsequent blank check companies similar to our company,
although they have agreed not to participate in the formation of, or become an officer or director of, any blank check company
until we have entered into a definitive agreement regarding our initial business combination or we have failed to complete our
initial business combination within 18 months after the closing of this offering (or 21 months, as applicable). Potential investors
should also be aware of the following other potential conflicts of interest: </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
None of our officers or directors is required to commit his or her
full time to our affairs and, accordingly, may have conflicts of
interest in allocating his or her time among various business
activities.</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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 us as well as the
other entities with which they are affiliated. Our management may
have conflicts of interest in determining to which entity a
particular business opportunity should be presented to our company
or to another entity. For a complete description of our
management&rsquo;s other affiliations, see &ldquo;&mdash; Directors
and Executive Officers.&rdquo;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: ZapfDingbatsStd; letter-spacing: -0.15pt">&#10148;</FONT><FONT STYLE="font-size: 8.5pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="letter-spacing: -0.15pt">Our sponsor, officer, directors and director nominees and the underwriters
have agreed to waive their redemption rights with respect to their founder shares, private placement shares and (except for the
underwriters) public shares in connection with the consummation of our initial business combination. Additionally, our sponsor,
officers, directors and director nominees and the underwriters have agreed to waive their redemption rights with respect to their
founder shares and private placement shares if we fail to consummate our initial business combination within 18 months after the
closing of this offering (or 21 months, as applicable). If we do not complete our initial business combination within such applicable
time period, the proceeds of the sale of the private placement units will be used to fund the redemption of our public shares.
There will be no redemption rights or liquidating distributions with respect to our founder shares, private placement shares,
rights or warrants, which will expire worthless. With certain limited exceptions, the founder shares will not be transferable,
assignable or salable until the earlier of (1) one year after the completion of our initial business combination and (2) the date
on which we</FONT> </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
102</P>
<P CLASS="BLm2" STYLE=
"text-indent: 0in; mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">consummate
a liquidation, merger, capital stock exchange, reorganization, or other similar transaction after our initial business combination
that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other
property. Notwithstanding the foregoing, if the last sale price of our common stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, or (2) if we consummate a transaction after our
initial business combination which results in our stockholders having the right to exchange their shares for cash, securities
or other property, the founder shares will be released from the lock-up. With certain limited exceptions, the private placement
units and their component securities will not be transferable, assignable or salable by the purchasers until 30 days after the
completion of our initial business combination. Since our sponsor and officers and directors may directly or indirectly own common
stock, rights and warrants following this offering, our officers and directors may have a conflict of interest in determining
whether a particular target business is an appropriate business with which to effectuate our initial business combination.</FONT> </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Our officers and directors may have a conflict of interest with
respect to evaluating a particular business combination if the
retention or resignation of any such officers and directors was
included by a target business as a condition to any agreement with
respect to our initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The conflicts described above may not be resolved in our favor.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the corporation could financially undertake the opportunity;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the opportunity is within the corporation&rsquo;s line of business;
and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 amended and
restated 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. Our amended and restated certificate of
incorporation provides that we renounce our interest in any
corporate opportunity offered to any director or officer unless
such opportunity is expressly offered to such person solely in his
or her capacity as a director or officer of our company and such
opportunity is one we are legally and contractually permitted to
undertake and would otherwise be reasonable for us to pursue.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
103</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="21%" VALIGN="bottom" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
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<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Individual</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Entity</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="bottom" STYLE=
"width: 19.52%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Entity&rsquo;s Business</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="bottom" STYLE=
"width: 19.52%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Affiliation</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Marlene Krauss</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
KBL Healthcare Management, Inc.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
CEO</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
KBL Healthcare Ventures LP</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Managing Member</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
KBL Healthcare LP</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
General Partner</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
KBL Healthcare LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Managing Member</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
KBL Partnership LP</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Managing Member</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vampire Pharmaceuticals</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Biotechnology</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Joseph Williamson</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
JAW Capital, LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Managing Partner</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
National Home Care Holdings</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Home health</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chairman</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
George Hornig</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
RON Transatlantic Financial Holdings</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
CEO</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Forrester Research</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Research and analysis</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Xometry</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Machining Services</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edelman</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Marketing</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Andrew Sherman</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unified Physician Management</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Practice Management</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Consultant</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sherrill Neff</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Quaker Partners</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment Fund</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Partner</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Cempra Pharmaceuticals</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pharmaceutical</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Intact Vascular</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Medical Technology</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vesper Medical</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Medical Technology</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Rapid Micro Bio Systems</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Manufacturing process Technology</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Resource Capital Corporation</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Mortgage Finance</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 34.14%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Neuronetics</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Medical Technology</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="19%" VALIGN="top" STYLE=
"width: 19.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Board Observer</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Accordingly, if any of the above executive officers, directors or
director nominees becomes aware of a business combination
opportunity which is suitable for any of the above entities to
which he or she has current fiduciary or contractual obligations,
he or she will honor his or her fiduciary or contractual
obligations to present such business combination opportunity to
such entity, and only present it to us if such entity rejects the
opportunity. We do not believe, however, that any of the foregoing
fiduciary duties or contractual obligations will materially affect
our ability to complete our business combination. Our independent
directors will not be obligated to present any business combination
opportunities to us. Our amended and restated certificate of
incorporation provides that we renounce our interest in any
corporate opportunity offered to any director or officer unless
such opportunity is expressly offered to such person solely in his
or her capacity as a director or officer of our company and such
opportunity is one we are legally and contractually permitted to
undertake and would otherwise be reasonable for us to pursue.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, officers or
directors. In the event we seek to complete our initial business
combination with such a company, we, or a committee of independent
directors, would obtain an opinion from an independent investment
banking firm which is a member of FINRA or a qualified independent
accounting firm that such an initial business combination is fair
to our company from a financial point of view.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event that we submit our initial business combination to our
public stockholders for a vote, our sponsor has agreed to vote its
founder shares, private placement shares and any public shares
purchased during or after the offering in favor of our initial
business combination and our officers and directors have also
agreed to vote any public shares purchased during or after the
offering in favor of our initial business combination. The
underwriters have not committed to vote any private placement
shares held by them in favor of our initial business combination.
As a result, assuming all shareholders are present at the
stockholders&rsquo; meeting held to approve our initial business
combination, we would need only 3,625,001 of the 10,000,000 public
shares, or approximately 36.3%, sold in this offering to be voted
in favor of our initial business combination in order to have such
transaction approved (assuming the over-allotment option is not
exercised). Furthermore, assuming only the minimum number of
shareholders required to be present at the stockholders&rsquo;
meeting held to approve our initial business combination approve
our initial business combination are present at such meeting, we
would need only 387,501 of the 10,000,000 public</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
104</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
shares, or approximately 3.9%, sold in this offering to be voted in
favor of our initial business combination in order to have such
transaction approved (assuming the over-allotment option is not
exercised). In addition, in the event that our board of directors
amends our bylaws to reduce the number of shares required to be
present at a meeting of our stockholders, we would need even fewer
public shares to be voted in favor of our initial business
combination in order to have such transaction approved.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Limitation on Liability
and Indemnification of Officers and Directors</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation provides that
our officers and directors will be indemnified by us to the fullest
extent authorized by Delaware law, as it now exists or may in the
future be amended. In addition, our amended and restated
certificate of incorporation provides that our directors will not
be personally liable for monetary damages to us for breaches of
their fiduciary duty as directors, except to the extent such
exemption from liability or limitation thereof is not permitted by
the DGCL.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will enter into agreements with our officers and directors to
provide contractual indemnification in addition to the
indemnification provided for in our amended and restated
certificate of incorporation. Our bylaws also permit us to maintain
insurance on behalf of any officer, director or employee for any
liability arising out of his or her actions, regardless of whether
Delaware law would permit such indemnification. We will purchase a
policy of directors&rsquo; and officers&rsquo; liability insurance
that insures our officers and directors against the cost of
defense, settlement or payment of a judgment in some circumstances
and insures us against our obligations to indemnify our officers
and directors.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 officers and directors,
even though such an action, if successful, might otherwise benefit
us and our stockholders. Furthermore, a stockholder&rsquo;s
investment may be adversely affected to the extent we pay the costs
of settlement and damage awards against officers and directors
pursuant to these indemnification provisions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe that these provisions and, the insurance and the
indemnity agreements are necessary to attract and retain talented
and experienced officers and directors.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
105</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Principal
Stockholders</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 common stock as of the date of this prospectus,
and as adjusted to reflect the sale of our common stock included in
the units offered by this prospectus, and assuming no purchase of
units in this offering, by:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
each of our executive officers, directors and director nominees
that beneficially owns shares of our common stock; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
all our executive officers and directors as a group.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 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. The following table does not reflect record or beneficial ownership of the
private placement rights or warrants as these rights or warrants are not convertible or exercisable, respectively, within 60 days
of the date of this prospectus. </P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The post-offering ownership percentage column below assumes that
the underwriters do not exercise their over-allotment option, that
our sponsor forfeits 375,000 founder shares, that our sponsor and
the underwriters purchase the 450,000 private placement units and
that there are 12,950,000 shares of our common stock issued and
outstanding after this 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="53%" VALIGN="bottom" STYLE=
"width: 53.06%; 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: 10.0pt; font-family: 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: 10.0pt; 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: 14.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number of<BR>
Shares</FONT></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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="29%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 29.68%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Approximate Percentage of<BR>
Outstanding Common Stock</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.06%; 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 !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Name
and Address of Beneficial Owner</FONT></FONT><FONT CLASS=
"superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;"><FONT LANG="EN-GB"
STYLE="font-size: 6pt !important;">(1)</FONT></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: 10.0pt; 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: 14.02%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Beneficially<BR>
Owned</FONT></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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.02%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Before<BR>
Offering</FONT></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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.04%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">After<BR>
Offering</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">KBL IV Sponsor LLC<FONT CLASS="superscript"
STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(2)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 14.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
100.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
22.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.98%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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="53%" VALIGN="bottom" STYLE=
"width: 53.06%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Marlene Krauss, M.D.<FONT CLASS="superscript"
STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(2)</FONT></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: 10.0pt; 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: 14.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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>
<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: 10.0pt; 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="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
100.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 1.62%; 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: 10.0pt; 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="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
22.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.98%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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="53%" VALIGN="bottom" STYLE=
"width: 53.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
Joseph Williamson<SUP>(3)</SUP></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 14.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
*</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.98%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.06%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">George Hornig<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(4)</FONT></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: 10.0pt; 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: 14.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.62%; 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: 10.0pt; 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 !important; 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: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; 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 !important; 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;">
*</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.98%; 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 !important; 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;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Andrew Sherman<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(5)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 14.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
*</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.98%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.06%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Sherrill Neff<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(6)</FONT></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: 10.0pt; 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: 14.02%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.62%; 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: 10.0pt; 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 !important; 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: 1.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; 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 !important; 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;">
*</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.98%; 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 !important; 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;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">All directors and executive officers as a group
(5 individuals)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 14.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
100.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 1.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
22.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.98%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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>
</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
*<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Less than one percent.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Unless
otherwise noted, the business address of each of the following
entities or individuals 527 Stanton Christiana Rd., Newark, DE
19713.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> These
shares represent the founder shares held by our sponsor. Dr.
Marlene Krauss, our Chief Executive Officer, is the sole managing
member of KBL IV Sponsor LLC. Consequently, she may be deemed the
beneficial owner of the founder shares held by our sponsor and has
sole voting and dispositive control over such securities. Dr.
Krauss disclaims beneficial ownership over any securities owned by
our sponsor in which she does not have a pecuniary interest.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Mr.
Williamson does not beneficially own any shares of our common
stock. However, he has a pecuniary interest in shares of our common
stock through his ownership of membership interests of our
sponsor.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Mr.
Hornig does not beneficially own any shares of our common stock.
However, he has a pecuniary interest in shares of our common stock
through his ownership of membership interests of our sponsor.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Mr.
Sherman does not beneficially own any shares of our common stock.
However, he has a pecuniary interest in shares of our common stock
through his ownership of membership interests of our sponsor.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(6)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Mr. Neff
does not beneficially own any shares of our common stock. However,
he has a pecuniary interest in shares of our common stock through
his ownership of membership interests of our sponsor.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Immediately after this offering, our initial stockholder will
beneficially own 22.0% of the then issued and outstanding shares of
our common stock (assuming it does not purchase any units in this
offering). 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 a 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 20.0% of our issued and outstanding
shares of our common stock upon the consummation of this offering
(excluding the private placement shares). Because of this ownership
block, our initial stockholder may be able to effectively influence
the outcome of</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
106</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
all matters requiring approval by our stockholders, including the
election of directors, amendments to our amended and restated
certificate of incorporation and approval of significant corporate
transactions other than approval of our initial business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The founder shares and private placement shares are identical to
the shares of common stock included in the units being sold in this
offering. However, the holders have agreed (A) with the exception
of the underwriters, to vote any shares owned by them in favor of
any proposed business combination and (B) not to redeem any shares
in connection with a tender offer or stockholder vote to approve a
proposed initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
sponsor and the underwriters have committed to purchase an aggregate of 450,000 units (or 502,500 units if the over-allotment
option is exercised in full; 350,000 of such units shall be purchased by our sponsor and 100,000 of such units shall be purchased
by the underwriters, or 387,500 by our sponsor and 115,000 by the underwriters if the over-allotment option is exercised in full),
which units are identical to the units sold by this prospectus except as described herein, at a price of $10.00 per unit (a total
of $4,500,000, or $5,025,000 if the over-allotment option is exercised in full) in a private placement that will close simultaneously
with the closing of this offering. The purchase price of the private placement units will be added to the proceeds from this offering
to be held in the trust account. If we do not complete a business combination within 18 months from the consummation of this offering
(or 21 months, as applicable), the proceeds from the sale of the private placement units held in the trust account will be used
to fund the redemption of our public shares (subject to the requirements of applicable law). There will be no redemption rights
or liquidating distributions with respect to our founder shares, private placement shares, rights or warrants, which will expire
worthless. The private placement units are identical to the units being sold in this offering except the private placement warrants
will be non-redeemable and exercisable on a cashless basis so long as they are held by our sponsor or their affiliates or designees.
In addition, for as long as the private placement warrants are held by the underwriters or their designees or affiliates, they
may not be exercised after five years from the effective date of the registration statement of which this prospectus forms a part.
If the private placement units are held by someone other than the initial holder, or its permitted transferees, the private placement
warrants will be redeemable by us and exercisable by such holders on the same basis as the warrants included in the units being
sold in this offering. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our sponsor and our executive officers are deemed to be our
&ldquo;promoters&rdquo; as such term is defined under the federal
securities laws.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Transfers of Founder
Shares and Private Placement Units</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">The founder shares, private
placement units and securities contained therein are each subject
to transfer restrictions pursuant to lock-up provisions in the
letter agreements with us to be entered into by our sponsor,
officers, directors, director nominees and the underwriters. Those
lock-up provisions provide that such securities are not
transferable or salable (i) in the case of the founder shares,
until the earlier of (A) one year after the completion of our
initial business combination or earlier if, subsequent to our
business combination, the last sale price of the common stock (x)
equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, or (y)
the date following the completion of our initial business
combination on which we complete a liquidation, merger, stock
exchange or other similar transaction that results in all of our
stockholders having the right to exchange their shares of common
stock for cash, securities or other property and (ii) in the case
of the private placement units and the securities contained
therein, until 30 days after the completion of our initial business
combination, except in each case (a) to our officers or directors,
any affiliates or family members of any of our officers or
directors, any members of our sponsor, or any affiliates of our
sponsor or any of its members, or the underwriters&rsquo; officers,
directors and direct and indirect equity holders; (b) in the case
of an individual, by gift to a member of one of the members of the
individual&rsquo;s immediate family or to a trust, the beneficiary
of which is a member of one of the individual&rsquo;s immediate
family, an affiliate of such person or to a charitable
organization; (c) in the case of an individual, by virtue of laws
of descent and distribution upon death of the individual; (d) in
the case of an individual, pursuant to a qualified domestic
relations order; (e) by private sales or transfers made in
connection with the consummation of a business combination at
prices no greater than the price at which the shares were
originally purchased; (f) in the event of our liquidation prior to
our completion of our initial business combination; (g) to the
company for no value for cancellation; or (h) by virtue of the laws
of Delaware or our sponsor&rsquo;s limited liability company
agreement; provided, however, that in the case of clauses (a)
through (f) and (h) these permitted transferees must enter into a
written agreement agreeing to be bound by these transfer
restrictions (including provisions relating to voting, the trust
account and liquidation distributions described elsewhere in this
prospectus).</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
107</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Registration
Rights</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The holders of the founder shares and private placement units (and
their constituent securities) and their permitted transferees will
have registration rights to require us to register a sale of any of
our securities held by them pursuant to a registration rights
agreement to be signed prior to or on the effective date of this
offering. These holders and their permitted transferees will be
entitled to make up to three demands, excluding short form
registration demands, that we register such securities for sale
under the Securities Act. In addition, these holders and their
permitted transferees will have &ldquo;piggy-back&rdquo;
registration rights to include such securities in other
registration statements filed by us and rights to require us to
register for resale such securities pursuant to Rule 415 under the
Securities Act. Notwithstanding the foregoing, the underwriters may
not exercise its demand and &ldquo;piggyback&rdquo; registration
rights after five (5) and seven (7) years after the effective date
of the registration statement of which this prospectus forms a part
and may not exercise its demand rights on more than one occasion.
We will bear the costs and expenses of filing any such registration
statements.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
108</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Certain Relationships
and Related Party Transactions</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In September 2016, our sponsor purchased an aggregate 2,875,000
founder shares for an aggregate purchase price of $25,000, or
approximately $0.009 per share. The number of founder shares issued
was determined based on the expectation that such founder shares
would represent 20.0% of the outstanding shares upon completion of
this offering (excluding the private placement shares). 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 20.0% of our issued and outstanding shares of our common stock
upon the consummation of this offering (excluding the private
placement shares).</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Our
sponsor and the underwriters have committed to purchase an aggregate of 450,000 units (or 502,500 units if the over-allotment
option is exercised in full; 350,000 of such units shall be purchased by our sponsor and 100,000 of such units shall be purchased
by the underwriters, or 387,500 by our sponsor and 115,000 by the underwriters if the over-allotment option is exercised in full),
which units are identical to the units sold by this prospectus except as described herein, at a price of $10.00 per unit (a total
of $4,500,000, or $5,025,000 if the over-allotment option is exercised in full) in a private placement that will close simultaneously
with the closing of this offering. The purchase price of the private placement units will be added to the proceeds from this offering
to be held in the trust account. If we do not complete a business combination within 18 months from the consummation of this offering
(or 21 months, as applicable), the proceeds from the sale of the private placement units held in the trust account will be used
to fund the redemption of our public shares (subject to the requirements of applicable law). There will be no redemption rights
or liquidating distributions with respect to our founder shares, private placement shares, rights or warrants, which will expire
worthless. The private placement units are identical to the units being sold in this offering except the private placement warrants
will be non-redeemable and exercisable on a cashless basis so long as they are held by our sponsor or their affiliates or designees.
In addition, for as long as the private placement warrants are held by underwriters or their designees or affiliates, they may
not be exercised after five years from the effective date of the registration statement of which this prospectus forms a part.
If the private placement units are held by someone other than the initial holder, or its permitted transferees, the private placement
warrants will be redeemable by us and exercisable by such holders on the same basis as the warrants included in the units being
sold in this offering. In conjunction with their investment in the private placement units, the underwriters or their designees
will also purchase membership interests in our sponsor, through which the underwriters or their designees will collectively have
a pecuniary interest in 200,000 (or 230,000 if the overallotment option is exercised in full) founder shares, pursuant to a separate
private placement that will close simultaneously with the closing of the public offering and the private placement of units. Our
sponsor will beneficially own the founder shares allocated to the underwriters or their designees and will retain sole voting
and dispositive power over such securities until the closing of our initial business combination, at which time our sponsor will
distribute the founder shares to the underwriters or their designees for no additional consideration. Upon receipt of the founder
shares, the underwriters or their designees will no longer retain their ownership interests in our sponsor.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.15pt;">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 then current 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. Certain of our executive
officers and directors currently have certain relevant fiduciary
duties or contractual obligations that may take priority over their
duties to us.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.15pt;">Commencing on the date of
this prospectus, we have agreed to pay our sponsor, an affiliate of
Dr. Marlene Krauss, our Chief Executive Officer, a total of $10,000
per month for office space, utilities and secretarial and
administrative support. Upon completion of our initial business
combination or our liquidation, we will cease paying these monthly
fees.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our sponsor, executive officers and directors, or any of their
respective affiliates, will be reimbursed for any out-of-pocket
expenses incurred in connection with activities on our behalf such
as identifying potential target businesses and performing due
diligence on suitable business combinations. Our audit committee
will review on a quarterly basis all payments that were made to our
sponsor, officers, directors or our or their affiliates and will
determine which expenses and the amount of expenses that will be
reimbursed. There is no cap or ceiling on the reimbursement of
out-of-pocket expenses incurred by such persons in connection with
activities on our behalf.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As of the date of this prospectus, our sponsor has loaned us
$140,000 of up to $200,000 to be used for a portion of the expenses
of this offering. This loan is non-interest bearing, unsecured and
is due at the earlier of June 30, 2017 or</P>
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109</P>
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the closing of this offering. This loan will be repaid upon the
closing of this offering out of the $500,000 of offering proceeds
that has been allocated to the payment of offering expenses. The
value of our sponsor&rsquo;s interest in this transaction
corresponds to the principal amount outstanding under any such
loan.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an
affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required.
If we complete an initial business combination, we would repay such loaned amounts. In the event that the initial business combination
does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no
proceeds from our trust account would be used for such repayment. Up to $1,000,000 of such loans will be convertible into units
of the post-business combination entity at a price of $10.00 per unit (which, for example, would result in the holders being issued
110,000 shares of common stock if $1,000,000 of notes were so converted since the 100,000 rights included in such units would
result in the issuance of 10,000 shares upon the closing of our business combination, as well as 100,000 warrants to purchase
50,000 shares) at the option of the lender. The units would be identical to the private placement units. Except as described above,
the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect
to such loans. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
After our initial business combination, members of our combined
team who remain with us may be paid consulting, management or other
fees from the combined company with any and all amounts being fully
disclosed to our stockholders, to the extent then known, in the
tender offer or proxy solicitation materials, as applicable,
furnished to our stockholders. It is unlikely the amount of such
compensation will be known at the time of distribution of such
tender offer materials or at the time of a stockholder meeting held
to consider our initial business combination, as applicable, as it
will be up to the directors of the post-combination business to
determine executive and director compensation.</P>
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We have entered into a registration rights agreement with respect
to the founder shares and private placement units (and their
constituent securities), which is described under the heading
&ldquo;Principal Stockholders &mdash; Registration
Rights.&rdquo;</P>
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"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Following this offering, our audit committee must review and
approve any related person transaction we propose to enter into.
Our audit committee charter details the policies and procedures
relating to transactions that may present actual, potential or
perceived conflicts of interest and may raise questions as to
whether such transactions are consistent with the best interest of
our company and our stockholders. A summary of such policies and
procedures is set forth below.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any potential related party transaction that is brought to the
audit committee&rsquo;s attention will be analyzed by the audit
committee, in consultation with outside counsel or members of
management, as appropriate, to determine whether the transaction or
relationship does, in fact, constitute a related party transaction.
At its meetings, the audit committee will be provided with the
details of each new, existing or proposed related party
transaction, including the terms of the transaction, the business
purpose of the transaction and the benefits to us and to the
relevant related party.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In determining whether to approve a related party transaction, the
audit committee must consider, among other factors, the following
factors to the extent relevant:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
whether the terms of the transaction are fair to us and on the same
basis as would apply if the transaction did not involve a related
party;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
whether there are business reasons for us to enter into the
transaction;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
whether the transaction would impair the independence of an outside
director; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
whether the transaction would present an improper conflict of
interest for any director or executive officer.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any member of the audit committee who has an interest in the
transaction under discussion must abstain from any voting regarding
the transaction, but may, if so requested by the Chairman of the
audit committee, participate in some or all of the audit
committee&rsquo;s discussions of the transaction. Upon completion
of its review of the transaction, the audit committee may determine
to permit or to prohibit the transaction.</P>
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110</P>
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Description of
Securities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to our certificate of incorporation, our authorized
capital stock consists of 35,000,000 shares of common stock,
$0.0001 par value, and 1,000,000 shares of undesignated preferred
stock, $0.0001 par value. The following description summarizes the
material terms of our capital stock. Because it is only a summary,
it may not contain all the information that is important to
you.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Units</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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, one right, and one warrant. Each right entities
the holder thereof to receive one-tenth (1/10) of one share of common stock on the consummation of an initial business combination.
Each warrant entitles the holder thereof to purchase one-half of one share of our common stock at a price of $5.75 per half share,
subject to adjustment as described in this prospectus. If a warrant holder holds two warrants, such warrants will
be exercisable for one share of the company&rsquo;s common stock at a price of $11.50 per share. Warrants must be exercised for
 whole shares of common stock. The common stock, rights and warrants comprising the units will begin separate trading on the
52<FONT STYLE="font-size: 6pt !important"><SUP>nd</SUP></FONT> day following the closing of this offering unless the underwriters
informs us of their decision (based upon, among other things, its assessment of the relative strengths of the securities markets
and small capitalization and blank check companies in general, and the trading pattern of, and demand for, our securities in particular)
to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued
a press release announcing when such separate trading will begin. Once the shares of common stock, rights and warrants commence
separate trading, holders will have the option to continue to hold units or separate their units into the component securities.
Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of common stock,
rights and warrants. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
no event will the common stock, rights and warrants be traded separately until we have filed with the SEC a Current Report on
Form 8-K which includes an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering.
We will file a Current Report on Form 8-K promptly after the closing of this offering which will include this audited balance
sheet, which is anticipated to take place four 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Common Stock</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prior to the date of this prospectus, there were 2,875,000 shares
of our common stock outstanding. Our initial stockholder will own
22.0% of our issued and outstanding shares after this offering
(assuming our initial stockholder does not purchase any units in
this offering). Our sponsor and the underwriters have committed to
purchase an aggregate of 450,000 units (or 502,500 units if the
over-allotment option is exercised in full; 350,000 of such units
shall be purchased by our sponsor and 100,000 of such units shall
be purchased by the underwriters, or 387,500 by our sponsor and
115,000 by the underwriters if the over-allotment option is
exercised in full). Upon the closing of this offering, 12,950,000
shares of our common stock will be outstanding (assuming no
exercise of the underwriters&rsquo; over-allotment option and the
corresponding forfeiture of 375,000 founder shares by our sponsor).
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 20.0% of our issued and outstanding shares of our
common stock upon the consummation of this offering (excluding the
private placement shares).</P>
<P CLASS="Textflush" STYLE=
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Common stockholders of record are entitled to one vote for each
share held on all matters to be voted on by stockholders. Unless
specified in our amended and restated certificate of incorporation
or bylaws, or as required by applicable provisions of the DGCL or
applicable stock exchange rules, the affirmative vote of a majority
of our shares of common stock that are voted is required to approve
any such matter voted on by our stockholders. Our board of
directors is divided into two classes, each of which will generally
serve for a term of two years with only one class of directors
being elected in each year. There is no cumulative voting with
respect to the election of directors, with the result that the
holders of more than 50% of the shares voted for the election of
directors can elect all of the directors. Our stockholders are
entitled to receive ratable dividends when, as and if declared by
the board of directors out of funds legally available therefor.</P>
<P CLASS="RRH" STYLE=
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111</P>
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Because our certificate of incorporation authorizes the issuance of
up to 35,000,000 shares of common stock upon the closing of this
offering, if we were to enter into a business combination, we will
likely (depending on the terms of such a business combination) be
required to increase the number of shares of common stock which we
are authorized to issue at the same time as our stockholders vote
on the business combination to the extent we seek stockholder
approval in connection with our business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 no later than one year
after our first fiscal year end following our listing on NASDAQ.
Under Section 211(b) of the DGCL, we are, however, required to hold
an annual meeting of stockholders for the purposes of electing
directors in accordance with our bylaws, unless such election is
made by written consent in lieu of such a meeting. We may not hold
an annual meeting of stockholders to elect new directors prior to
the consummation of our initial business combination, and thus we
may not be in compliance with Section 211(b) of the DGCL, which
requires an annual meeting. Therefore, if our stockholders want us
to hold an annual meeting prior to the consummation of our initial
business combination, they may attempt to force us to hold one by
submitting an application to the Delaware Court of Chancery in
accordance with Section 211(c) of the DGCL.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion
of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account as of two business days prior to the consummation of our initial business combination, including interest (which
interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described
herein. The amount in the trust account is initially anticipated to be approximately $10.10 per public share. The per-share amount
we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions
we will pay to the underwriters. Our sponsor, officers, directors, director nominees and the underwriters have entered into letter
agreements with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares,
private placement shares and (except for the underwriters) public shares in connection with the completion of our business combination.
Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial
business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder
vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct
the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing
our initial business combination. Our amended and restated certificate of incorporation requires these tender offer documents
to contain substantially the same financial and other information about the initial business combination and the redemption rights
as is required under the SEC&rsquo;s proxy rules. If, however, a stockholder approval of the transaction is required by law, or
we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer
to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares
of common stock voted are voted in favor of the business combination. However, the participation of our sponsor, officers, directors,
advisors or their affiliates in privately-negotiated transactions (as described in this prospectus), if any, could result in the
approval of our business combination even if a majority of our public stockholders vote, or indicate their intention to vote,
against such business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock,
non-votes will have no effect on the approval of our business combination once a quorum is obtained. We intend to give approximately
30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote
shall be taken to approve our business combination. </P>
<P CLASS="Textflush" STYLE=
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If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our business
combination pursuant to the tender offer rules, our amended and
restated certificate of incorporation provides that a public
stockholder, together with any affiliate of such stockholder or any
other person with whom such stockholder is acting in concert or as
a &ldquo;group&rdquo; (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to
Excess Shares.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
However, we would not be restricting our stockholders&rsquo;
ability to vote all of their shares (including Excess Shares) for
or against our business combination.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
112</P>
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If we seek stockholder approval in connection with our business
combination, our sponsor has agreed to vote their founder shares,
private placement shares and any public shares purchased during or
after this offering in favor of our initial business combination.
However, the underwriters have not committed to vote any private
placement shares held by them in favor of our initial business
combination. As a result, assuming all shareholders are present at
the stockholders&rsquo; meeting held to approve our initial
business combination, we would need only 3,625,001 of the
10,000,000 public shares, or approximately 36.3%, sold in this
offering to be voted in favor of our initial business combination
in order to have such transaction approved (assuming the
over-allotment option is not exercised). Furthermore, assuming only
the minimum number of shareholders required to be present at the
stockholders&rsquo; meeting held to approve our initial business
combination approve our initial business combination are present at
such meeting, we would need only 387,501 of the 10,000,000 public
shares, or approximately 3.9%, sold in this offering to be voted in
favor of our initial business combination in order to have such
transaction approved (assuming the over-allotment option is not
exercised). In addition, in the event that our board of directors
amends our bylaws to reduce the number of shares required to be
present at a meeting of our stockholders, we would need even fewer
public shares to be voted in favor of our initial business
combination in order to have such transaction approved.
Additionally, each public stockholder may elect to redeem their
public shares irrespective of whether they vote for or against the
proposed transaction.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to our amended and restated certificate of incorporation, if we are unable to complete our business combination within 18 months
from the closing of this offering (or 21 months, as applicable), we will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, subject to lawfully available funds
therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including interest (which interest shall be net of taxes payable and less up to $50,000 of interest to pay liquidation
expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo;
rights as stockholders (including the right to receive further 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 each case to our obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law. Our sponsor, officer, directors, director nominees and the underwriters
have entered into letter agreements with us, pursuant to which they have agreed to waive their rights to liquidating distributions
from the trust account with respect to their founder shares and private placement shares if we fail to complete our business combination
within 18 months from the closing of this offering (or 21 months, as applicable). However, if they acquire public shares in or
after this offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares
if we fail to complete our business combination within the prescribed time period. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled
to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is
made for each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders
with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit
in the trust account, including interest (which interest shall be net of taxes payable), upon the completion of our initial business
combination, subject to the limitations described herein. </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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Founder Shares and
Private Placement Shares</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
founder shares and private placement shares are identical to the shares of common stock included in the units being sold in this
offering, and holders of founder shares and private placement shares have the same stockholder rights as public stockholders,
except that (i) the founder shares and private placement shares are subject to certain transfer restrictions, as described in
more detail below, and (ii) our sponsor, officers, directors, director nominees and the underwriters and holders of our private
placement shares have entered into letter agreements, pursuant to which they have agreed (A) to waive their redemption rights
with respect to their founder shares, private placement shares and (except for the underwriters) public shares in connection with
the completion of our business combination and (B) to waive their rights to liquidating distributions from the trust account with
respect to their founder shares and private placement shares if we fail to complete our business combination within 18 months
from the closing of this offering (or 21 months, as applicable), although they will be entitled to liquidating distributions from
the trust account with respect to any public shares they hold if we fail to complete our business combination within such </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
113</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> time
period. If we submit our business combination to our public stockholders for a vote, our initial stockholder has agreed to vote
its founder shares, private placement shares and any public shares purchased during or after this offering in favor of our initial
business combination. The underwriters have not committed to vote any private placement shares held by them in favor of our initial
business combination. As a result, assuming all shareholders are present at the stockholders&rsquo; meeting held to approve our
initial business combination, we would need only 3,625,001 of the 10,000,000 public shares, or approximately 36.3%, sold in this
offering to be voted in favor of our initial business combination in order to have such transaction approved (assuming the over-allotment
option is not exercised). Furthermore, assuming only the minimum number of shareholders required to be present at the stockholders&rsquo;
meeting held to approve our initial business combination approve our initial business combination are present at such meeting,
we would need only 387,501 of the 10,000,000 public shares, or approximately 3.9%, sold in this offering to be voted in favor
of our initial business combination in order to have such transaction approved (assuming the over-allotment option is not exercised).
In addition, in the event that our board of directors amends our bylaws to reduce the number of shares required to be present
at a meeting of our stockholders, we would need even fewer public shares to be voted in favor of our initial business combination
in order to have such transaction approved. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
With certain limited exceptions, the founder shares and private
placement shares are not transferable, assignable or salable
(except to our officers and directors and other persons or entities
affiliated with our sponsor, each of whom will be subject to the
same transfer restrictions) until, with respect to the founder
shares, the earlier of one year after the completion of our initial
business combination or earlier if, (x) subsequent to our business
combination, the last sale price of the common stock equals or
exceeds $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at
least 150 days after our initial business combination, or (y) the
date following the completion of our initial business combination
on which we complete a liquidation, merger, stock exchange or other
similar transaction that results in all of our stockholders having
the right to exchange their shares of common stock for cash,
securities or other property, and with respect to the private
placement shares, 30 days after the completion of our initial
business combination. Up to 375,000 founder shares will be subject
to forfeiture by our sponsor (or its permitted transferees) on a
pro rata basis depending on the exercise of the over-allotment
option.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The founder shares and private placement shares are identical to
the shares of common stock included in the units being sold in this
offering. However, the holders have agreed (A) with the exception
of the underwriters, to vote any shares owned by them in favor of
any proposed business combination and (B) not to redeem any shares
in connection with a stockholder vote to approve a proposed 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Preferred
Stock</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Our amended and restated
certificate of incorporation provides that shares of preferred
stock may be issued from time to time in one or more series. Our
board of directors will be authorized to fix the voting rights, if
any, designations, powers, preferences, the relative,
participating, optional or other special rights and any
qualifications, limitations and restrictions thereof, applicable to
the shares of each series. Our board of directors will be able to,
without stockholder approval, issue preferred stock with voting and
other rights that could adversely affect the voting power and other
rights of the holders of the common stock and could have
anti-takeover effects. The ability of our board of directors to
issue preferred stock without stockholder approval could have the
effect of delaying, deferring or preventing a change of control of
us or the removal of existing management. We have no preferred
stock outstanding at the date hereof. Although we do not currently
intend to issue any shares of preferred stock, we cannot assure you
that we will not do so in the future. No shares of preferred stock
are being issued or registered in this offering.</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;">
Rights</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Each
holder of a right will receive one-tenth (1/10) of one share of common stock upon consummation of our initial business combination,
even if the holder of such right redeemed all shares of common stock held by it in connection with the initial business combination.
No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation
of an initial business combination, as the consideration related thereto has been included in the unit purchase price paid for
by investors in this offering. If we enter into a definitive agreement for a business combination in which we will not be the
surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration
the holders of the common stock will receive in the transaction on an as-converted into common stock basis, and each holder of
a right will be required to</FONT> </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
114</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">affirmatively
convert its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration) upon
consummation of the business combination. More specifically, the right holder will be required to indicate its election to convert
the rights into underlying shares as well as to return the original rights certificates to us.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 unable to complete an initial business combination within the required time period and we liquidate the funds held in the
trust account, holders of rights will not receive any such funds with respect to their rights, nor will they receive any distribution
from our assets held outside of the trust account with respect to such rights, and the rights will expire worthless.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">As
soon as practicable upon the consummation of our initial business combination, we will direct registered holders of the rights
to return their rights to our rights agent. Upon receipt of the rights, the rights agent will issue to the registered holder of
such rights the number of full shares of common stock to which it is entitled. We will notify registered holders of the rights
to deliver their rights to the rights agent promptly upon consummation of such business combination and have been informed by
the rights agent that the process of exchanging their rights for shares of common stock should take no more than a matter of days.
The foregoing exchange of rights is solely ministerial in nature and is not intended to provide us with any means of avoiding
our obligation to issue the shares underlying the rights upon consummation of our initial business combination. Other than confirming
that the rights delivered by a registered holder are valid, we will have no ability to avoid delivery of the shares underlying
the rights. Nevertheless, there are no contractual penalties for failure to deliver securities to the holders of the rights upon
consummation of an initial business combination. Additionally, in no event will we be required to net cash settle the rights.
Accordingly, the rights may expire worthless.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.1pt">The
shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of ours). We will
not issue fractional shares upon exchange of the rights. If, upon exchange of the rights, a holder would be entitled to receive
a fractional interest in a share, we will, upon exchange, either round up to the nearest whole number the number of shares to
be issued to the right holder or otherwise comply with Section 155 of the Delaware General Corporation Law (which provides that
Delaware companies shall either (1) arrange for the disposition of fractional interests by those entitled thereto, (2) pay in
cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined or (3)
issue scrip or warrants in registered form (either represented by a certificate or uncertificated) or in bearer form (represented
by a certificate) which shall entitle the holder to receive a full share upon the surrender of such scrip or warrants aggregating
a full share). We will make the determination of how we are treating fractional shares at the time of our initial business combination
and will include such determination in the proxy materials we will send to stockholders for their consideration of such initial
business combination.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Redeemable
Warrants</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Public Stockholders&rsquo; Warrants</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Each
warrant entitles the registered holder to purchase one-half of one share of our common stock at a price of $5.75 per half 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. If a warrant holder holds two warrants, such warrants
will be exercisable for one share of the company&rsquo;s common stock. Warrants must be exercised for  whole shares. The warrants
will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier
upon redemption or liquidation. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 for cash or on a cashless basis, and we will not be
obligated to issue any shares to holders seeking to exercise their
warrants, unless the issuance of the shares upon such exercise is
registered or qualified under the securities laws of the state of
the exercising holder, unless an exemption is available. 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="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
115</P>
<P CLASS="Textflush" STYLE=
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We have agreed that as soon as practicable, but in no event later
than thirty (30) 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 within 90 days after the closing of our initial business
combination 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. Notwithstanding the above, if our common stock
is at the time of any exercise of a warrant not listed on a
national securities exchange such that it satisfies the definition
of a &ldquo;covered security&rdquo; under Section 18(b)(1) of the
Securities Act, we may, at our option, require holders of public
warrants who exercise their warrants to do so on a &ldquo;cashless
basis&rdquo; in accordance with Section 3(a)(9) of the Securities
Act and, in the event we so elect, we will not be required to file
or maintain in effect a registration statement or register or
qualify the shares under blue sky laws, and in the event we do not
so elect, we will use our best efforts to register or qualify the
shares under the blue sky laws of the state of residence in those
states in which the warrants were initially offered by us in this
offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Once the warrants become exercisable, we may call the warrants for
redemption:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
in whole and not in part;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
at a price of $0.01 per warrant;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
upon not less than 30 days&rsquo; prior written notice of
redemption (the &ldquo;30-day redemption period&rdquo;) to each
warrant holder; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
if, and only if, the reported last sale price of the common stock
equals or exceeds $18.00 per share for any 20 trading days within a
30-trading day period ending on the third trading day prior to the
date we send to the notice of redemption to the warrant
holders.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If and when the warrants become redeemable by us, we may not
exercise our redemption right if the issuance of shares of common
stock upon exercise of the warrants is not exempt from registration
or qualification under applicable state blue sky laws or we are
unable to effect such registration or qualification. We will use
our best efforts to register or qualify the shares of common stock
under the blue sky laws of the state of residence in those states
in which the warrants were initially offered by us in this
offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">We have established the last
of the redemption criterion discussed above to prevent a redemption
call unless there is at the time of the call a significant premium
to the warrant exercise price. If the foregoing conditions are
satisfied and we issue a notice of redemption of the warrants, each
warrant holder will be entitled to exercise his, her or its warrant
prior to the scheduled redemption date. However, the price of the
common stock may fall below the $18.00 redemption trigger price as
well as the $11.50 warrant exercise price (for whole shares) after
the redemption notice is issued.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 any holder that wishes
to exercise his, her or its warrant to do so on a &ldquo;cashless
basis.&rdquo; In determining whether to require all holders to
exercise their warrants on a &ldquo;cashless basis,&rdquo; our
management will consider, among other factors, our cash position,
the number of warrants that are outstanding and the dilutive effect
on our stockholders of issuing the maximum number of shares of
common stock issuable upon the exercise of our warrants. If our
management takes advantage of this option, all holders of warrants
would pay the exercise price by surrendering their warrants for
that number of shares of 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
last sale 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. If our management
takes advantage of this option, the notice of redemption will
contain the information necessary to calculate the number of shares
of common stock to be received upon exercise of the warrants,
including the &ldquo;fair market value&rdquo; in such case.
Requiring a cashless exercise in this manner will reduce the number
of shares to be issued and thereby lessen the dilutive effect of a
warrant redemption. We believe this feature is an attractive option
to us if we do not need the cash from the exercise of the warrants
after our initial business combination. If we call our warrants for
redemption and our management does not take advantage of this
option, our sponsor and its permitted transferees would still be
entitled to exercise their private placement warrants contained in
the private placement units for cash or on a cashless</P>
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116</P>
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basis using the same formula described above that other warrant
holders would have been required to use had all warrant holders
been required to exercise their warrants on a cashless basis, as
described in more detail below.</P>
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"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A holder of a warrant may notify us in writing in the event it
elects to be subject to a requirement that such holder will not
have the right to exercise such warrant, to the extent that after
giving effect to such exercise, such person (together with such
person&rsquo;s affiliates), to the warrant agent&rsquo;s actual
knowledge, would beneficially own in excess of 9.8% (or such other
amount as a holder may specify) of the shares of common stock
outstanding immediately after giving effect to such exercise.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the number of outstanding shares of common stock is increased by
a stock dividend payable in shares of common stock, or by a
split-up of shares of common stock or other similar event, then, on
the effective date of such stock dividend, split-up or similar
event, the number of shares of common stock issuable on exercise of
each warrant will be increased in proportion to such increase in
the outstanding shares of common stock. A rights offering to
holders of common stock entitling holders to purchase shares of
common stock at a price less than the fair market value will be
deemed a stock dividend of a number of shares of common stock equal
to the product of (i) the number of shares of common stock actually
sold in such rights offering (or issuable under any other equity
securities sold in such rights offering that are convertible into
or exercisable for common stock) multiplied by (ii) one (1) minus
the quotient of (x) the price per share of common stock paid in
such rights offering divided by (y) the fair market value. For
these purposes (i) if the rights offering is for securities
convertible into or exercisable for common stock, in determining
the price payable for common stock, there will be taken into
account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) fair
market value means the volume weighted average price of common
stock as reported during the ten (10) trading day period ending on
the trading day prior to the first date on which the shares of
common stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.</P>
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"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of common stock on
account of such shares of common stock (or other shares of our
capital stock into which the warrants are convertible), other than
(a) as described above, (b) certain ordinary cash dividends, (c) to
satisfy the redemption rights of the holders of common stock in
connection with a proposed initial business combination, (d) as a
result of the repurchase of shares of common stock by the company
if the proposed initial business combination is presented to the
stockholders of the company for approval, or (e) in connection with
the redemption of our public shares upon our failure to complete
our initial business combination, then the warrant exercise price
will be decreased, effective immediately after the effective date
of such event, by the amount of cash and/or the fair market value
of any securities or other assets paid on each share of common
stock in respect of such event.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the number of outstanding shares of our common stock is
decreased by a consolidation, combination, reverse stock split or
reclassification of shares of common stock or other similar event,
then, on the effective date of such consolidation, combination,
reverse stock split, reclassification or similar event, the number
of shares of common stock issuable on exercise of each warrant will
be decreased in proportion to such decrease in outstanding shares
of common stock.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Whenever the number of shares of common stock purchasable upon the
exercise of the warrants is adjusted, as described above, the
warrant exercise price will be adjusted by multiplying the warrant
exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares of common
stock purchasable upon the exercise of the warrants immediately
prior to such adjustment, and (y) the denominator of which will be
the number of shares of common stock so purchasable immediately
thereafter.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In case of any reclassification or reorganization of the
outstanding shares of common stock (other than those described
above or that solely affects the par value of such shares of common
stock), or in the case of any merger or consolidation of us with or
into another corporation (other than a consolidation or merger in
which we are the continuing corporation and that does not result in
any reclassification or reorganization of our outstanding shares of
common stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of us as an
entirety or substantially as an entirety in connection with which
we are dissolved, the holders of the warrants will thereafter have
the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the warrants and in lieu of the
shares of our common stock immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, the
kind and amount of shares of</P>
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117</P>
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stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or
transfer, that the holder of the warrants would have received if
such holder had exercised their warrants immediately prior to such
event. However, if such holders were entitled to exercise a right
of election as to the kind or amount of securities, cash or other
assets receivable upon such consolidation or merger, then the kind
and amount of securities, cash or other assets for which each
warrant will become exercisable will be deemed to be the weighted
average of the kind and amount received per share by such holders
in such consolidation or merger that affirmatively make such
election, and if a tender, exchange or redemption offer has been
made to and accepted by such holders (other than a tender, exchange
or redemption offer made by the company in connection with
redemption rights held by stockholders of the company as provided
for in the company&rsquo;s amended and restated certificate of
incorporation or as a result of the repurchase of shares of common
stock by the company if a proposed initial business combination is
presented to the stockholders of the company for approval) under
circumstances in which, upon completion of such tender or exchange
offer, the maker thereof, together with members of any group
(within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of
which such maker is a part, and together with any affiliate or
associate of such maker (within the meaning of Rule 12b-2 under the
Exchange Act) and any members of any such group of which any such
affiliate or associate is a part, own beneficially (within the
meaning of Rule 13d-3 under the Exchange Act) more than 50% of the
outstanding shares of common stock, the holder of a warrant will be
entitled to receive the highest amount of cash, securities or other
property to which such holder would actually have been entitled as
a stockholder if such warrant holder had exercised the warrant
prior to the expiration of such tender or exchange offer, accepted
such offer and all of the common stock held by such holder had been
purchased pursuant to such tender or exchange offer, subject to
adjustments (from and after the consummation of such tender or
exchange offer) as nearly equivalent as possible to the adjustments
provided for in the warrant agreement. Additionally, if less than
70% of the consideration receivable by the holders of common stock
in such a transaction is payable in the form of common stock in the
successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately
following such event, and if the registered holder of the warrant
properly exercises the warrant within thirty days following public
disclosure of such transaction, the warrant exercise price will be
reduced as specified in the warrant agreement based on the per
share consideration minus Black-Scholes Warrant Value (as defined
in the warrant agreement) of the warrant in order to determine and
realize the option value component of the warrant. This formula is
to compensate the warrant holder for the loss of the option value
portion of the warrant value due to the requirement that the
warrant holder exercise the warrant within 30 days of the event.
The Black-Scholes model is an accepted pricing model for estimating
fair market value where no quoted market price for an instrument is
available.</P>
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The warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer &amp; Trust Company,
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 65% 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=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 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>
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<FONT STYLE="letter-spacing: .05pt;">Warrants may be exercised only
for a whole number of shares of common stock. 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 common stock to be
issued to the warrant holder. As a result, warrant holders not
purchasing an even number of warrants must sell any odd number of
warrants in order to obtain full value from the fractional interest
that will not be issued.</FONT></P>
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118</P>
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Private Placement Warrants</FONT></P>
<P CLASS="Textflush" STYLE=
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The private placement warrants contained in the private placement
units (including the common stock issuable upon exercise of the
private placement warrants) will not be transferable, assignable or
salable until 30 days after the completion of our initial business
combination (except, among other limited exceptions as described
under &ldquo;Principal Stockholders &mdash; Transfers of Founder
Shares and Private Placement Warrants,&rdquo; to our officers and
directors and other persons or entities affiliated with the
sponsor) and they will not be redeemable by us so long as they are
held by the sponsor, the underwriters or their permitted
transferees. In addition, for as long as the private placement
warrants are held by the underwriters or their designees or
affiliates, they may not be exercised after five years from the
effective date of the registration statement of which this
prospectus forms a part. Otherwise, the private placement warrants
have terms and provisions that are identical to those of the
warrants being sold as part of the units in this offering. If the
private placement warrants are held by holders other than the
sponsor, the underwriters or their permitted transferees, the
private placement warrants will be redeemable by us and exercisable
by the holders on the same basis as the warrants included in the
units being sold in this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If holders of the private placement warrants elect to exercise them
on a cashless basis, they would pay the exercise price by
surrendering his, her or its warrants for that number of shares of
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 last sale 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 warrant exercise is
sent to the warrant agent. The reason that we have agreed that
these warrants will be exercisable on a cashless basis so long as
they are held by our sponsor and permitted transferees is because
it is not known at this time whether they will be affiliated with
us following a business combination. If they remain affiliated with
us, their ability to sell our securities in the open market will be
significantly limited. We expect to have policies in place that
prohibit insiders from selling our securities except during
specific periods of time. Even during such periods of time when
insiders will be permitted to sell our securities, an insider
cannot trade in our securities if he or she is in possession of
material non-public information. Accordingly, unlike public
stockholders who could exercise their warrants and sell the shares
of common stock received upon such exercise freely in the open
market in order to recoup the cost of such exercise, the insiders
could be significantly restricted from selling such securities. As
a result, we believe that allowing the holders to exercise such
warrants on a cashless basis is appropriate.</P>
<P 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Dividends</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 ownership of our
stockholders prior to this offering at 20.0% of our issued and
outstanding shares of our common stock upon the consummation of
this offering (excluding the private placement shares). 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, Rights Agent and Warrant Agent</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
transfer agent for our common stock, rights agent for our rights and warrant agent for our warrants is Continental Stock Transfer
&amp; Trust Company. We have agreed to indemnify Continental Stock Transfer &amp; Trust Company in its roles as transfer agent,
rights agent and warrant agent, its agents and each of its stockholders, directors, officers and employees against all liabilities,
including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that
capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity. </P>
<P CLASS="RRH" STYLE=
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119</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Our Amended and Restated
Certificate of Incorporation</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation contains
certain requirements and restrictions relating to this offering
that will apply to us until the completion of our initial business
combination. These provisions cannot be amended without the
approval of the holders of at least 65% of our common stock and
then only if we allow all public stockholders the opportunity to
redeem their pro-rata interest from the trust account. Our initial
stockholder, which will beneficially own 22.0% of our common stock
upon the closing of this offering (assuming it does not purchase
any units in this offering), will participate in any vote to amend
our amended and restated certificate of incorporation and will have
the discretion to vote in any manner it chooses. Specifically, our
amended and restated certificate of incorporation provides, among
other things, that:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: ZapfDingbatsStd">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if we are unable to complete our initial business combination within 18 months from the closing of this offering (or 21
months, as applicable), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public
shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
(which interest shall be net of taxes payable and less up to $50,000 of interest to pay liquidation expenses), divided by the
number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders
(including the right to receive further 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 each case to our obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law; </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
although we do not intend to enter into a business combination with
a target business that is affiliated with our sponsor, our
directors or our executive officers, we are not prohibited from
doing so. In the event we enter into such a transaction, we, or a
committee of independent directors, will obtain an opinion from an
independent investment banking firm which is a member of FINRA or a
qualified independent accounting firm that such a business
combination is fair to our company from a financial point of
view;</P>
<P CLASS="BLm2" STYLE=
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<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
if a stockholder vote on our initial business combination is not
required by law and we do not decide to hold a stockholder vote for
business or other legal reasons, we will offer to redeem our public
shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange
Act, and will file tender offer documents with the SEC prior to
completing our initial business combination which contain
substantially the same financial and other information about our
initial business combination and the redemption rights as is
required under Regulation 14A of the Exchange Act;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
if our securities are listed on NASDAQ, our initial business
combination must occur with one or more target businesses that
together have an aggregate fair market value of at least 80% of our
assets held in the trust account (excluding the deferred
underwriting commissions 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>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: ZapfDingbatsStd">&#10148;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if our stockholders approve an amendment to our amended and restated 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 business combination within
18 months from the closing of this offering (or 21 months, as applicable), we will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of common stock upon such approval at a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable),
divided by the number of then outstanding public shares; and </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
we will not effectuate our initial business combination with
another blank check company or a similar company with nominal
operations.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
120</P>
<P CLASS="Textflush" STYLE=
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In addition, our amended and restated certificate of incorporation
provides that under no circumstances will we redeem our public
shares in an amount that would cause our net tangible assets upon
consummation of our initial business combination to be less than
$5,000,001.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Certain Anti-Takeover
Provisions of Delaware Law and our Amended and Restated Certificate
of Incorporation and Bylaws</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
a stockholder who owns 15% or more of our outstanding voting stock
(otherwise known as an &ldquo;interested stockholder&rdquo;);</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
an affiliate of an interested stockholder; or</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation provides that
our board of directors will be classified into two 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="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Exclusive forum for
certain lawsuits</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation will require,
to the fullest extent permitted by law, that derivative actions
brought in our name, actions against directors, officers and
employees for breach of fiduciary duty and other similar actions
may be brought only in the Court of Chancery in the State of
Delaware and, if brought outside of Delaware, the stockholder
bringing such suit will be deemed to have consented to service of
process on such stockholder&rsquo;s counsel. Although we believe
this provision benefits us by providing increased consistency in
the application of Delaware law in the types of lawsuits to which
it applies, the provision may have the effect of discouraging
lawsuits against our directors and officers.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Special meeting of
stockholders</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
121</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Advance notice
requirements for stockholder proposals and director
nominations</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">Our bylaws provide that
stockholders seeking to bring business before our annual meeting of
stockholders, or to nominate candidates for election as directors
at our annual meeting of stockholders must provide timely notice of
their intent in writing. To be timely, a stockholder&rsquo;s notice
will need to be received by the secretary to our principal
executive offices not later than the close of business on the
90<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
day nor earlier than the opening of business on the 120<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
day prior to the scheduled date of the annual meeting of
stockholders. If our annual meeting is called for a date that is
not within 45 days before or after such anniversary date, a
stockholder&rsquo;s notice will need to be received not earlier
than the opening of business on the 120<FONT CLASS="superscript"
STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
day before the meeting and not later than the later of (x) the
close of business on the 90<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
day before the meeting or (y) the close of business on the
10<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>
day following the day on which we first publicly announce the date
of the annual meeting. Our bylaws also specify certain requirements
as to the form and content of a stockholder&rsquo;s notice for an
annual meeting. Specifically, a stockholder&rsquo;s notice must
include: (i) a brief description of the business desired to be
brought before the annual meeting, the text of the proposal or
business and the reasons for conducting such business at the annual
meeting, (ii) the name and record address of such stockholder and
the name and address of the beneficial owner, if any, on whose
behalf the proposal is made, (iii) the class or series and number
of shares of our capital stock owned beneficially and of record by
such stockholder and by the beneficial owner, if any, on whose
behalf the proposal is made, (iv) a description of all arrangements
or understandings between such stockholder and the beneficial
owner, if any, on whose behalf the proposal is made and any other
person or persons (including their names) in connection with the
proposal of such business by such stockholder, (v) any material
interest of such stockholder and the beneficial owner, if any, on
whose behalf the proposal is made in such business and (vi) a
representation that such stockholder intends to appear in person or
by proxy at the annual meeting to bring such business before such
meeting. These notice requirements will be deemed satisfied by a
stockholder as to any proposal (other than nominations) if the
stockholder has notified us of such stockholder&rsquo;s intention
to present such proposal at an annual meeting in compliance with
Rule 14a-8 of the Exchange Act, and such stockholder has complied
with the requirements of such rule for inclusion of such proposal
in the proxy statement we prepare to solicit proxies for such
annual meeting. Pursuant to Rule 14a-8 of the Exchange Act,
proposals seeking inclusion in our annual proxy statement must
comply with the notice periods contained therein. The foregoing
provisions may limit our stockholders&rsquo; ability to bring
matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of
stockholders.</FONT></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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Securities Eligible for
Future Sale</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Immediately
after this offering (assuming no exercise of the underwriters&rsquo; over-allotment option) we will have 12,950,000 (or 14,877,500
if the underwriters&rsquo; over-allotment option is exercised in full) shares of common stock outstanding (excluding shares underlying
rights sold in this offering). Of these shares, the 10,000,000 shares (or 11,500,000 shares if the over-allotment option is exercised
in full) sold in this offering 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 (including all 450,000 private placement units and their component securities, or 502,500 private placement units in the
event the over-allotment option is exercised in full) are restricted securities under Rule 144, in that they were issued in private
transactions not involving a public 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Rule 144</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to Rule 144, a person who has beneficially owned restricted shares of our common stock, rights or warrants for at least six months
would be entitled to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the
time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting
requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange
Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Persons
who have beneficially owned restricted shares of our common stock, rights or warrants for at least six months but who are our
affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions,
by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed
the greater of: </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
1% of the total number of shares of common stock then outstanding,
which will equal 129,500 shares immediately after this offering (or
148,775 if the underwriters exercise their over-allotment option in
full); or</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
122</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the average weekly reported trading volume of the 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=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sales by our affiliates 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=
"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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Restrictions on the Use
of Rule 144 by Shell Companies or Former Shell Companies</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="BLm2" STYLE=
"margin-top: 6.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"margin-top: 6.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"margin-top: 6.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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="BLm2" STYLE=
"margin-top: 6.0pt; mso-style-name: BL_m_2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&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=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As a result, our initial stockholder will be able to sell its
founder shares and private placement units and their component
securities, as applicable, pursuant to Rule 144 without
registration one year after we have completed 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Registration
Rights</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The holders of the founder shares and private placement units (and
their component securities) and their permitted transferees will be
entitled to registration rights pursuant to a registration rights
agreement to be signed prior to or on the effective date of this
offering. The holders of these securities and their permitted
transferees are entitled to make up to three demands, excluding
short form demands, that we register such securities. In addition,
the holders and their permitted transferees have certain
&ldquo;piggy-back&rdquo; registration rights with respect to
registration statements filed subsequent to our completion of our
initial business combination and rights to require us to register
for resale such securities pursuant to Rule 415 under the
Securities Act. Notwithstanding the foregoing, the underwriters may
not exercise their demand and &ldquo;piggyback&rdquo; registration
rights after five (5) and seven (7) years after the effective date
of the registration statement of which this prospectus forms a part
and may not exercise its demand rights on more than one occasion.
We will bear the expenses incurred in connection with the filing of
any such registration 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Listing of
Securities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
have applied to list our units, common stock, rights and warrants on NASDAQ under the symbols &ldquo;KBLMU,&rdquo; &ldquo;KBLM,&rdquo;
&ldquo;KBLMR&rdquo; and &ldquo;KBLMW,&rdquo; respectively. We expect that our units will be listed on NASDAQ on the date of this
prospectus. Following the date the shares of our common stock, rights and warrants are eligible to trade separately, we anticipate
that the shares of our common stock, rights and warrants will be listed separately and as a unit on NASDAQ. We cannot guarantee
that our securities will be approved for listing on NASDAQ. </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
123</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>Certain
United States Federal Income Tax Considerations</B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
following is a discussion of the material U.S. federal income tax consequences of the acquisition, ownership and disposition of
our units, shares of common stock, rights and warrants, which we refer to collectively as our securities. Because the components
of a unit are separable at the option of the holder, the holder of a unit generally should be treated, for U.S. federal income
tax purposes, as the owner of the underlying common stock, rights and warrant components of the unit, as the case may be. As a
result, the discussion below with respect to actual holders of common stock, rights and warrants should also apply to holders
of units (as the deemed owners of the underlying common stock, rights and warrants that comprise the units). This discussion applies
only to securities that are held as a capital asset for U.S. federal income tax purposes and is applicable only to holders who
purchased units in this offering. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">This discussion does not
describe all of the tax consequences that may be relevant to you in
light of your particular circumstances, including the alternative
minimum tax, the Medicare tax on certain investment income and the
different consequences that may apply if you are subject to special
rules that apply to certain types of investors, such as:</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
financial institutions;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
insurance companies;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
dealers or traders subject to a mark to market method of accounting
with respect to the securities;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
persons holding the securities as part of a &ldquo;straddle,&rdquo;
hedge, integrated transaction or similar transaction;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
U.S. holders (as defined below) whose functional currency is not
the U.S. dollar;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
partnerships or other pass through entities for U.S. federal income
tax purposes; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
tax exempt entities.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If you are a partnership for U.S. federal income tax purposes, the
U.S. federal income tax treatment of your partners will generally
depend on the status of the partners and your activities.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This discussion is based on the Internal Revenue Code of 1986, as
amended (the &ldquo;Code&rdquo;), and administrative
pronouncements, judicial decisions and final, temporary and
proposed Treasury regulations as of the date hereof, changes to any
of which subsequent to the date of this prospectus may affect the
tax consequences described herein. This discussion does not address
any aspect of state, local or non U.S. taxation, or any U.S.
federal taxes other than income taxes (such as gift and estate
taxes).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You are urged to consult your tax advisor with respect to the
application of U.S. federal tax laws to your particular situation,
as well as any tax consequences arising under the laws of any
state, local or foreign jurisdiction.</P>
<P 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Personal Holding Company
Status</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We could be subject to a second level of U.S. federal income tax on
a portion of our income if we are determined to be a personal
holding company, or PHC, for U.S. federal income tax purposes. A
U.S. corporation generally will be classified as a PHC for U.S.
federal income tax purposes in a given taxable year if (i) at any
time during the last half of such taxable year, five or fewer
individuals (without regard to their citizenship or residency and
including as individuals for this purpose certain entities such as
certain tax-exempt organizations, pension funds and charitable
trusts) own or are deemed to own (pursuant to certain constructive
ownership rules) more than 50% of the stock of the corporation by
value and (ii) at least 60% of the corporation&rsquo;s adjusted
ordinary gross income, as determined for U.S. federal income tax
purposes, for such taxable year consists of PHC income (which
includes, among other things, dividends, interest, certain
royalties, annuities and, under certain circumstances, rents).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Depending on the date and size of our initial business combination,
at least 60% of our adjusted ordinary gross income may consist of
PHC income as discussed above. In addition, depending on the
concentration of our stock in the hands of individuals, including
the members of our sponsor and certain tax-exempt organizations,
pension funds and charitable trusts, more than 50% of our stock may
be owned or deemed owned (pursuant to the constructive ownership
rules) by such persons during the last half of a taxable year.
Thus, no assurance can be given that we will</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
124</P>
<P CLASS="Textflush" STYLE=
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not become a PHC following this offering or in the future. If we
are or were to become a PHC in a given taxable year, we would be
subject to an additional PHC tax, currently 20%, on our
undistributed PHC income, which generally includes our taxable
income, subject to certain adjustments. The PHC requirements may
apply to us in the taxable year of the offering and/or future
taxable years.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Allocation of Purchase
Price and Characterization of a Unit</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> No statutory, administrative or judicial authority directly addresses the treatment of a unit or instruments
similar to a unit for U.S. federal income tax purposes and, therefore, that treatment is not entirely clear. The acquisition of
a unit should be treated for U.S. federal income tax purposes as the acquisition of one share of our common stock, one right and
one warrant to acquire one share of our common stock. We intend to treat the acquisition of a unit in this manner and, by purchasing
a unit, you will agree to adopt such treatment for tax purposes. For U.S. federal income tax purposes, each holder of a unit must
allocate the purchase price paid by such holder for such unit among the share of common stock, right and the warrant based on the
relative fair market value of each at the time of issuance. Each holder of a unit must determine the fair market value of the share
of common stock, right and the warrant as of the date of issuance. Any such determination must take into account the relevant facts
and circumstances, including any market prices for our common stock, rights or warrants attributable to any public trading of the
common stock, rights or warrants that occurs after the units are issued. The price allocated to each share of common stock, right
and the warrant will be the stockholder&rsquo;s tax basis in such share, right or warrant, as the case may be. Any disposition
of a unit should be treated for U.S. federal income tax purposes as a disposition of the share of common stock, right and one warrant
comprising the unit, and the amount realized on the disposition should be allocated among the share of common stock, right and
warrant based on their respective relative fair market values (determined at the time of such disposition taking into account all
the relevant facts and circumstances). The separation of the share of common stock, right and the warrant comprising a unit should
not be a taxable event for U.S. federal income tax purposes. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.1pt">The
foregoing treatment of the shares of common stock, rights and warrants and a holder&rsquo;s purchase price allocation are not
binding on the IRS or the courts. Because there are no authorities that directly address instruments that are similar to the units,
no assurance can be given that the IRS or the courts will agree with the characterization described above or the discussion below.
Accordingly, each prospective investor is urged to consult its own tax advisors regarding the tax consequences of an investment
in a unit (including alternative characterizations of a unit). The balance of this discussion assumes that the characterization
of the units described above is respected for U.S. federal income tax purposes.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">U.S. Holders</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> This
section applies to you if you are a &ldquo;U.S. holder.&rdquo; A U.S. holder is a beneficial owner of our securities who or that
is, for U.S. federal income tax purposes: </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
an individual who is a citizen or resident of the United
States;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
a corporation (or other entity taxable as a corporation for U.S.
federal income tax purposes) organized in or under the laws of the
United States, any state thereof or the District of Columbia;
or</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
an estate or trust the income of which is includible in gross
income for U.S. federal income tax purposes regardless of its
source.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt"><I>Taxation
of Distributions.</I>&emsp;If we pay cash distributions to U.S. holders of shares of our common stock, such distributions generally
will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and
profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and
profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder&rsquo;s
adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized on the sale or other disposition
of the common stock and will be treated as described under &ldquo;U.S. holders &mdash; Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Common Stock, Rights and Warrants&rdquo; below.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dividends we pay to a U.S. holder that is a taxable corporation
generally will qualify for the dividends received deduction if the
requisite holding period is satisfied. With certain exceptions
(including, but not limited to, dividends treated as investment
income for purposes of investment interest deduction limitations),
and provided certain holding period requirements are met, dividends
we pay to a non-corporate U.S. holder generally will constitute
&ldquo;qualified dividends&rdquo; that will be subject to tax at
the maximum tax rate accorded to long-term capital gains. It is
unclear</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
125</P>
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whether the redemption rights with respect to the common stock
described in this prospectus may prevent a U.S. holder from
satisfying the applicable holding period requirements with respect
to the dividends received deduction or the preferential tax rate on
qualified dividend income, as the case may be.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.1pt"><I>Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock, Rights and Warrants.</I>&emsp;Upon a sale
or other taxable disposition of our common stock, rights or warrants which, in general, would include a redemption of
common stock as described below, and including as a result of a dissolution and liquidation in the event we do not consummate
an initial business combination within the required time period, a U.S. holder generally will recognize capital gain or loss
in an amount equal to the difference between the amount realized and the U.S. holder&rsquo;s adjusted tax basis in the common
stock, rights or warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the
U.S. holder&rsquo;s holding period for the common stock, rights or warrants so disposed of exceeds one year. It is unclear,
however, whether the redemption rights with respect to the common stock described in this prospectus may suspend the running
of the applicable holding period for this purpose. Long-term capital gains recognized by non-corporate U.S. holders will be
eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.1pt">Generally,
the amount of gain or loss recognized by a U.S. holder is an amount equal to the difference between (i) the sum of the amount
of cash and the fair market value of any property received in such disposition (or, if the common stock, rights or warrants are
held as part of units at the time of the disposition, the portion of the amount realized on such disposition that is allocated
to the common stock, rights or the warrants based upon the then fair market values of the common stock, rights and the warrants
included in the units) and (ii) the U.S. holder&rsquo;s adjusted tax basis in its common stock, rights or warrants so disposed
of. A U.S. holder&rsquo;s adjusted tax basis in its common stock, rights or warrants generally will equal the U.S. holder&rsquo;s
acquisition cost (that is, as discussed above, the portion of the purchase price of a unit allocated to a share of common stock,
rights or warrant or, as discussed below, the U.S. holder&rsquo;s initial basis for common stock received upon exercise of warrants)
less, in the case of a share of common stock, any prior distributions treated as a return of capital.</FONT> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>Redemption
of Common Stock.</I>&emsp;In the event that a U.S. holder&rsquo;s common stock is redeemed pursuant to the
redemption provisions described in this prospectus under &ldquo;Description of Securities &mdash; Common Stock&rdquo; or if
we purchase a U.S. holder&rsquo;s common stock in an open market transaction, the treatment of the transaction for U.S.
federal income tax purposes will depend on whether the redemption qualifies as sale of the common stock under Section 302 of
the Code. If the redemption qualifies as a sale of common stock, the U.S. holder will be treated as described under
&ldquo;U.S. holders &mdash; Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock, rights and
warrants&rdquo; above. If the redemption does not qualify as a sale of common stock, the U.S. holder will be treated as
receiving a corporate distribution with the tax consequences described above under &ldquo;U.S. holders &mdash; Taxation of
Distributions&rdquo;. Whether a redemption qualifies for sale treatment will depend largely on the total number of shares of
our stock treated as held by the U.S. holder (including any stock constructively owned by the U.S. holder as a result of
owning warrants and, possibly, rights) relative to all of our shares outstanding both before and after the redemption. The
redemption of common stock generally will be treated as a sale of the common stock (rather than as a corporate distribution)
if the redemption (i) is &ldquo;substantially disproportionate&rdquo; with respect to the U.S. holder, (ii) results in
a &ldquo;complete termination&rdquo; of the U.S. holder&rsquo;s interest in us or (iii) is &ldquo;not essentially equivalent
to a dividend&rdquo; with respect to the U.S. holder. These tests are explained more fully below. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">In
determining whether any of the foregoing tests are satisfied, a U.S. holder takes into account not only stock actually owned by
the U.S. holder, but also shares of our stock that are constructively owned by it. A U.S. holder may constructively own, in addition
to stock owned directly, stock owned by certain related individuals and entities in which the U.S. holder has an interest or that
have an interest in such U.S. holder, as well as any stock the U.S. holder has a right to acquire by exercise of an option, which
would generally include common stock which could be acquired pursuant to the exercise of the warrants (and possibly common stock
which could be acquired pursuant to the rights). In order to meet the substantially disproportionate test, the percentage of our
outstanding voting stock actually and constructively owned by the U.S. holder immediately following the redemption of common stock
must, among other requirements, be less than 80% of the percentage of our outstanding voting stock actually and constructively
owned by the U.S. holder immediately before the redemption. There will be a complete termination of a U.S. holder&rsquo;s interest
if either (i) all of the shares of our stock actually and constructively owned by the U.S. holder are redeemed or (ii) all of
the shares of our stock actually owned by the U.S. holder are redeemed and the U.S. holder is eligible to waive, and effectively
waives in accordance with specific rules, the attribution of stock owned by certain family members and the U.S. holder does not
constructively own any other stock. The redemption of the common stock will not be essentially equivalent to a dividend </FONT> </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
126</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">
if a U.S. holder&rsquo;s conversion results in a &ldquo;meaningful reduction&rdquo; of the U.S. holder&rsquo;s proportionate
interest in us. Whether the redemption will result in a meaningful reduction in a U.S. holder&rsquo;s proportionate interest
in us will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a
small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no
control over corporate affairs may constitute such a &ldquo;meaningful reduction.&rdquo; A U.S. holder should consult with
its own tax advisors as to the tax consequences of a redemption.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If none of the foregoing tests is satisfied, then the redemption
will be treated as a corporate distribution and the tax effects
will be as described under &ldquo;U.S. holders &mdash; Taxation of
Distributions,&rdquo; above. After the application of those rules,
any remaining tax basis of the U.S. holder in the redeemed common
stock will be added to the U.S. holder&rsquo;s adjusted tax basis
in its remaining stock, or, if it has none, to the U.S.
holder&rsquo;s adjusted tax basis in its warrants or possibly in
other stock constructively owned by it.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Exercise or Lapse of
a Warrant.</FONT><FONT STYLE=
"letter-spacing: -.05pt;">&emsp;</FONT>Except as discussed below
with respect to the cashless exercise of a warrant, a U.S. holder
generally will not recognize taxable gain or loss from the
acquisition of common stock upon exercise of a warrant for cash.
The U.S. holder&rsquo;s tax basis in the share of our common stock
received upon exercise of the warrant generally will be an amount
equal to the sum of the U.S. holder&rsquo;s initial investment in
the warrant (i.e., the portion of the U.S. holder&rsquo;s purchase
price for a unit that is allocated to the warrant, as described
above under &ldquo;&mdash; General Treatment of Units&rdquo;) and
the exercise price. The U.S. holder&rsquo;s holding period for the
common stock received upon exercise of the warrants will begin on
the date following the date of exercise (or possibly the date of
exercise) of the warrants and will not include the period during
which the U.S. holder held the warrants. If a warrant is allowed to
lapse unexercised, a U.S. holder generally will recognize a capital
loss equal to such holder&rsquo;s tax basis in the warrant.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The tax consequences of a cashless exercise of a warrant are not
clear under current tax law. A cashless exercise may be tax-free,
either because the exercise is not a gain realization event or
because the exercise is treated as a recapitalization for U.S.
federal income tax purposes. In either tax-free situation, a U.S.
holder&rsquo;s basis in the common stock received would equal the
holder&rsquo;s basis in the warrant. If the cashless exercise were
treated as not being a gain realization event, a U.S.
holder&rsquo;s holding period in the common stock would be treated
as commencing on the date following the date of exercise (or
possibly the date of exercise) of the warrant. If the cashless
exercise were treated as a recapitalization, the holding period of
the common stock would include the holding period of the
warrant.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
It is also possible that a cashless exercise could be treated in
part as a taxable exchange in which gain or loss would be
recognized. In such event, a U.S. holder could be deemed to have
surrendered warrants equal to the number of common shares having a
value equal to the exercise price for the total number of warrants
to be exercised. The U.S. holder would recognize capital gain or
loss in an amount equal to the difference between the fair market
value of the common stock represented by the warrants deemed
surrendered and the U.S. holder&rsquo;s tax basis in the warrants
deemed surrendered. In this case, a U.S. holder&rsquo;s tax basis
in the common stock received would equal the sum of the fair market
value of the common stock represented by the warrants deemed
surrendered and the U.S. holder&rsquo;s tax basis in the warrants
exercised. A U.S. holder&rsquo;s holding period for the common
stock would commence on the date following the date of exercise (or
possibly the date of exercise) of the warrant.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Due to the absence of authority on the U.S. federal income tax
treatment of a cashless exercise, there can be no assurance which,
if any, of the alternative tax consequences and holding periods
described above would be adopted by the IRS or a court of law.
Accordingly, U.S. holders should consult their tax advisors
regarding the tax consequences of a cashless exercise.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"letter-spacing: -.2pt;">Possible Constructive
Distributions.</FONT></FONT><FONT STYLE=
"letter-spacing: -.2pt;">&emsp;The terms of each warrant provide
for an adjustment to the number of shares of common stock for which
the warrant may be exercised or to the exercise price of the
warrant in certain events, as discussed in the section of this
prospectus captioned &ldquo;Description of Securities &mdash;
Warrants &mdash; Public Stockholders&rsquo; Warrants.&rdquo; An
adjustment which has the effect of preventing dilution generally is
not taxable. The U.S. holders of the warrants would, however, be
treated as receiving a constructive distribution from us if, for
example, the adjustment increases the warrant holders&rsquo;
proportionate interest in our assets or earnings and profits (e.g.,
through an increase in the number of shares of common stock that
would be obtained upon exercise) as a result of a distribution of
cash to the holders of shares of our common stock which is taxable
to the U.S. holders of such shares as described under &ldquo;U.S.
holders &mdash; Taxation of Distributions&rdquo; above. For
example, if the exercise price of the warrants is decreased as a
result of certain taxable dividends paid to holders of the common
stock (as contemplated by the terms of the warrant in certain
circumstances), then the amount by which such exercise was
decreased could be considered an increase in the warrant
holder&rsquo;s proportionate interest in our assets or earnings and
profits, which may result in a constructive distribution to holders
of the warrants. </FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
127</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">Such constructive distribution would be subject to
tax as described under that section in the same manner as if the
U.S. holders of the warrants received a cash distribution from us
equal to the fair market value of such increased
interest.</P>

<P STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; margin: 7pt 0 0"> <FONT STYLE="letter-spacing: -0.2pt"><I>Acquisition
of Our Common Stock Pursuant to Rights</I>. The treatment of the rights to acquire our common stock is uncertain. The right may
be viewed as a forward contract, derivative security or similar interest in our company (analogous to a warrant or option with
no exercise price), and thus the holder of the right would not be viewed as owning the common stock issuable pursuant to the rights
until such common stock is actually issued. There may be other alternative characterizations of the rights that the IRS may successfully
assert, including that the rights are treated as equity in us at the time the rights are issued.</FONT> </P>

<P STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; margin: 7pt 0 0"> <FONT STYLE="letter-spacing: -0.2pt">The tax consequences
of an acquisition of our common stock pursuant to rights are unclear and will depend on the treatment of any initial business
combination. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences of an acquisition of our
common stock pursuant to rights and the consequences of any initial business combination.</FONT> </P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 8pt 0in 0pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> <I>Information
Reporting and Backup Withholding.</I>&emsp;In general, information reporting requirements may apply to dividends paid to a U.S.
holder and to the proceeds of the sale or other disposition of our units, shares of common stock, rights and warrants, unless
the U.S. holder is an exempt recipient. Backup withholding may apply to such payments if the U.S. holder fails to provide a taxpayer
identification number, a certification of exempt status or has been notified by the IRS that it is subject to backup withholding
(and such notification has not been withdrawn). </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any amounts withheld under the backup withholding rules will be
allowed as a refund or a credit against a U.S. holder&rsquo;s U.S.
federal income tax liability provided the required information is
timely furnished to the IRS.</P>
<P 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Non U.S.
Holders</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> This
section applies to you if you are a &ldquo;Non U.S. holder.&rdquo; A Non U.S. holder is a beneficial owner of our units, shares
of common stock, rights and warrants who or that is, for U.S. federal income tax purposes: </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
a non resident alien individual, other than certain former citizens
and residents of the United States subject to U.S. tax as
expatriates;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
a foreign corporation; or</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
an estate or trust that is not a U.S. holder;</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
but does not include an individual who is present in the United
States for 183 days or more in the taxable year of disposition. If
you are such an individual, you should consult your tax advisor
regarding the U.S. federal income tax consequences of the sale or
other disposition of a security.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>Taxation
of Distributions.</I>&emsp;In general, any distributions we make to a Non-U.S. holder of shares of our common stock, to the extent
paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute
dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the Non-U.S. holder&rsquo;s
conduct of a trade or business within the United States, we will be required to withhold tax from the gross amount of the dividend
at a rate of 30%, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax
treaty and provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E).
Any distribution not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. holder&rsquo;s
adjusted tax basis in its shares of our common stock and, to the extent such distribution exceeds the Non-U.S. holder&rsquo;s
adjusted tax basis, as gain realized from the sale or other disposition of the common stock, which will be treated as described
under &ldquo;Non-U.S. holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock, rights and
warrants&rdquo; below. In addition, if we determine that we are likely to be classified as a &ldquo;United States real property
holding corporation&rdquo; (see &ldquo;Non-U.S. holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of
Common Stock, rights and warrants&rdquo; below), we will withhold 15% of any distribution that exceeds our current and accumulated
earnings and profits. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The withholding tax does not apply to dividends paid to a Non-U.S.
holder who provides a Form W-8ECI, certifying that the dividends
are effectively connected with the Non-U.S. holder&rsquo;s conduct
of a trade or business within the United States. Instead, the
effectively connected dividends will be subject to regular U.S.
income tax as if the </P>

<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
128</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">Non-U.S. holder were a U.S. resident, subject
to an applicable income tax treaty providing otherwise. A Non-U.S.
corporation receiving effectively connected dividends may also be
subject to an additional &ldquo;branch profits tax&rdquo; imposed
at a rate of 30% (or a lower treaty rate).</P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 8pt 0in 0pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> <I>Exercise
of a Warrant.</I>&emsp;The U.S. federal income tax treatment of a Non-U.S. holder&rsquo;s exercise of a warrant, or the lapse
of a warrant held by a Non-U.S. holder, generally will correspond to the U.S. federal income tax treatment of the exercise or
lapse of a warrant by a U.S. holder, as described under &ldquo;U.S. holders &mdash; Exercise or Lapse of a Warrant&rdquo; above,
although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described
below in &ldquo;Non-U.S. holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock, rights and
warrants.&rdquo; </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock, rights and warrants.</I>&emsp;A Non-U.S. holder
generally will not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable
exchange or other taxable disposition of our common stock, which would include a dissolution and liquidation in the event we
do not complete an initial business combination within 18 months from the closing of this offering (or 21 months, as
applicable), or warrants (including an expiration or redemption of our warrants), in each case without regard to whether
those securities were held as part of a unit, unless: </P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the gain is effectively connected with the conduct of a trade or
business by the Non-U.S. holder within the United States (and,
under certain income tax treaties, is attributable to a United
States permanent establishment or fixed base maintained by the
Non-U.S. holder); or</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;"><FONT STYLE=
"letter-spacing: -.15pt;">&#10148;</FONT></FONT><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT STYLE="letter-spacing: -.15pt;">we are or have been a
&ldquo;U.S. real property holding corporation&rdquo; for U.S.
federal income tax purposes at any time during the shorter of the
five-year period ending on the date of disposition or the period
that the Non-U.S. holder held our common stock, and, in the case
where shares of our common stock are regularly traded on an
established securities market, the Non-U.S. holder has owned,
directly or constructively, more than 5% of our common stock at any
time within the shorter of the five-year period preceding the
disposition or such Non-U.S. holder&rsquo;s holding period for the
shares of our common stock. There can be no assurance that our
common stock will be treated as regularly traded on an established
securities market for this purpose.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Unless an applicable treaty provides otherwise, gain described in
the first bullet point above will be subject to tax at generally
applicable U.S. federal income tax rates as if the Non-U.S. holder
were a U.S. resident. Any gains described in the first bullet point
above of a Non-U.S. holder that is a foreign corporation may also
be subject to an additional &ldquo;branch profits tax&rdquo; at a
30% rate (or lower treaty rate).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">If the second bullet point
above applies to a Non-U.S. holder, gain recognized by such holder
on the sale, exchange or other disposition of our common stock or
warrants will be subject to tax at generally applicable U.S.
federal income tax rates. In addition, a buyer of our common stock
or warrants from such holder may be required to withhold U.S.
federal income tax at a rate of 15% of the amount realized upon
such disposition. We cannot determine whether we will be a U.S.
real property holding corporation in the future until we complete
an initial business combination. We will be classified as a U.S.
real property holding corporation if the fair market value of our
&ldquo;U.S. real property interests&rdquo; equals or exceeds 50% of
the sum of the fair market value of our worldwide real property
interests plus our other assets used or held for use in a trade or
business, as determined for U.S. federal income tax
purposes.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>Redemption
of Common Stock.</I>&emsp;The characterization for U.S. federal income tax purposes of the redemption of a Non-U.S. holder&rsquo;s
common stock pursuant to the redemption provisions described in this prospectus under &ldquo;Description of Securities &mdash;
Common Stock&rdquo; generally will correspond to the U.S. federal income tax characterization of such a redemption of a U.S. holder&rsquo;s
common stock, as described under &ldquo;U.S. holders &mdash; Redemption of Common Stock&rdquo; above, and the consequences of
the redemption to the Non-U.S. holder will be as described above under &ldquo;Non-U.S. holders &mdash; Taxation of Distributions&rdquo;
and &ldquo;Non-U.S. holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock, rights and warrants,&rdquo;
as applicable. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <I>Information
Reporting and Backup Withholding.</I>&emsp;Information returns will be filed with the IRS in connection with payments of dividends
and the proceeds from a sale or other disposition of our units, shares of common stock, rights and warrants. A Non-U.S. holder
may have to comply with certification procedures to establish that it is not a United States person in order to avoid information
reporting and backup withholding requirements. The certification procedures required to claim a reduced rate of withholding under
a treaty will satisfy the certification requirements necessary to avoid the backup withholding as well. The amount of any backup
withholding from a payment to a </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
129</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Non-U.S.
holder will be allowed as a credit against such holder&rsquo;s U.S. federal income tax liability and may entitle such holder to
a refund, provided that the required information is timely furnished to the Internal Revenue Service. </P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 8pt 0in 0pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> <I>FATCA
Withholding Taxes.</I>&emsp;Provisions commonly referred to as &ldquo;FATCA&rdquo; impose withholding of 30% on payments of dividends
(including constructive dividends) on our common stock or warrants, and, beginning in 2017, sales or other disposition proceeds
from our units, shares of common stock, rights and warrants to &ldquo;foreign financial institutions&rdquo; (which is broadly
defined for this purpose and in general includes investment vehicles) and certain other Non-U.S. entities unless various U.S.
information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts
with those entities) have been satisfied, or an exemption applies (typically certified as to by the delivery of a properly completed
IRS Form W-8BEN-E). If FATCA withholding is imposed, a beneficial owner that is not a foreign financial institution generally
will be entitled to a refund of any amounts withheld by filing a U.S. federal income tax return (which may entail significant
administrative burden). Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with
the United States governing FATCA may be subject to different rules. Prospective investors should consult their tax advisers regarding
the effects of FATCA on their investment in our securities. </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
130</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Underwriting</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
are offering the units described in this prospectus through Ladenburg Thalmann &amp; Co. Inc., B. Riley &amp; Co., LLC, FBR Capital
Markets &amp; Co. and I-Bankers Securities Inc. acting as representatives of the underwriters. We have entered into an underwriting
agreement with the representatives. Subject to the terms and conditions of the underwriting agreement, the underwriters have agreed
to purchase, and we have agreed to sell to each underwriter, the number of units listed next to its name 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="83%" VALIGN="bottom" STYLE=
"width: 83.2%; 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 !important; 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;"> Underwriter </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.12%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;"> Number
of<BR>
Units </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;"> Ladenburg
Thalmann &amp; Co. Inc. </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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.
Riley &amp; Co., LLC </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.12%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;"> FBR
Capital Markets &amp; Co. </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> I-Bankers
Securities Inc. </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.12%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;"> 10,000,000 </P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The underwriting agreement provides that each underwriter must buy
all of the units if it buys any of them. However, neither
underwriter is required to purchase the units covered by the
underwriter&rsquo;s option to purchase additional units as
described below.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our units are offered subject to a number of conditions,
including:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
receipt and acceptance of our units by the underwriters; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the underwriters&rsquo; right to reject orders in whole or in
part.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have been advised by the representatives that the underwriters
intend to make a market in our units but that they are not
obligated to do so and may discontinue making a market at any time
without notice.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In connection with this offering, the underwriters or securities
dealers may distribute prospectuses electronically.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Option To Purchase
Additional Units</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 an
aggregate of 1,500,000 additional units. The underwriters have 45
days from the date of this prospectus to exercise this option. If
the underwriters exercise this option, they will purchase
additional units approximately in proportion to the amounts
specified in the table above.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Underwriting
Discount</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Units sold by the underwriters to the public will initially be
offered at the initial offering price set forth on the cover of
this prospectus. Any units sold by the underwriters to securities
dealers may be sold at a discount of up to $ per unit from the
initial public offering price. Sales of units made outside of the
United States may be made by affiliates of the underwriters. Upon
the execution of the underwriting agreement, the underwriters will
be obligated to purchase the units at the prices and upon the terms
stated therein, and, as a result, will thereafter bear any risk
associated with changing the offering price to the public or other
selling terms after completion of the initial public offering.</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table shows the per unit and total underwriting
discount we will pay to the underwriters assuming both no exercise
and full exercise of the underwriters&rsquo; option to purchase up
to 1,500,000 additional units.</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: 66.94%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">No Exercise<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">Full Exercise<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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="13%" VALIGN="bottom" STYLE=
"width: 13.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
0.60</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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="13%" VALIGN="bottom" STYLE=
"width: 13.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
0.60</P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 13.64%; 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 !important; 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;">
6,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 13.64%; 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 !important; 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;">
6,900,000</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Includes
$0.35 per unit, or $3,500,000 (or up to $4,025,000 if the
underwriters&rsquo; over-allotment option is exercised in full) in
the aggregate payable to the underwriters for deferred underwriting
commissions to be placed in a trust account located in the United
States as described herein. The deferred commissions will be
released to the underwriters only on completion of an initial
business combination, in an amount equal to $0.35 multiplied by the
number of shares of common stock sold as part of the units in this
offering, as described in this prospectus. Does not include certain
fees and expenses payable to the underwriters in connection with
this offering.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
131</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.2pt;">We estimate that the total
expenses of the offering payable by us, not including the
underwriting discount, will be approximately $500,000. In addition,
we have agreed to pay for the FINRA-related fees and expenses of
the underwriters&rsquo; legal counsel, not to exceed $15,000 and
the expenses of investigations and background checks, not to exceed
$12,500.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Private Placement Units
and Founder 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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The underwriters have committed to purchase 100,000 private
placement units for an aggregate purchase price of $1,000,000 (or
115,000 private placement units for $1,150,000 in the event the
over-allotment option is exercised in full) or $10.00 per unit in
the private placement that will occur simultaneously with the
completion of this offering. The private placement units are
identical to the units being sold in this offering except that they
will be non-redeemable and exercisable on a cashless basis for as
long as the private placement warrants are held by the underwriters
or their permitted transferees. Additionally, for so long as the
private placement warrants are held by the underwriters or their
designees or affiliates, they may not be exercised after five years
from the effective date of the registration statement of which this
prospectus forms a part.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
conjunction with their investment in the private placement units, the underwriters or their designees will also purchase membership
interests in our sponsor, through which the underwriters or their designees will collectively have a pecuniary interest in 200,000
(or 230,000 if the overallotment option is exercised in full) founder shares, pursuant to a separate private placement that will
close simultaneously with the closing of the public offering and the private placement of units. Our sponsor will beneficially
own the founder shares allocated to the underwriters or their designees and will retain sole voting and dispositive power over
such securities until the closing of our initial business combination, at which time our sponsor will distribute the founder shares
to the underwriters or their designees for no additional consideration. Upon receipt of the founder shares, the underwriters or
their designees will no longer retain their ownership interests in our sponsor. The private placement units and underlying shares
of common stock, rights and warrants, and the founder shares have been deemed compensation by FINRA and are therefore subject
to a 180-day lock-up pursuant to Rule 5110(g)(1) of the FINRA Manual, commencing on the effective date of the registration statement
of which this prospectus forms a part. Pursuant to FINRA Rule 5110(g)(1), these securities will not be sold during the offering,
or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call
transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the effective date of the registration statement of which this prospectus forms a part or commencement of sales of the
public offering. </P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Additionally, the private placement units purchased by the
underwriters may not be sold, transferred, assigned, pledged or
hypothecated for 180 days following the effective date of this
prospectus except to any selected dealer participating in the
offering and the bona fide officers or partners of the underwriter
and any such participating selected dealer. The private placement
units (including their component securities) purchased by the
underwriters, similar to units purchased by the sponsor, will not
be transferable, assignable or salable until 30 days after the
completion of our initial business combination (except with respect
to permitted transferees as described herein under &ldquo;Principal
Stockholders &mdash; Transfers of Founder Shares and Private
Placement Units&rdquo;).</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">Our sponsor, officers,
directors, director nominees and the underwriters have agreed not
to transfer, assign or sell any of their founder shares until the
earlier to occur of: (A) one year after the completion of our
initial business combination or (B) the date on which we complete a
liquidation, merger, stock exchange or other similar transaction
after our initial business combination that results in all of our
stockholders having the right to exchange their shares of common
stock for cash, securities or other property (except as described
herein under &ldquo;Principal Stockholders &mdash; Transfers of
Founder Shares and Private Placement Units&rdquo;). We refer to
such transfer restrictions throughout this prospectus as the
lock-up. Notwithstanding the foregoing, if the last sale price of
our common stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after our
initial business combination, then the lock-up will
terminate</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">No Sales of Similar
Securities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We,
our executive officers and directors, and our initial stockholder will enter into lock-up agreements with the underwriters. Under
the lock-up agreements, subject to certain exceptions, we and each of these persons may not, without the prior written approval
of Ladenburg Thalmann &amp; Co. Inc., offer, sell, contract to sell, pledge, or otherwise dispose of, directly or indirectly,
or hedge our units, rights, warrants, shares of common stock or any other securities convertible into or exchangeable or exercisable
for our common stock. These restrictions will be in effect </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
132</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
for a period of 180 days after the date of this prospectus.
Notwithstanding the foregoing, if at any time during the 180-day
restricted period we cease to qualify as an &ldquo;emerging growth
company&rdquo; under the U.S. federal securities laws and either
(1) during the date that is 15 calendar days plus three business
days before the last day of the 180-day restricted period, we issue
an earnings release or material news or a material event relating
to our company occurs or (2) prior to the expiration of the 180-day
restricted period, we announce that we will release earnings
results during the 16-day period beginning on the last day of the
180-day period, then the restrictions described above shall
continue to apply until the expiration of the date that is 15
calendar days plus three business days after the issuance of the
earnings release or the occurrence of the material news or material
event.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
representatives may, at any time and in its sole discretion, release some or all the securities from these lock-up agreements.
The representatives will consider, among other factors, the holder&rsquo;s reasons for requesting the release, the number of securities
for which the release is being requested and market conditions at the time. If the restrictions under the lock-up agreements are
waived, our units, rights, warrants and shares of our common stock may become available for resale into the market, subject to
applicable law, which could reduce the market price of our 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Indemnification</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 certain liabilities, including certain liabilities under the Securities Act.
If we are unable to provide this indemnification, we have agreed to contribute to payments the underwriters may be required to
make in respect of those liabilities. </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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NASDAQ
Listing</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have applied to have our units listed on the Nasdaq Capital
Market under the symbol &ldquo;KBLMU&rdquo; and, once the common
stock, rights and warrants begin separate trading, to be listed on
the Nasdaq Capital Market under the symbols &ldquo;KBLM,&rdquo;
&ldquo;KBLMR&rdquo; and &ldquo;KBLMW,&rdquo; respectively.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Price Stabilization,
Short Positions</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In connection with this offering, the underwriters may engage in
activities that stabilize, maintain or otherwise affect the price
of units during and after this offering, including:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
stabilizing transactions;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
short sales;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
purchases to cover positions created by short sales;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
imposition of penalty bids; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
syndicate covering transactions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Stabilizing transactions consist of bids or purchases made for the
purpose of preventing or retarding a decline in the market price of
our units while this offering is in progress. Stabilization
transactions permit bids to purchase the underlying security so
long as the stabilizing bids do not exceed a specified maximum.
These transactions may also include making short sales of our
units, which involve the sale by the underwriters of a greater
number of units than they are required to purchase in this offering
and purchasing units on the open market to cover short positions
created by short sales. Short sales may be &ldquo;covered short
sales,&rdquo; which are short positions in an amount not greater
than the underwriters&rsquo; option to purchase additional units
referred to above, or may be &ldquo;naked short sales,&rdquo; which
are short positions in excess of that amount.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The underwriters may close out any covered short position by either
exercising their option, in whole or in part, or by purchasing
units in the open market. In making this determination, the
underwriters will consider, among other things, the price of units
available for purchase in the open market as compared to the price
at which they may purchase units through the over-allotment
option.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Naked short sales are short sales made in excess of the
over-allotment option. The underwriters must close out any naked
short position by purchasing units in the open market. A naked
short position is more likely to be created if the underwriters are
concerned that there may be downward pressure on the price of the
units in the open market that could adversely affect investors who
purchased in this offering.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
133</P>
<P CLASS="Textflush" STYLE=
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The underwriters also may impose a penalty bid. This occurs when a
particular underwriter repays to a representative a portion of the
underwriting discount received by it because the representatives
have repurchased units sold by or for the account of that
underwriter in stabilizing or short covering transactions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
These stabilizing transactions, short sales, purchases to cover
positions created by short sales, the imposition of penalty bids
and syndicate covering transactions may have the effect of raising
or maintaining the market price of our units or preventing or
retarding a decline in the market price of our units. As a result
of these activities, the price of our units may be higher than the
price that otherwise might exist in the open market. The
underwriters may carry out these transactions on the Nasdaq, in the
over-the-counter market or otherwise. Neither we nor the
underwriters make any representation or prediction as to the effect
that the transactions described above may have on the price of the
units. Neither we, nor the underwriters, make any representation
that the underwriters will engage in these stabilization
transactions or that any transaction, once commenced, will not be
discontinued without notice.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Determination of
Offering Price</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prior to this offering, there was no public market for our units.
The initial public offering price will be determined by negotiation
between us and the representatives of the underwriters. The
principal factors to be considered in determining the initial
public offering price include:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the information set forth in this prospectus and otherwise
available to the representatives;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
our history and prospects and the history and prospects for the
industry in which we compete;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
our past and present financial performance;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
our prospects for future earnings and the present state of our
development;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the general condition of the securities market at the time of this
offering;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
the recent market prices of, and demand for, publicly traded units
of generally comparable companies; and</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
other factors deemed relevant by the underwriters and us.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
estimated public offering price range set forth on the cover page of this preliminary prospectus is subject to change as a result
of market conditions and other factors. Neither we nor the underwriters can assure investors that an active trading market will
develop for our units, rights, warrants or common stock or that the units will trade in the public market at or above the initial
public offering price. </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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Affiliations</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">The underwriters and their
affiliates are full service financial institutions engaged in
various activities, which may include securities trading,
commercial and investment banking, financial advisory, investment
management, investment research, principal investment, hedging,
financing and brokerage activities. The underwriters and their
affiliates may from time to time in the future engage with us and
perform services for us or in the ordinary course of their business
for which they will receive customary fees and expenses. In the
ordinary course of their various business activities, the
underwriters and their respective affiliates may make or hold a
broad array of investments and actively trade debt and equity
securities (or related derivative securities) and financial
instruments (including bank loans) for their own account and for
the accounts of their customers, and such investment and securities
activities may involve securities and/or instruments of us. The
underwriters and their affiliates may also make investment
recommendations and/or publish or express independent research
views in respect of these securities or instruments and may at any
time hold, or recommend to clients that they acquire, long and/or
short positions in these securities and instruments.</FONT></P>
<P 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Conflicts of
Interest</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not under any contractual obligation to engage the
underwriters to provide any services for us after this offering,
and have no present intent to do so. However, the underwriters may
introduce us to potential target businesses or assist us in raising
additional capital in the future. If the underwriters provide
services to us after this offering, we may pay such underwriters
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 underwriters and no fees for such</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
134</P>
<P CLASS="Textflush" STYLE=
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services will be paid to the underwriters prior to the date that is
90 days from the date of this prospectus, unless FINRA determines
that such payment would not be deemed underwriters&rsquo;
compensation in connection with this offering and we may pay the
underwriters of this offering or any entity with which they are
affiliated a finder&rsquo;s fee or other compensation for services
rendered to us in connection with the completion of a business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.15pt;">In conjunction with their
investment in the private placement units, the underwriters or
their designees will also purchase membership interests in our
sponsor, through which the underwriters or their designees will
collectively have a pecuniary interest in 200,000 (or 230,000 if
the overallotment option is exercised in full) founder shares,
pursuant to a separate private placement that will close
simultaneously with the closing of the public offering and the
private placement of units. Our sponsor will beneficially own the
founder shares allocated to the underwriters or their designees and
will retain sole voting and dispositive power over such securities
until the closing of our initial business combination, at which
time our sponsor will distribute the founder shares to the
underwriters or their designees for no additional consideration.
Upon receipt of the founder shares, the underwriters or their
designees will no longer retain their ownership interests in our
sponsor. The financial interests of our underwriters may influence
their motivation in assisting us as set forth above.</FONT></P>
<P CLASS="H2" STYLE=
"margin-top: 9.0pt; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Electronic
Distribution</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A prospectus in electronic format may be made available on the
Internet sites or through other online services maintained by the
underwriters participating in this offering, or by its affiliates.
In those cases, prospective investors may view offering terms
online and, depending upon the particular underwriter, prospective
investors may be allowed to place orders online. The underwriters
may agree with us to allocate a specific number of units for sale
to online brokerage account holders. Any such allocation for online
distributions will be made by the underwriters on the same basis as
other allocations. Other than the prospectus in electronic format,
the information on any underwriter&rsquo;s website and any
information contained in any other website maintained by an
underwriter is not part of the prospectus or the registration
statement of which this prospectus forms a part, has not been
approved and/or endorsed by us or any underwriter in its capacity
as underwriter and should not be relied upon by investors.</P>
<P CLASS="H2" STYLE=
"margin-top: 9.0pt; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Selling
Restrictions</FONT></P>
<P CLASS="H3" STYLE=
"margin-top: 7.0pt; mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in Australia</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.25pt;">This prospectus contains
general information only and does not take account of the
investment objectives, financial situation or particular needs of
any particular person. It does not contain any securities
recommendations or financial product advice. Before making an
investment decision, investors need to consider whether the
information in this prospectus is appropriate to their needs,
objectives and circumstances, and, if necessary, seek expert advice
on those matters.</FONT></P>
<P CLASS="H3" STYLE=
"margin-top: 9.0pt; mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in the Dubai International
Financial Centre</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
135</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
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.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in the European Economic
Area</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">In relation to each member
state of the European Economic Area that has implemented the
Prospectus Directive (each, a &ldquo;relevant member state&rdquo;),
with effect from and including the date on which the Prospectus
Directive is implemented in that relevant member state (the
&ldquo;relevant implementation date&rdquo;), an offer of units
described in this prospectus may not be made to the public in that
relevant member state prior to the publication of a prospectus in
relation to the units that has been approved by the competent
authority in that relevant member state or, where appropriate,
approved in another relevant member state and notified to the
competent authority in that relevant member state, all in
accordance with the Prospectus Directive, except that, with effect
from and including the relevant implementation date, an offer of
our units may be made to the public in that relevant member state
at any time:</FONT></P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
to any legal entity which is a qualified investor as defined in the
Prospectus Directive;</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
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</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
in any other circumstances that do not require the publication by
us of a prospectus pursuant to Article 3 of the Prospectus
Directive.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in Switzerland</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
136</P>
<P CLASS="Textflush" STYLE=
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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.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in the United Kingdom</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">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.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in France</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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 CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
released, issued, distributed or caused to be released, issued or
distributed to the public in France; or</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
used in connection with any offer for subscription or sale of the
units to the public in France.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Such offers, sales and distributions will be made in France
only:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
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 CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
to investment services providers authorized to engage in portfolio
management on behalf of third parties; or</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
in a transaction that, in accordance with article
L.411-2-II-1&deg;-or-2&deg;-or 3&deg; of the French Code
mon&eacute;taire et financier and article 211-2 of the General
Regulations (R&egrave;glement G&eacute;n&eacute;ral) of the
Autorit&eacute; des March&eacute;s Financiers, does not constitute
a public offer (appel public &agrave; l&rsquo;&eacute;pargne).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in Hong Kong</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
137</P>
<P CLASS="H3" STYLE=
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<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in Japan</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; 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-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Notice to Prospective Investors in Singapore</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Where the units are subscribed or purchased under Section 275 of
the SFA by a relevant person which is:</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
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 CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
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 CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
where no consideration is or will be given for the transfer; or</P>
<P CLASS="BLm2" STYLE=
"mso-style-name: BL_m_2; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="arrow" STYLE=
"mso-style-name: arrow; font-family: ZapfDingbatsStd;">&#10148;</FONT><FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
where the transfer is by operation of law.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
138</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Legal Matters</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">Ellenoff Grossman &amp; Schole
LLP, New York, New York, is acting as counsel in connection with
the registration of our securities under the Securities Act, and as
such, will pass upon the validity of the securities offered in this
prospectus. Holland &amp; Knight LLP, Miami, Florida, advised the
underwriters in connection with the offering of the
securities.</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Experts</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The balance sheet of KBL Merger Corp. IV as of December 31, 2016
and the related statements of operations, changes in
stockholder&rsquo;s equity and cash flows for the period September
7, 2016 (inception) through December 31, 2016 appearing in this
prospectus have been audited by WithumSmith+Brown, PC, independent
registered public accounting firm, as stated in their report which
is incorporated herein. Such financial statements have been
incorporated herein in reliance on the report of such firm given
upon their authority 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Where You Can Find
Additional Information</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 securities we are
offering by this prospectus. This prospectus does not contain all
of the information included in the registration statement. For
further information about us and our securities, you should refer
to the registration statement and the exhibits and schedules filed
with the registration statement. Whenever we make reference in this
prospectus to any of our contracts, agreements or other documents,
the references are materially complete but may not include a
description of all aspects of such contracts, agreements or other
documents, and you should refer to the exhibits attached to the
registration statement for copies of the actual contract, agreement
or other document.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; 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 CLASS="italic0" STYLE=
"mso-style-name: italic; font-style: italic;">www.sec.gov</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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
139</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">INDEX TO FINANCIAL
STATEMENTS</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="88%" VALIGN="bottom" STYLE=
"width: 88.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; 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: 10.08%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Page</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Audited Financial Statements of KBL Merger Corp.
IV:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 10.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Report of Independent Registered Public
Accounting Firm</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; 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: 10.08%; 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 !important; 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="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Balance Sheets as of March 31, 2017 (unaudited)
and December 31, 2016</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 10.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px !important; 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="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Statement of Operations for the three months
ended March 31, 2017 (unaudited) and for the period from September
7, 2016 (inception) to December 31, 2016</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; 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: 10.08%; 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 !important; 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="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Statement of Changes in Stockholder&rsquo;s
equity for the three months ended March 31, 2017<BR>
(unaudited) and for the period from September 7, 2016 (inception)
to December 31, 2016</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 10.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px !important; 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="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Statement of Cash Flows for the three months
ended March 31, 2017 (unaudited) and for the period from September
7, 2016 (inception) to December 31, 2016</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; 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: 10.08%; 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 !important; 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="88%" VALIGN="bottom" STYLE=
"width: 88.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 to Financial Statements</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 10.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px !important; 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>
</TABLE>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To the Board of Directors and Stockholder of</P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
KBL Merger Corp. IV</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 KBL Merger Corp.
IV (the &ldquo;Company&rdquo;), as of December 31, 2016, and the
related statements of operations, changes in stockholder&rsquo;s
equity and cash flows for the period from September 7, 2016
(inception) to December 31, 2016. 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: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. 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. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 KBL
Merger Corp. IV as December 31, 2016, and the results of its
operations and its cash flows for the period from September 7, 2016
(inception) to December 31, 2016, in accordance with accounting
principles generally accepted in the United States of America.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
/s/ WithumSmith+Brown, PC</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Whippany,
New Jersey </P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> May
26, 2017 </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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=
"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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">BALANCE
SHEETS</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="66%" VALIGN="bottom" STYLE=
"width: 66.94%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
&nbsp;</P>
</DIV>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">March 31,<BR>
2017</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
&nbsp;</P>
</DIV>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
December 31, 2016</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Assets</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
(unaudited)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
(audited)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
Current asset: Cash</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE="font: 10pt/normal TimesNewRomanPSStd-Regular; margin: 0in 0in 0pt; text-align: right; padding-bottom: 3px !important; mso-style-name: Tbody_rightalign; text-autospace: none; color: black">
67,250</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
67,250</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Deferred offering costs associated with initial
public offering</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
252,750</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
172,750</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Total
Assets</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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;">
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">320,000</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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;">
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">240,000</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 12.4%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 12.4%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Liabilities and Stockholders&rsquo; Equity
(Deficit)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
Accounts payable and accrued expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
189,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
78,105</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
Note payable &ndash; related party</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 12.4%; 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 !important; 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;">
140,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 12.4%; 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 !important; 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;">
140,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Total
Liabilities</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
329,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
218,105</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 66.94%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 12.4%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 12.4%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Commitments</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 66.94%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Stockholder&rsquo;s Equity (Deficit):</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Preferred stock, $0.0001 par value; 1,000,000
shares authorized; no shares issued and outstanding as of March 31,
2017 and December 31, 2016</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Common stock, $0.0001 par value; 35,000,000
shares authorized;<BR>
2,875,000 shares issued and outstanding as of March 31, 2017
and<BR>
December 31, 2016<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
287</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
287</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
24,713</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 12.4%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
24,713</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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;'>
(34,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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;'>
(3,105</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; 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: 66.94%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Total
Stockholder&rsquo;s Equity (Deficit)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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="12%" VALIGN="bottom" STYLE=
"width: 12.4%; 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 !important; 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;'>
(9,365</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 12.4%; 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 !important; 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;">
21,895</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 66.94%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Total
Liabilities and Stockholder&rsquo;s Equity
(Deficit)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; 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 !important; 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><FONT LANG="EN-GB" STYLE=
"font-family: TimesNewRomanPSStd-Bold;">$</FONT></B></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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><FONT LANG="EN-GB" STYLE=
"font-family: TimesNewRomanPSStd-Bold;">320,000</FONT></B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; 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 !important; 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><FONT LANG="EN-GB" STYLE=
"font-family: TimesNewRomanPSStd-Bold;">$</FONT></B></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.4%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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><FONT LANG="EN-GB" STYLE=
"font-family: TimesNewRomanPSStd-Bold;">240,000</FONT></B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">____________</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">(1)</FONT><FONT CLASS="Italic"
STYLE="mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">This number includes
an aggregate of up to 375,000 common stock subject to forfeiture if
the over-allotment option is not exercised by the
underwriters.</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">The accompanying
notes are an integral part of these financial
statements.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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=
"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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">STATEMENTS OF
OPERATIONS</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="61%" VALIGN="bottom" STYLE=
"width: 61.62%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
&nbsp;</P>
</DIV>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.86%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">For the three<BR>
&nbsp;months<BR>
ended<BR>
March 31,<BR>
2017</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
&nbsp;</P>
</DIV>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.26%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">For the period<BR>
from<BR>
September 7,<BR>
2016 (inception) through<BR>
December 31,<BR>
2016</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="61%" VALIGN="bottom" STYLE=
"width: 61.62%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="15%" VALIGN="bottom" STYLE=
"width: 15.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
(unaudited)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="14%" VALIGN="bottom" STYLE=
"width: 14.26%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
(audited)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="61%" VALIGN="bottom" STYLE=
"width: 61.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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 !important; 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="15%" VALIGN="bottom" STYLE=
"width: 15.86%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
31,260</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; 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 !important; 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="14%" VALIGN="bottom" STYLE=
"width: 14.26%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
3,105</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="61%" VALIGN="bottom" STYLE=
"width: 61.62%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Net
loss</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.86%; 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 !important; 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;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">(31,260</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.26%; 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 !important; 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;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">(3,105</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="61%" VALIGN="bottom" STYLE=
"width: 61.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.86%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 14.26%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="61%" VALIGN="bottom" STYLE=
"width: 61.62%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Weighted average shares outstanding, basic and
diluted</FONT></FONT><FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;"><B><FONT LANG="EN-GB"
STYLE=
"font-family: TimesNewRomanPSStd-Bold; font-size: 6pt !important;">(1)</FONT></B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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="15%" VALIGN="bottom" STYLE=
"width: 15.86%; 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 !important; 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;">
2,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 14.26%; 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 !important; 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;">
2,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="61%" VALIGN="bottom" STYLE=
"width: 61.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.86%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 14.26%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="61%" VALIGN="bottom" STYLE=
"width: 61.62%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Basic
and diluted net loss per ordinary share</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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="15%" VALIGN="bottom" STYLE=
"width: 15.86%; 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 !important; 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;'>
(0.01</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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="14%" VALIGN="bottom" STYLE=
"width: 14.26%; 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 !important; 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;'>
(0.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">____________</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">(1)</FONT><FONT CLASS="Italic"
STYLE="mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">This number excludes
an aggregate of up to 375,000 shares of common stock subject to
forfeiture if the over-allotment option is not exercised by the
underwriters.</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">The accompanying
notes are an integral part of these financial
statements.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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=
"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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">STATEMENTS OF CHANGES IN
STOCKHOLDER&rsquo;S EQUITY (DEFICIT)</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.96%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; 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: 9.92%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 9.92%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 9.74%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Additional</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 11.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Total</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 21.38%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Common Stock</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 9.74%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Paid-In</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 11.96%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Accumulated</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Stockholder&rsquo;s</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; 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: 9.92%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Shares</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 9.92%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Amount</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 9.74%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Capital</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 11.96%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Deficit</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 14.12%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Equity (Deficit)</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Balance &ndash; September 7, 2016
(inception)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 9.92%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.74%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 9.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 10.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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="2%" VALIGN="bottom" STYLE=
"width: 2.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Issuance of common stock to
Sponsor&nbsp;audited<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">(1)</FONT></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: 10.0pt; 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: 9.92%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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>
<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: 10.0pt; font-family: 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 !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.74%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
287</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: 10.0pt; font-family: 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 !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
24,713</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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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="9%" VALIGN="bottom" STYLE=
"width: 9.58%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.2%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: 10.0pt; font-family: 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 !important; 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: 10.88%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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="2%" VALIGN="bottom" STYLE=
"width: 2.06%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 audited</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 9.92%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.74%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.56%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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="9%" VALIGN="bottom" STYLE=
"width: 9.58%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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;'>
(3,105</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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="10%" VALIGN="bottom" STYLE=
"width: 10.88%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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;'>
(3,105</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; 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="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Balance &ndash; December 31, 2016 audited</FONT></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: 10.0pt; 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: 9.92%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">2,875,000</FONT></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: 10.0pt; font-family: 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: 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.74%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">287</FONT></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: 10.0pt; font-family: 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: 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.56%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">24,713</FONT></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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; 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 !important; 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;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.58%; 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 !important; 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;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">(3,105</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">)</FONT></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: 10.0pt; font-family: 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: 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.88%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">21,895</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.06%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 (unaudited)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 9.92%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.74%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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="8%" VALIGN="bottom" STYLE=
"width: 8.56%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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="9%" VALIGN="bottom" STYLE=
"width: 9.58%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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;'>
(31,260</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: 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: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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="10%" VALIGN="bottom" STYLE=
"width: 10.88%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px !important; 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;'>
(31,260</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px !important; 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="36%" VALIGN="bottom" STYLE=
"width: 36.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Balance &ndash; March 31, 2017
(unaudited)</FONT></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: 10.0pt; 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: 9.92%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">2,875,000</FONT></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: 10.0pt; font-family: 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: 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 !important; 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;">
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.74%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">287</FONT></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: 10.0pt; font-family: 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: 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 !important; 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;">
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.56%; 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 !important; 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 CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">24,713</FONT></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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.58%; 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 !important; 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;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">(34,365</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">)</FONT></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: 10.0pt; font-family: 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: 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$</FONT></FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.88%; 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 !important; 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;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">(9,365</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.06%; 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 !important; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">)</FONT></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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">____________</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">(1)</FONT><FONT CLASS="Italic"
STYLE="mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">This number includes
an aggregate of up to 375,000 common stock subject to forfeiture if
the over-allotment option is not exercised by the
underwriters.</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">The accompanying
notes are an integral part of these financial
statements.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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=
"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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">STATEMENTS OF CASH
FLOWS</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="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
&nbsp;</P>
</DIV>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.3%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">For the three<BR>
months ended<BR>
March 31,<BR>
2017</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
&nbsp;</P>
</DIV>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
<FONT LANG="EN-GB">For the period<BR>
from September 7,<BR>
2016 (inception)<BR>
through<BR>
December 31,<BR>
2016</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="11%" VALIGN="bottom" STYLE=
"width: 11.3%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
(unaudited)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
(audited)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 0pt !important; mso-style-name: TCH; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Cash
Flows from Operating Activities</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 11.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 11.3%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
(31,260</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
(3,105</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Changes in operating assets and
liabilities:</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 11.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; 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;'>
Accounts payable and accrued expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 11.3%; 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 !important; 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;">
31,260</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; 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 !important; 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;">
3,105</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; 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;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Net
cash used in operating activities</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 11.3%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 11.3%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Cash
Flows from Financing Activities</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 11.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Proceeds from issuance of common stock to
Sponsor</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 11.3%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Proceeds from issuance of note payable to
Sponsor</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 11.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
100,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 deferred offering costs</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 11.3%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
(57,750</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px !important; 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="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; 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;'>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Net
cash provided by financing activities</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 11.3%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
67,250</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 11.3%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Net
change in cash</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 11.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
67,250</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 11.3%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Cash
&ndash; beginning of the period</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 11.3%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
67,250</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">Cash
&ndash; ending of the period</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 11.3%; 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 !important; 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;">
67,250</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; 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 !important; 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;">
67,250</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 11.3%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG=
"EN-GB">Supplemental disclosure of financing
activities:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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: 11.3%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" VALIGN="bottom" STYLE=
"width: 16.88%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; 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;'>
<FONT LANG="EN-GB">Offering costs paid by Sponsor under note
payable &ndash; related party</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; 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 !important; 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: 11.3%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; 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 !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
40,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px !important; 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;'>
<FONT LANG="EN-GB">Offering costs included in accounts payable and
accrued expenses</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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: 11.3%; 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 !important; 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;">
80,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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 !important; 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="16%" VALIGN="bottom" STYLE=
"width: 16.88%; 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 !important; 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;">
75,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.24%; 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: 10.0pt; 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=
"margin-top: 10.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">The accompanying
notes are an integral part of these financial
statements.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 1.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Organization and
Business Operations</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">KBL Merger Corp. IV (the
&ldquo;Company&rdquo;) is a newly organized blank check company
organized under the laws of the State of Delaware on September 7,
2016. The Company was formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses that
the Company has not yet identified (&ldquo;Business
Combination&rdquo;). Although the Company is not limited to a
particular industry or geographic region for purposes of
consummating a Business Combination, the Company intends to focus
on the healthcare and related wellness industry. The Company is an
early stage and emerging growth company and, as such, the Company
is subject to all of the risks associated with early stage and
emerging growth companies.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
At March 31, 2017, the Company had not yet commenced operations.
All activities from September 7, 2016 (inception) through March 31,
2017 relates to the Company&rsquo;s formation and the proposed
public offering (&ldquo;Proposed Public Offering&rdquo;), which is
described below. The Company will not generate any operating
revenues until after completion of its initial Business
Combination, at the earliest. The Company will generate
non-operating income in the form of interest income from the
proceeds held in trust derived from the Proposed Public Offering.
The Company has selected December 31 as its fiscal year end.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 10,000,000 units at $10.00 per unit (or
11,500,000 units if the underwriters&rsquo; over-allotment option
is exercised in full) (&ldquo;Units&rdquo; and, with respect to the
shares of the Company&rsquo;s common stock included in the Units
being offered, the &ldquo;Public Shares&rdquo;), which is discussed
in Note 3, and the sale of 450,000 units (or 502,500 units if the
underwriters&rsquo; over-allotment option is exercised in full)
(&ldquo;Private Units&rdquo; and, with respect to the shares of the
Company&rsquo;s common stock included in the Private Units being
offered, the &ldquo;Private Shares&rdquo;) at a price of&nbsp;
$10.00 per Private Unit in a private placement to the
Company&rsquo;s sponsor, KBL IV Sponsor LLC (the
&ldquo;Sponsor&rdquo;) and the underwriters, that will close
simultaneously with the Proposed Public Offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company&rsquo;s management has broad discretion with respect to
the specific application of the net proceeds of its Proposed Public
Offering and Private Units, 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 complete a Business Combination successfully. The
Company must complete one or more initial Business Combinations
having an aggregate fair market value of at least 80% of the assets
held in the Trust Account (excluding the deferred underwriting
commissions and taxes payable on income earned on the trust
account) at the time of the agreement to enter into the initial
Business Combination. However, the Company will only complete a
Business Combination if the post-transaction company owns or
acquires 50% or more of the outstanding voting securities of the
target or otherwise acquires a controlling interest in the target
sufficient for it not to be required to register as an investment
company under the Investment Company Act 1940, as amended, or the
Investment Company Act. Upon the closing of the Proposed Public
Offering, management has agreed that an amount equal to at least
$10.00 per Unit sold in the Proposed Public Offering, including the
proceeds of the Private Units, will be held in a trust account
(&ldquo;Trust Account&rdquo;), located in the United States with
Continental Stock Transfer &amp; Trust Company acting as trustee,
and invested in U.S. government securities, within the meaning set
forth in Section 2(a)(16) of the Investment Company Act, with a
maturity of 180 days or less or in any open-ended investment
company that holds itself out as a money market fund selected by
the Company meeting the conditions of Rule 2a-7 of the Investment
Company Act, as determined by the Company, until the earlier of:
(i) the completion of a Business Combination and (ii) the
distribution of the Trust Account as described below.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Company will provide its holders of the outstanding shares of the Company&rsquo;s common stock sold in the Proposed Public
Offering (&ldquo;public stockholders&rdquo;) with the opportunity to redeem all or a portion of their Public Shares upon the
completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business
Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a
Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders
will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
approximately $10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously
released to the Company for tax obligations). The per-share </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 1.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Organization and
Business Operations</FONT> <FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">
(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> amount to be distributed to public stockholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares
will be recorded at a redemption value and classified as temporary equity upon the completion of the Proposed Public Offering,
in accordance with Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 480 &ldquo;<I>Distinguishing Liabilities from Equity</I>.&rdquo;
In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001
upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination.
If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other
legal reasons, the Company will, pursuant to its amended and restated certificate of incorporation, conduct the redemptions pursuant
to the tender offer rules of the Securities and Exchange Commission (&ldquo;SEC&rdquo;), and file tender offer documents with
the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transactions is required by law,
or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in
conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each
public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.
If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholder (as defined below),
officers and directors have agreed to vote their Founder Shares (as defined in Note 4), Private Shares, and any Public Shares
purchased during or after the Proposed Public Offering in favor of a Business Combination. In addition, the initial stockholder,
officers and directors have agreed to waive their redemption rights with respect to their Founder Shares, Private Shares and Public
Shares in connection with the completion of a Business Combination. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notwithstanding the foregoing, the Company&rsquo;s amended and
restated memorandum and articles of association provides that a
public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert
or as a &ldquo;group&rdquo; (as defined under Section 13 of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;)), will be restricted from redeeming its shares with
respect to more than an aggregate of 10% or more of the shares of
the Company&rsquo;s common stock sold in the Proposed Public
Offering, without the prior consent of the Company.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company&rsquo;s Sponsor (the &ldquo;initial
stockholder&rdquo;), officers and directors have agreed not to
propose an amendment to the Company&rsquo;s amended and restated
article of incorporation that would affect the substance or timing
of the Company&rsquo;s obligation to redeem 100% of its Public
Shares if the Company does not complete a Business Combination,
unless the Company provides the public stockholders with the
opportunity to redeem their shares of the Company&rsquo;s common
stock in conjunction with any such amendment.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
the Company is unable to complete a Business Combination within 18 months (or 21 months, as applicable) from the closing of the
Proposed Public Offering (the &ldquo;Combination Period&rdquo;), 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 the Public Shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
(which interest shall be net of taxes payable and less up to $50,000 of interest to pay dissolution expenses),
divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders&rsquo;
rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders
and the Company&rsquo;s Board of Directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company&rsquo;s
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be
no redemption rights or liquidating distributions with respect to the Company&rsquo;s Warrants and Private Placement Warrants
(as defined in Note 3), which will expire worthless if the Company fails to complete its Business Combination within the 18-month
(or 21-month, as applicable) time period. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In connection with the redemption of 100% of the Company&rsquo;s
outstanding Public Shares for a portion of the funds held in the
Trust Account, each holder 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 the Company for working capital, taxes payable and up
to $50,000 of interest to pay dissolution expenses.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 1.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Organization and
Business Operations</FONT> <FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">
(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The initial stockholder, officers, directors and underwriters have
agreed to waive their liquidation rights with respect to the
Founder Shares and Private Shares if the Company fails to complete
a Business Combination within the Combination Period. However, if
they should acquire Public Shares in or after the Proposed Public
Offering, they will be entitled to liquidating distributions from
the Trust Account with respect to such Public Shares if the Company
fails to complete a Business Combination within the Combination
Period. The underwriters have agreed to waive their rights to their
deferred underwriting commission (see Note 5) held in the Trust
Account in the event the Company does not complete a Business
Combination within in the Combination Period and, in such event,
such amounts will be included with the other funds held in the
Trust Account that will be available to fund the redemption of the
Company&rsquo;s Public Shares. In the event of such distribution,
it is possible that the per share value of the residual assets
remaining available for distribution (including Trust Account
assets) will be only $10.10 per share initially held in the Trust
Account. In order to protect the amounts held in the Trust Account,
the Sponsor has agreed to be liable to the Company if and to the
extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which
the Company has discussed entering into a transaction agreement,
reduce the amount of funds in the Trust Account. This liability
will not apply with respect to any claims by a third party who
executed a waiver of any right, title, interest or claim of any
kind in or to any monies held in the Trust Account or to any claims
under the Company&rsquo;s indemnity of the underwriters of the
Proposed Public Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;). Moreover, in the event that an
executed waiver is deemed to be unenforceable against a third
party, our sponsor will not be responsible to the extent of any
liability for such third party claims. The Company will seek to
reduce the possibility that our sponsor will have to indemnify the
Trust Account due to claims of creditors by endeavoring to have all
vendors, service providers (other than the Company&rsquo;s
independent auditors), prospective target businesses or other
entities with which the Company does business, execute agreements
with the Company waiving any right, title, interest or claim of any
kind in or to monies held in the Trust Account.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 2.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Significant Accounting
Policies</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Basis of
presentation</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.25pt;">The accompanying 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 SEC. In connection with the Company&rsquo;s
assessment of going concern considerations in accordance with ASU
2014-15, &ldquo;Disclosures of Uncertainties about an
Entity&rsquo;s Ability to Continue as a Going Concern&rdquo;, as of
December 31, 2016, the Company does not have sufficient liquidity
to meet its current obligations. However, management has determined
that the Company&rsquo;s access to funds from the Sponsor entity
are sufficient to fund the working capital needs of the Company
until the earlier of the consummation of the Proposed Public
Offering or one year from the date of issuance of these financial
statements.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The accompanying unaudited financial statements as of and for the
three months ended March 31, 2017 have been prepared in accordance
with U.S. GAAP for interim financial information and Article 8 of
Regulation S-X. In the opinion of management, all adjustments
(consisting of normal accruals) considered for a fair presentation
have been included. Operating results for the three months ended
March 31, 2017 are not necessarily indicative of the results that
may be expected for the year ending December 31, 2017.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Emerging growth
company</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company is an &ldquo;emerging growth company,&rdquo; as defined
in Section 2(a) of the Securities Act of 1933, as amended, (the
&ldquo;Securities Act&rdquo;), as modified by the Jumpstart our
Business Startups Act of 2012, (the &ldquo;JOBS Act&rdquo;), and it
may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are
not emerging growth companies including, but not limited to, not
being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in its periodic
reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and
stockholder approval of any golden parachute payments not
previously approved.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 2.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Significant Accounting
Policies</FONT> <FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">
(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Further, section 102(b)(1) of the JOBS Act exempts emerging growth
companies from being required to comply with new or revised
financial accounting standards until private companies (that is,
those that have not had a Securities Act registration statement
declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or
revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period
and comply with the requirements that apply to non-emerging growth
companies but any such election to opt out is irrevocable. The
Company has elected not to opt out of such extended transition
period which means that when a standard is issued or revised and it
has different application dates for public or private companies,
the Company, as an emerging growth company, can adopt the new or
revised standard at the time private companies adopt the new or
revised standard. This may make comparison of the Company&rsquo;s
financial statements with another public company which is neither
an emerging growth company nor an emerging growth company which has
opted out of using the extended transition period difficult or
impossible because of the potential differences in accounting
standards used.</P>
<P 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Concentration of credit
risk</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 a cash account in a
financial institution which, at times may exceed the Federal
depository insurance coverage of $250,000. At March 31, 2017 and
December 31, 2016, the Company had not experienced losses on this
account and management believes the Company is not exposed to
significant risks on such account.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Use of
estimates</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The preparation of the financial statements in conformity with U.S.
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.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Making estimates requires management to exercise significant
judgment. It is at least reasonably possible that the estimate of
the effect of a condition, situation or set of circumstances that
existed at the date of the financial statements, which management
considered in formulating its estimate, could change in the near
term due to one or more future confirming events. Accordingly, the
actual results could differ significantly from those estimates.</P>
<P 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Deferred offering
costs</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Deferred offering costs of
consist of legal, accounting, 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 completion of the Proposed
Public Offering. 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.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Net loss per
share</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company complies with accounting and disclosure requirements of
ASC Topic 260, <FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">&ldquo;Earnings Per
Share</FONT>.&rdquo; Net loss per share is computed by dividing net
loss by the weighted average number of common stock outstanding
during the period. At March 31, 2017 and December 31, 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
periods presented.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Income taxes</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company complies with the accounting and reporting requirements
of ASC Topic 740, &ldquo;<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Income
Taxes</FONT>,&rdquo; which requires an asset and liability approach
to financial accounting and reporting for income taxes. Deferred
income tax assets and liabilities are computed for differences
between the financial statements and tax bases of assets and
liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable
income. Valuation allowances are established, when necessary, to
reduce deferred tax assets to the amount expected to be
realized.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 2.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Significant Accounting
Policies</FONT> <FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">
(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ASC Topic 740 prescribes a recognition threshold and a measurement
attribute for the financial statements recognition and measurement
of tax positions taken or expected to be taken in a tax return. For
those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing
authorities. The Company&rsquo;s management determined that
Delaware is the Company&rsquo;s only major tax jurisdiction. The
Company recognizes accrued interest and penalties related to
unrecognized tax benefits as income tax expense. There were no
unrecognized tax benefits and no amounts accrued for interest and
penalties as of March 31, 2017 and December 31, 2016. The Company
is currently not aware of any issues under review that could result
in significant payments, accruals or material deviation from its
position.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company may be subject to potential examination by U.S.
federal, U.S. state or foreign taxing authorities in the area of
income taxes. These potential examinations may include questioning
the timing and amount of deductions, the nexus of income among
various tax jurisdictions and compliance with U.S. federal, U.S.
state and foreign tax laws. The Company&rsquo;s management does not
expect that the total amount of unrecognized tax benefits will
materially change over the next twelve months.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Fair value of financial
instruments</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 ASC Topic 820,
&ldquo;<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Fair Value
Measurements and Disclosures</FONT>,&rdquo; approximates the
carrying amounts represented in the accompanying balance sheet,
primarily due to their short-term nature.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Recent Accounting
Pronouncements</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In August 2014, the Financial Accounting Standards Board
(&ldquo;FASB&rdquo;) issued Accounting Standards Update
(&ldquo;ASU&rdquo;) 2014-15, &ldquo;Presentation of Financial
Statements &mdash; Going Concern&rdquo; (Subtopic 205-40):
Disclosure of Uncertainties about an Entity&rsquo;s Ability to
Continue as a Going Concern. ASU 2014-15 provides guidance on
management&rsquo;s responsibility to evaluate whether there is
substantial doubt about an organization&rsquo;s ability to continue
as a going concern and to provide related footnote disclosures. For
each reporting period, management will be required to evaluate
whether there are conditions or events that raise substantial doubt
about a company&rsquo;s ability to continue as a going concern
within one year from the date the financial statements are issued.
The amendments in ASU 2014-15 are effective for annual reporting
periods ending after December 15, 2016 and for annual and interim
periods thereafter. Early adoption is permitted. The Company has
adopted the methodologies prescribed by ASU 2014-15 and it did not
have a material effect on its financial position or results of
operations. See Basis of Presentation for additional
considerations.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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 pronouncements, if currently adopted, would
have a material effect on the Company&rsquo;s 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Subsequent
Events</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">Management has evaluated
subsequent events to determine if events or transactions occurring
through the date the financial statements were available for
issuance, require potential adjustment to or disclosure in the
financial statements and has concluded that all such events that
would require recognition or disclosure have been recognized or
disclosed.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 3.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Proposed Public Offering
and Private Placement</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;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;"><FONT STYLE=
"font-weight: normal;">Proposed Public Offering</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to the Proposed Public Offering, the Company will offer for sale up to 10,000,000 Units (or 11,500,000 Units if the underwriters&rsquo;
over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one share of the
Company&rsquo;s common stock, one right to receive one-tenth of one share of the Company&rsquo;s common stock (&ldquo;Right&rdquo;), and one redeemable warrant to purchase one-half of one share of the Company&rsquo;s common stock
(&ldquo;Warrant&rdquo;). &nbsp;Each Warrant will entitle the holder to purchase one Common stock at an exercise price of $5.75 per half
share, subject to adjustment. No fractional shares will be issued upon exercise of the </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 3.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Proposed Public Offering
and Private Placement</FONT> <FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">
(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> warrants. The Warrants will become exercisable
on the later of (i) 30 days after the completion of the initial
Business Combination and (ii) 12 months from the closing of the Proposed Public Offering, and will expire five years after the
completion of the initial Business Combination or earlier upon redemption or liquidation. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company may redeem the Warrants, in whole and not in part, at a
price of $0.01 per Warrant upon 30 days&rsquo; notice
(&ldquo;30-day redemption period&rdquo;), only in the event that
the last sale price of the common stock equals or exceeds $18.00
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 notice
of redemption is given, provided there is an effective registration
statement with respect to the shares of common stock underlying
such Warrants and a current prospectus relating to those shares of
common stock is available throughout the 30-day redemption period.
If the Company calls the Warrants for redemption as described
above, the Company&rsquo;s 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; the management will consider, among other factors,
the Company&rsquo;s cash position, the number of Warrants that are
outstanding and the dilutive effect on the Company&rsquo;s
stockholders of issuing the maximum number of shares of common
stock issuable upon the exercise of the Warrants.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Each
holder of a Right will receive one-tenth (1/10) of one share of common stock upon consummation of a Business Combination. No fractional
shares will be issued upon exchange of the Rights. No additional consideration will be required to be paid by a holder of Rights
in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has
been included in the Unit purchase price paid for by investors in the Proposed Offering. If the Company enters into a definitive
agreement for a Business Combination in which the Company will not be the surviving entity, each holder of a right will be required
to affirmatively convert its rights in order to receive the 1/10 share of common stock underlying each right (without paying any
additional consideration). </P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 8pt 0in 0pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> There will be no redemption rights or liquidating distributions with respect to the Warrants and Rights,
which will expire worthless if the Company fails to complete its Business Combination within the Combination Period. </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;">
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Private
Placement</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Sponsor and the underwriters have committed to purchase an
aggregate of 450,000 Private Units (or 502,500 Private Units if the
underwriters&rsquo; over-allotment option is exercised in full) at
$10.00 per Private Unit ($4.5 million in the aggregate or
approximately $5.025 million if the over-allotment option is
exercised in full) in a Private Placement that will close
simultaneously with the closing of the Proposed Public Offering. Of
these, 350,000 Private Units will be purchased by the Sponsor and
100,000 Private Units will be purchased by the underwriters (or
387,500 Private Units will be purchased by the Sponsor and 115,000
Private Units will be purchased by the underwriters if the
over-allotment option is exercised in full). The proceeds from the
Private Units will be added to the proceeds from the Proposed
Public Offering to be held in the Trust Account. The Private Units
(including their component securities) will not be transferable,
assignable or salable until 30 days after the completion of the
initial Business Combination and the warrants included in the
Private Units (the &ldquo;Private Placement Warrants&rdquo;) will
be non-redeemable so long as they are held by the Sponsor, the
underwriters or their permitted transferees. If the Private
Placement Warrants are held by someone other than the Sponsor, the
underwriters or their permitted transferees, the Private Placement
Warrants will be redeemable by the Company and exercisable by such
holders on the same basis as the warrants included in the Units
being sold in the Proposed Public Offering. In addition, for as
long as the Private Placement Warrants are held by the underwriters
or its designees or affiliates, they may not be exercised after
five years from the effective date of the registration statement
related to the Proposed Public Offering. Otherwise, the Private
Placement Warrants have terms and provisions that are identical to
those of the warrants being sold as part of the Units in the
Proposed Public Offering and have no net cash settlement
provisions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the Company does not complete a Business Combination within the
Combination Period, the proceeds of the Private Placement will be
part of the liquidating distribution to the public stockholders and
the Private Units and their component securities issued to the
Sponsor will expire worthless.</P>

<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 4.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Related Party
Transactions</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Due to Related
Party</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company&rsquo;s Sponsor has agreed to loan the Company in the
form of a promissory note of up to $200,000 to be used for the
payment of costs related to the Proposed Public Offering. The loan
is non-interest bearing, unsecured and due on the earlier of June
30, 2017 or the closing of the Proposed Public Offering. The
Company intends to repay the loan from the proceeds of the Proposed
Public Offering not being placed in the Trust Account. As of March
31, 2017 and December 31, 2016, the Company has borrowed $140,000
under the promissory note.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: 0.05pt">In
addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the
Sponsor, or certain of the Company&rsquo;s officers and directors may, but are not obligated to, loan the Company funds as may
be required (&ldquo;Working Capital Loans&rdquo;). If the Company completes a Business Combination, the Company would repay the
Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would
be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company
may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust
Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if
any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either
be repaid upon consummation of a Business Combination, without interest, or, at the lender&rsquo;s discretion, up to $1 million
of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit.
The units would be identical to the Private Units.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Founder
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; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In September 2016, the Company issued 2,875,000 shares of the
Company&rsquo;s common stock to the Sponsor (the &ldquo;Founder
Shares&rdquo;) in exchange for a capital contribution of $25,000.
The 2,875,000 Founder Shares include an aggregate of up to 375,000
shares subject to forfeiture by the Sponsor to the extent that the
underwriters&rsquo; over-allotment option is not exercised in full
or in part.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The initial stockholder has agreed not to transfer, assign or sell
any of the Founder Shares (except to certain permitted transferees)
until the earlier to occur of (i) one year after the completion of
a Business Combination, and (ii) the date following the completion
of a Business Combination on which the Company completes 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 of the Company&rsquo;s common stock
for cash, securities or other property the (&ldquo;Lock-Up
Period&rdquo;). Notwithstanding the foregoing, if the last sale
price of the Company&rsquo;s common stock equals or exceeds $12.00
per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days
after its initial Business Combination, then the lock-up will
terminate.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Administrative Service
Fee</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company has agreed, commencing on the effective date of the
Proposed Public Offering through the earlier of the Company&rsquo;s
consummation of a Business Combination and its liquidation, to pay
the Sponsor a monthly fee of $10,000 for office space, utilities
and secretarial and administrative support.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 5.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Commitments &amp;
Contingencies</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Registration
Rights</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The holders of the Founder Shares and Private Units and warrants
that maybe issued upon conversion of Working Capital Loans (and any
shares of the Company&rsquo;s common stock issuable upon the
exercise of the Private Units and warrants that may be issued upon
conversion of Working Capital Loans) will be entitled to
registration rights pursuant to a registration rights agreement to
be signed prior to or on the effective date of the Proposed Public
Offering. The holders of these securities are entitled to make up
to three demands, excluding short form demands, </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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=
"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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">KBL MERGER CORP.
IV</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">NOTES TO FINANCIAL
STATEMENTS</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 5.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Commitments &amp;
Contingencies</FONT> <FONT CLASS="bold0" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">
(cont.)</FONT></FONT></P>

<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">that the Company register such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo; registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock-Up Period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</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"><FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Underwriting
Agreement</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company will grant the underwriters a 45-day option from the
date of this prospectus to purchase up to 1,500,000 additional
Units to cover over-allotments, if any, at the Proposed Public
Offering price less the underwriting discounts and commissions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The underwriters will be entitled to an underwriting discount of
$0.25 per unit, or $2.5 million in the aggregate (or approximately
$2.9 million in the aggregate if the underwriters&rsquo;
over-allotment option is exercised in full), payable upon the
closing of the Proposed Public Offering. $0.35 per unit, or $3.5
million in the aggregate (or approximately $4 million in the
aggregate if the underwriters&rsquo; over-allotment option is
exercised in full) will be payable to the underwriters for deferred
underwriting commissions (&ldquo;Deferred Fee&rdquo;). The Deferred
Fee will become payable to the underwriters from the amounts held
in the Trust Account solely in the event that the Company completes
a Business Combination, subject to the terms of the underwriting
agreement.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Note 6.</FONT>
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Stockholder&rsquo;s
equity</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Common stock</FONT> &mdash; The Company is authorized to issue
35,000,000 shares of the Company&rsquo;s common stock with a par
value of $0.0001 per share. Holders of the Company&rsquo;s shares
of the Company&rsquo;s common stock are entitled to one vote for
each share. At March 31, 2017 and December 31, 2016, there were
2,875,000 shares of common stock issued and outstanding, of which
up to 375,000 are subject to forfeiture by the Sponsor to the
extent that the underwriters&rsquo; over-allotment option is not
exercised in full or in part.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="BoldItalic" STYLE=
'mso-style-name: "Bold Italic"; font-weight: bold; font-style: italic;'>
Preferred Shares</FONT> &mdash; The Company is authorized to issue
1,000,000 preferred shares with a par value of $0.0001 per share.
At March 31, 2017 and December 31, 2016, there are no preferred
shares issued or outstanding.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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>
<DIV STYLE=
"border: none; border-top: double windowtext 6.0pt; padding: 24.0pt 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">You should rely only on
the information contained in this prospectus. 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. The information
contained in this prospectus is accurate only as of the date of
this prospectus, regardless of the time of delivery of this
prospectus or of any sale of our securities.</FONT></P>
</DIV>
<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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 18.0pt;">KBL MERGER CORP. IV</FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: .5in; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">10,000,000 UNITS</FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: .5in; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: H1; 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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">Ladenburg Thalmann</FONT></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: 49.16%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 14.0pt;">B. Riley &amp; Co.</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 49.16%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 14.0pt;">FBR</FONT></FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 10.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 14pt"><B>I-Bankers
Securities Inc.</B></FONT> </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: .5in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">____________________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 12.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Preliminary
Prospectus</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 60.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">____________________</FONT></P>
<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in .25in 0in;">
<P CLASS="Textflush" STYLE=
"border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Until&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2017 (25 days after the date of this prospectus), all dealers
that buy, sell or trade our common stock, whether or not
participating in this offering, may be required to deliver a
prospectus. This is in addition to the dealers&rsquo; obligation to
deliver a prospectus when acting as underwriters and with respect
to their unsold allotments or subscriptions.</FONT></P>
</DIV>
<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=
"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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Part II</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Information not Required
in Prospectus</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ITEM 13. OTHER EXPENSES
OF ISSUANCE AND DISTRIBUTION.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The estimated expenses payable by us in connection with the
offering described in this registration statement (other than the
underwriting discount and commissions) will be as follows:</P>
<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="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
200,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.68%; 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
39,500</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
13,329</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
FINRA expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
17,750</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
Travel and road show</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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;">
Directors and officers insurance</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
75,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 and filing fees</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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: 13.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px !important; 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;">
75,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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: 13.86%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px !important; 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;">
19,421</P>
</TD>
</TR>
<TR>
<TD WIDTH="83%" VALIGN="bottom" STYLE=
"width: 83.2%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px !important; 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 LANG="EN-GB">Total offering expenses (other than underwriting
commissions)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" 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: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.26%; 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 !important; 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: 13.86%; 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 !important; 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;">
500,000</P>
</TD>
</TR>
</TABLE>
<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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ITEM 14. INDEMNIFICATION
OF DIRECTORS AND OFFICERS.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation provides that
all of our directors, officers, employees and agents shall be
entitled to be indemnified by us to the fullest extent permitted by
Section 145 of the Delaware General Corporation Law
(&ldquo;DGCL&rdquo;).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Section 145 of the DGCL concerning indemnification of officers,
directors, employees and agents is set forth below.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Section 145. Indemnification of officers, directors, employees and
agents; insurance.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(a)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> A
corporation shall have power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by
or in the right of the corporation) by reason of the fact that the
person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against
expenses (including attorneys&rsquo; fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by the
person in connection with such action, suit or proceeding if the
person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe the person&rsquo;s
conduct was unlawful. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a
plea of nolo contendere or its equivalent, shall not, of itself,
create a presumption that the person did not act in good faith and
in a manner which the person reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect
to any criminal action or proceeding, had reasonable cause to
believe that the person&rsquo;s conduct was unlawful.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(b)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
A corporation shall have power to indemnify any person who was or
is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the
corporation to procure a judgment in its favor by reason of the
fact that the person is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorneys&rsquo; fees)
actually and reasonably incurred by the person in connection with
the defense or settlement of such action or suit if the person
acted in good faith and in a manner the person reasonably believed
to be in or not opposed to the best interests of the corporation
and except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation unless and only to the
extent that the Court of Chancery or the court in which such action
or suit was brought shall determine upon application that,</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
II-1</P>
<P CLASS="NLm" STYLE=
"text-indent: 0in; mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery
or such other court shall deem proper.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(c)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> To the
extent that a present or former director or officer of a
corporation has been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in
subsections (a) and (b) of this section, or in defense of any
claim, issue or matter therein, such person shall be indemnified
against expenses (including attorneys&rsquo; fees) actually and
reasonably incurred by such person in connection therewith.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(d)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Any indemnification under subsections (a) and (b) of this section
(unless ordered by a court) shall be made by the corporation only
as authorized in the specific case upon a determination that
indemnification of the present or former director, officer,
employee or agent is proper in the circumstances because the person
has met the applicable standard of conduct set forth in subsections
(a) and (b) of this section. Such determination shall be made, with
respect to a person who is a director or officer at the time of
such determination, (1) by a majority vote of the directors who are
not parties to such action, suit or proceeding, even though less
than a quorum, or (2) by a committee of such directors designated
by majority vote of such directors, even though less than a quorum,
or (3) if there are no such directors, or if such directors so
direct, by independent legal counsel in a written opinion, or (4)
by the stockholders.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(e)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Expenses
(including attorneys&rsquo; fees) incurred by an officer or
director in defending any civil, criminal, administrative or
investigative action, suit or proceeding may be paid by the
corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf
of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be
indemnified by the corporation as authorized in this section. Such
expenses (including attorneys&rsquo; fees) incurred by former
officers and directors or other employees and agents may be so paid
upon such terms and conditions, if any, as the corporation deems
appropriate.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(f)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
indemnification and advancement of expenses provided by, or granted
pursuant to, the other subsections of this section shall not be
deemed exclusive of any other rights to which those seeking
indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in such person&rsquo;s
official capacity and as to action in another capacity while
holding such office. A right to indemnification or to advancement
of expenses arising under a provision of the certificate of
incorporation or a bylaw shall not be eliminated or impaired by an
amendment to such provision after the occurrence of the act or
omission that is the subject of the civil, criminal, administrative
or investigative action, suit or proceeding for which
indemnification or advancement of expenses is sought, unless the
provision in effect at the time of such act or omission explicitly
authorizes such elimination or impairment after such action or
omission has occurred.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(g)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
A corporation shall have power to purchase and maintain insurance
on behalf of any person who is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other
enterprise against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of
such person&rsquo;s status as such, whether or not the corporation
would have the power to indemnify such person against such
liability under this section.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(h)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> For
purposes of this section, references to &ldquo;the
corporation&rdquo; shall include, in addition to the resulting
corporation, any constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger which, if
its separate existence had continued, would have had power and
authority to indemnify its directors, officers, and employees or
agents, so that any person who is or was a director, officer,
employee or agent of such constituent corporation, or is or was
serving at the request of such constituent corporation as a
director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, shall stand
in the same position under this section with respect to the
resulting or surviving corporation as such person would have with
respect to such constituent corporation if its separate existence
had continued.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
II-2</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(i)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> For
purposes of this section, references to &ldquo;other
enterprises&rdquo; shall include employee benefit plans; references
to &ldquo;fines&rdquo; shall include any excise taxes assessed on a
person with respect to any employee benefit plan; and references to
&ldquo;serving at the request of the corporation&rdquo; shall
include any service as a director, officer, employee or agent of
the corporation which imposes duties on, or involves services by,
such director, officer, employee or agent with respect to an
employee benefit plan, its participants or beneficiaries; and a
person who acted in good faith and in a manner such person
reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have
acted in a manner &ldquo;not opposed to the best interests of the
corporation&rdquo; as referred to in this section.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(j)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
indemnification and advancement of expenses provided by, or granted
pursuant to, this section shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to
be a director, officer, employee or agent and shall inure to the
benefit of the heirs, executors and administrators of such a
person.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(k)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Court
of Chancery is hereby vested with exclusive jurisdiction to hear
and determine all actions for advancement of expenses or
indemnification brought under this section or under any bylaw,
agreement, vote of stockholders or disinterested directors, or
otherwise. The Court of Chancery may summarily determine a
corporation&rsquo;s obligation to advance expenses (including
attorneys&rsquo; fees).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; 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. In the event that
a claim for indemnification against such liabilities (other than
the payment of expenses incurred or paid by a director, officer or
controlling person in a successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, we will,
unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to the court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In accordance with Section 102(b)(7) of the DGCL, our amended and
restated certificate of incorporation, will provide that no
director shall be personally liable to us or any of our
stockholders for monetary damages resulting from breaches of their
fiduciary duty as directors, except to the extent such limitation
on or exemption from liability is not permitted under the DGCL. The
effect of this provision of our amended and restated certificate of
incorporation is to eliminate our rights and those of our
stockholders (through stockholders&rsquo; derivative suits on our
behalf) to recover monetary damages against a director for breach
of the fiduciary duty of care as a director, including breaches
resulting from negligent or grossly negligent behavior, except, as
restricted by Section 102(b)(7) of the DGCL. However, this
provision does not limit or eliminate our rights or the rights of
any stockholder to seek non-monetary relief, such as an injunction
or rescission, in the event of a breach of a director&rsquo;s duty
of care.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the DGCL is amended to authorize corporate action further
eliminating or limiting the liability of directors, then, in
accordance with our amended and restated certificate of
incorporation, the liability of our directors to us or our
stockholders will be eliminated or limited to the fullest extent
authorized by the DGCL, as so amended. Any repeal or amendment of
provisions of our amended and restated certificate of incorporation
limiting or eliminating the liability of directors, whether by our
stockholders or by changes in law, or the adoption of any other
provisions inconsistent therewith, will (unless otherwise required
by law) be prospective only, except to the extent such amendment or
change in law permits us to further limit or eliminate the
liability of directors on a retroactive basis.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation will also
provide that we will, to the fullest extent authorized or permitted
by applicable law, indemnify our current and former officers and
directors, as well as those persons who, while directors or
officers of our corporation, are or were serving as directors,
officers, employees or agents of another entity, trust or other
enterprise, including service with respect to an employee benefit
plan, in connection with any threatened, pending or completed
proceeding, whether civil, criminal, administrative or
investigative, against all expense, liability and loss (including,
without limitation, attorney&rsquo;s fees, judgments, fines, ERISA
excise taxes and penalties and amounts paid in settlement)
reasonably incurred or suffered by any such person in connection
with any such proceeding. Notwithstanding the foregoing, a person
eligible for indemnification pursuant to our</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
II-3</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
amended and restated certificate of incorporation will be
indemnified by us in connection with a proceeding initiated by such
person only if such proceeding was authorized by our board of
directors, except for proceedings to enforce rights to
indemnification.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The right to indemnification conferred by our amended and restated
certificate of incorporation is a contract right that includes the
right to be paid by us the expenses incurred in defending or
otherwise participating in any proceeding referenced above in
advance of its final disposition, provided, however, that if the
DGCL requires, an advancement of expenses incurred by our officer
or director (solely in the capacity as an officer or director of
our corporation) will be made only upon delivery to us of an
undertaking, by or on behalf of such officer or director, to repay
all amounts so advanced if it is ultimately determined that such
person is not entitled to be indemnified for such expenses under
our amended and restated certificate of incorporation or
otherwise.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The rights to indemnification and advancement of expenses will not
be deemed exclusive of any other rights which any person covered by
our amended and restated certificate of incorporation may have or
hereafter acquire under law, our bylaws, an agreement, vote of
stockholders or disinterested directors, or otherwise.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any repeal or amendment of provisions of our amended and restated
certificate of incorporation affecting indemnification rights,
whether by our stockholders or by changes in law, or the adoption
of any other provisions inconsistent therewith, will (unless
otherwise required by law) be prospective only, except to the
extent such amendment or change in law permits us to provide
broader indemnification rights on a retroactive basis, and will not
in any way diminish or adversely affect any right or protection
existing at the time of such repeal or amendment or adoption of
such inconsistent provision with respect to any act or omission
occurring prior to such repeal or amendment or adoption of such
inconsistent provision. Our amended and restated certificate of
incorporation will also permit us, to the extent and in the manner
authorized or permitted by law, to indemnify and to advance
expenses to persons other than those specifically covered by our
amended and restated certificate of incorporation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Our bylaws, which we intend
to adopt immediately prior to the closing of this offering, include
provisions relating to advancement of expenses and indemnification
rights consistent with those set forth in our amended and restated
certificate of incorporation. In addition, our bylaws provide for a
right of indemnity to bring a suit in the event a claim for
indemnification or advancement of expenses is not paid in full by
us within a specified period of time. Our bylaws also permit us to
purchase and maintain insurance, at our expense, to protect us
and/or any director, officer, employee or agent of our corporation
or another entity, trust or other enterprise against any expense,
liability or loss, whether or not we would have the power to
indemnify such person against such expense, liability or loss under
the DGCL.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any repeal or amendment of provisions of our bylaws affecting
indemnification rights, whether by our board of directors,
stockholders or by changes in applicable law, or the adoption of
any other provisions inconsistent therewith, will (unless otherwise
required by law) be prospective only, except to the extent such
amendment or change in law permits us to provide broader
indemnification rights on a retroactive basis, and will not in any
way diminish or adversely affect any right or protection existing
thereunder with respect to any act or omission occurring prior to
such repeal or amendment or adoption of such inconsistent
provision.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will enter into indemnification agreements with each of our
officers and directors a form of which is filed as Exhibit 10.7 to
this Registration Statement. These agreements will require us to
indemnify these individuals to the fullest extent permitted under
Delaware law against liabilities that may arise by reason of their
service to us, and to advance expenses incurred as a result of any
proceeding against them as to which they could be indemnified.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to the Underwriting Agreement filed as Exhibit 1.1 to this
Registration Statement, we have agreed to indemnify the
underwriters and the underwriters have agreed to indemnify us
against certain civil liabilities that may be incurred in
connection with this offering, including certain liabilities under
the Securities Act.</P>
<P 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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ITEM 15. RECENT SALES OF
UNREGISTERED SECURITIES.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In September 2016, our sponsor purchased an aggregate 2,875,000
founder shares for an aggregate purchase price of $25,000, or
approximately $0.009 per share, up to 375,000 of which are subject
to forfeiture by our sponsor depending on the extent to which the
underwriter&rsquo;s over-allotment option is exercised. The
securities were issued in connection with our organization pursuant
to the exemption from registration contained in Section 4(a)(2) of
the Securities Act. KBL IV Sponsor LLC is an accredited investor
for purposes of Rule 501 of Regulation D.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
II-4</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, KBL IV Sponsor LLC and the underwriters have committed
to purchase an aggregate of 450,000 units (or 502,500 units if the
over-allotment option is exercised in full; 350,000 of such units
shall be purchased by our sponsor and 100,000 of such units shall
be purchased by the underwriters, or 387,500 by our sponsor and
115,000 by the underwriters if the over-allotment option is
exercised in full), which units are identical to the units sold
pursuant to the prospectus which forms a part of this registration
statement (except as described therein), at a price of $10.00 per
unit (a total of $4,500,000, or $5,025,000 if the over-allotment
option is exercised in full). This purchase will take place on a
private placement basis simultaneously with the completion of our
initial public offering. This issuance will be made pursuant to the
exemption from registration contained in Section 4(a)(2) of the
Securities Act.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No underwriting discounts or commissions were paid with respect to
such sales.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ITEM 16. EXHIBITS AND
FINANCIAL STATEMENT SCHEDULES.</FONT></P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(a)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Exhibits</FONT>.&emsp;The
list of exhibits following the signature page of this registration
statement is incorporated herein by reference.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(b)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">Financial
Statements.</FONT>&emsp;See page F-1 for an index to the financial
statements included in the registration statement.</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">ITEM 17.
UNDERTAKINGS.</FONT></P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(a)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
undersigned registrant hereby undertakes to provide to the
underwriter at the closing specified in the underwriting
agreements, certificates in such denominations and registered in
such names as required by the underwriter to permit prompt delivery
to each purchaser.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(b)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(c)<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The
undersigned registrant hereby undertakes that:</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; text-indent: -24.0pt; 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;&nbsp;&nbsp;&nbsp;</FONT> For
purposes of determining any liability under the Securities Act of
1933, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon Rule 430A and
contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall
be deemed to be part of this registration statement as of the time
it was declared effective.</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; text-indent: -24.0pt; 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;&nbsp;&nbsp;&nbsp;</FONT> For the
purpose of determining any liability under the Securities Act of
1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
<FONT CLASS="Italic" STYLE=
"mso-style-name: Italic; font-style: italic;">bona fide</FONT>
offering thereof.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
II-5</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 CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Signatures</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newark, State of Delaware, on the 26<SUP>th
</SUP>day of May, 2017. </P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
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<TR>
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<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="42%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 42.56%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
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<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;"><FONT LANG="EN-GB">KBL
MERGER CORP. I</FONT></FONT><B><FONT LANG="EN-GB" STYLE=
"font-family: TimesNewRomanPSStd-Bold;">V</FONT></B></P>
</TD>
</TR>
<TR>
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<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="4%" VALIGN="bottom" STYLE=
"width: 4.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="bottom" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="55%" VALIGN="bottom" STYLE=
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<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="4%" VALIGN="bottom" STYLE=
"width: 4.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
By:</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
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<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="bottom" STYLE=
"width: 35.96%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
/s/ Marlene Krauss</P>
</TD>
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<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
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"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="4%" VALIGN="bottom" STYLE=
"width: 4.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="bottom" STYLE=
"width: 35.96%; border: none; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Marlene Krauss</P>
</TD>
</TR>
<TR>
<TD WIDTH="55%" VALIGN="bottom" STYLE=
"width: 55.78%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="4%" VALIGN="bottom" STYLE=
"width: 4.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="bottom" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chief Executive Officer</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated. </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="33%" VALIGN="bottom" STYLE=
"width: 33.96%; 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 !important; 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.9%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Position</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="20%" VALIGN="bottom" STYLE=
"width: 20.82%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Date</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="33%" VALIGN="top" STYLE=
"width: 33.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="41%" VALIGN="top" STYLE=
"width: 41.9%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="20%" VALIGN="top" STYLE=
"width: 20.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="33%" VALIGN="top" STYLE=
"width: 33.96%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> /s/
Marlene Krauss </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="41%" VALIGN="top" STYLE=
"width: 41.9%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Chief
Executive Officer and Director </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="20%" VALIGN="top" STYLE=
"width: 20.82%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> May
26, 2017 </P>
</TD>
</TR>
<TR>
<TD WIDTH="33%" VALIGN="top" STYLE=
"width: 33.96%; border: none; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Marlene Krauss</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="41%" VALIGN="top" STYLE=
"width: 41.9%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(Principal Executive Officer and Principal
Financial and Accounting Officer)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="20%" VALIGN="top" STYLE=
"width: 20.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; 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 !important; 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;">
II-6</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;">
<FONT CLASS="Bold" STYLE=
"mso-style-name: Bold; font-weight: bold;">Exhibit Index</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="11%" VALIGN="bottom" STYLE=
"width: 11.14%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Exhibit No.</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="bottom" STYLE=
"width: 87.18%; 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-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt !important; mso-style-name: TCH; 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;">
Description</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.1 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Underwriting Agreement.*** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3.1</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Certificate of Incorporation.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Amended and Restated Certificate of Incorporation.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3.3</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Bylaws.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.1 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Specimen
Unit Certificate.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Specimen
Common Stock Certificate.* </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Specimen
Warrant Certificate.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.4 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Warrant Agreement between Continental Stock Transfer &amp; Trust Company and the Registrant.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.5 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Specimen
Right Certificate.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.6 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Rights Agreement between Continental Stock Transfer &amp; Trust Company and the Registrant.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5.1 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Opinion
of Ellenoff Grossman &amp; Schole LLP.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.1</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Promissory Note, dated November 4, 2016 issued
to KBL IV Sponsor LLC.*</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Letter Agreement among the Registrant and our officers, directors, security holders and the underwriters.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Investment Management Trust Agreement between Continental Stock Transfer &amp; Trust Company and the Registrant.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.4 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Form
of Registration Rights Agreement between the Registrant and certain security holders.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.5</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Securities Subscription Agreement, dated
September 7, 2016, among the Registrant and KBL IV Sponsor
LLC.*</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.6</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unit Subscription Agreement dated November 11,
2016 among the Registrant and KBL IV Sponsor LLC.*</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.6.1</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Amended and Restated Unit Subscription Agreement
effective April 19, 2017 among the Registrant and KBL IV Sponsor
LLC.*</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.6.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Second
Amended and Restated Unit Subscription Agreement effective May 25, 2017 among the Registrant and KBL IV Sponsor LLC.** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.7 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Amended
and Restated Unit Subscription Agreement effective April 19, 2017 among the Registrant and the underwriters.* </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.7.1 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Second
Amended and Restated Unit Subscription Agreement effective May 25, 2017 among the Registrant and the underwriters.*** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.8</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Form of Indemnity Agreement.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.9</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;">Form of
Administrative Services Agreement, by and between the Registrant
and KBL IV Sponsor LLC.*</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Form of Code of Ethics.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23.1</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Consent of WithumSmith+Brown, PC.**</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 23.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Consent
of Ellenoff Grossman &amp; Schole LLP (included on Exhibit 5.1).** </P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
24</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Power of Attorney (included on signature page of
this Registration Statement).*</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
99.1</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Form of Audit Committee Charter.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
99.2</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Form of Compensation Committee
Charter.*</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
99.3</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Consent of Joseph Williamson.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
99.4</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Consent of George Hornig.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
99.5</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Consent of Sherrill Neff.*</P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="top" STYLE=
"width: 11.14%; 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-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
99.6</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="87%" VALIGN="top" STYLE=
"width: 87.18%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Consent of Andrew Sherman.*</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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; 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: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
*<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Previously filed.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; line-height: 11.0pt; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
**<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
Filed herewith.</P>

<P CLASS="Tablefootnotem" STYLE="mso-style-name: Tablefootnote_m; margin: 0in 0in 0pt 24pt; text-indent: -24pt; font: 9pt/11pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">***
&nbsp;&nbsp;&nbsp;&nbsp;To be filed by amendment.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; 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;">
II-7</P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>fs12017a3ex3ii_kblmerger.htm
<DESCRIPTION>FORM OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 3.2</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL
MERGER CORP. IV</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[______],
2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
Merger Corp. IV, a corporation organized and existing under the laws of the State of Delaware (the &ldquo;<B><I>Corporation</I></B>&rdquo;),
DOES HEREBY CERTIFY AS FOLLOWS:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The name of the Corporation is &ldquo;KBL Merger Corp. IV&rdquo;. The original certificate of incorporation was filed with the
Secretary of State of the State of Delaware on September 7, 2016 (the &ldquo;<B><I>Original Certificate</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
This Amended and Restated Certificate of Incorporation (the &ldquo;<B><I>Amended and Restated Certificate</I></B>&rdquo;) was
duly adopted by the Board of Directors of the Corporation (the &ldquo;<B><I>Board</I></B>&rdquo;) and the stockholders of the
Corporation in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
This Amended and Restated Certificate amends and restates the provisions of the Original Certificate. Certain capitalized terms
used in this Amended and Restated Certificate are defined where appropriate herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The text of the Original Certificate is hereby restated and amended in its entirety to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
name of the corporation is KBL Merger Corp. IV (the &ldquo;<B><I>Corporation</I></B>&rdquo;).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General
Corporation Law of the State of Delaware (the &ldquo;<B><I>DGCL</I></B>&rdquo;). In addition to the powers and privileges conferred
upon the Corporation by law and those incidental thereto, the Corporation shall possess and may exercise all the powers and privileges
that are necessary or convenient to the conduct, promotion or attainment of the business or purposes of the Corporation including,
but not limited to, effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination, involving the Corporation and one or more businesses or entities (a &ldquo;<B><I>Business Combination</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of the registered office of the Corporation in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington,
DE 19808, New Castle County, and the name of the Corporation&rsquo;s registered agent at such address is Corporation Service Company.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1&nbsp;<U>Authorized
Capital Stock</U>. The total number of shares of all classes of capital stock which the Corporation is authorized to issue is
36,000,000 shares, consisting of 35,000,000 shares of common stock, par value $0.0001 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;),
and 1,000,000 shares of preferred stock, par value $0.0001 per share (the &ldquo;<B><I>Preferred Stock</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2&nbsp;<U>Preferred
Stock</U>. Subject to&nbsp;<I>Article IX</I>&nbsp;hereof, the Preferred Stock may be issued from time to time in one or more series.&nbsp;The
Board is hereby expressly authorized to provide for the issuance of shares of the Preferred Stock in one or more series and to
establish from time to time the number of shares to be included in each such series and to fix the voting rights, if any, designations,
powers, preferences and relative, participating, optional and other special rights, if any, of each such series and any qualifications,
limitations and restrictions thereof, as shall be stated in the resolution or resolutions adopted by the Board providing for the
issuance of such series and included in a certificate of designation (a &ldquo;<B><I>Preferred Stock Designation</I></B>&rdquo;)
filed pursuant to the DGCL, and the Board is hereby expressly vested with the authority to the full extent provided by law, now
or hereafter, to adopt any such resolution or resolutions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3&nbsp;<U>Common
Stock</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Board is hereby expressly authorized to provide for the issuance of shares of Common Stock from time to time. Subject to the
provisions in&nbsp;<I>Article IX</I>&nbsp;hereof, the holders of shares of Common Stock shall be entitled to one vote for each
such share on each matter properly submitted to the stockholders on which the holders of the Common Stock are entitled to vote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Except as otherwise required by law or this Amended and Restated Certificate (including any Preferred Stock Designation) at any
annual or special meeting of the stockholders of the Corporation, the holders of the Common Stock shall have the exclusive right
to vote for the election of directors and on all other matters properly submitted to a vote of the stockholders. Notwithstanding
the foregoing, except as otherwise required by law or this Amended and Restated Certificate (including a Preferred Stock Designation),
the holders of the Common Stock shall not be entitled to vote on any amendment to this Amended and Restated Certificate (including
any amendment to any Preferred Stock Designation) that relates solely to the terms of one or more outstanding series of Preferred
Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other
such series, to vote thereon pursuant to this Amended and Restated Certificate (including any Preferred Stock Designation).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Subject to the rights, if any, of the holders of any outstanding series of the Preferred Stock and the provisions of&nbsp;<I>Article
IX</I>&nbsp;hereof, the holders of the Common Stock shall be entitled to receive such dividends and other distributions (payable
in cash, property or capital stock of the Corporation) when, as and if declared thereon by the Board from time to time out of
any assets or funds of the Corporation legally available therefor, and shall share equally on a per share basis in such dividends
and distributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Subject to the rights, if any, of the holders of any outstanding series of Preferred Stock, the provisions of&nbsp;<I>Article
IX</I>&nbsp;hereof and any other provisions of this Amended and Restated Certificate, as it may be amended from time to time,
in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, after payment or provision
for payment of the debts and other liabilities of the Corporation, the holders of the Common Stock shall be entitled to receive
all the remaining assets of the Corporation available for distribution to its stockholders, ratably in proportion to the number
of shares of Common Stock held by such holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.4&nbsp;<U>Rights
and Options</U>. The Corporation has the authority to create and issue rights, warrants and options entitling the holders thereof
to purchase shares of any class or series of the Corporation&rsquo;s capital stock or other securities of the Corporation, and
such rights, warrants and options shall be evidenced by instrument(s) approved by the Board. The Board is hereby expressly authorized
to provide for the issuance of such rights, warrants and options and to establish from time to time the number of such rights,
warrants and options to be issued and to fix the exercise price, duration, times for exercise and other terms and conditions of
such rights, warrants or options;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the consideration to be received for any shares
of capital stock subject thereto may not be less than the par value thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1&nbsp;<U>Board
Powers</U>. The business and affairs of the Corporation shall be managed by, or under the direction of, the Board. In addition
to the powers and authority expressly conferred upon the Board by statute, this Amended and Restated Certificate or the Bylaws
(&ldquo;<B><I>Bylaws</I></B>&rdquo;) of the Corporation, the Board is hereby empowered to exercise all such powers and do all
such acts and things as may be exercised or done by the Corporation, subject, nevertheless, to the provisions of the DGCL and
this Amended and Restated Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.2&nbsp;<U>Number,
Election and Term</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The number of directors of the Corporation, other than those who may be elected by the holders of one or more series of the Preferred
Stock voting separately by class or series, shall be fixed from time to time exclusively by the Board pursuant to a resolution
adopted by a majority of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Subject to&nbsp;<U>Section&nbsp;5.5</U>&nbsp;hereof, the Board shall be divided into two classes, as nearly equal in number as
possible and designated Class I and Class II. The Board is authorized to assign members of the Board already in office to Class
I or Class II. The term of the initial Class I Directors shall expire at the first annual meeting of the stockholders of the Corporation
following the effectiveness of this Amended and Restated Certificate and the term of the initial Class II Directors shall expire
at the second annual meeting of the stockholders of the Corporation following the effectiveness of this Amended and Restated Certificate.
At each annual meeting of the stockholders of the Corporation, beginning with the first annual meeting of the stockholders of
the Corporation following the effectiveness of this Amended and Restated Certificate, successors to the class of directors whose
term expires at that annual meeting shall be elected for a two-year term. Subject to&nbsp;<U>Section&nbsp;5.5</U>&nbsp;hereof,
if the number of directors is changed, any increase or decrease shall be apportioned by the Board among the classes so as to maintain
the number of directors in each class as nearly equal as possible, but in no case shall a decrease in the number of directors
shorten the term of any incumbent director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Subject to&nbsp;<U>Section&nbsp;5.5</U>&nbsp;hereof, a director shall hold office until the annual meeting for the year in which
his or her term expires and until his or her successor has been elected and qualified, subject, however, to such director&rsquo;s
earlier death, resignation, retirement, disqualification or removal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Unless and except to the extent that the Bylaws shall so require, the election of directors need not be by written ballot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.3&nbsp;<U>Newly
Created Directorships and Vacancies</U>. Subject to&nbsp;<U>Section&nbsp;5.5</U>&nbsp;hereof, newly created directorships resulting
from an increase in the number of directors and any vacancies on the Board resulting from death, resignation, retirement, disqualification,
removal or other cause may be filled solely by a majority vote of the remaining directors then in office, even if less than a
quorum, or by a sole remaining director (and not by stockholders), and any director so chosen shall hold office for the remainder
of the full term of the class of directors to which the new directorship was added or in which the vacancy occurred and until
his or her successor has been elected and qualified, subject, however, to such director&rsquo;s earlier death, resignation, retirement,
disqualification or removal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.4&nbsp;<U>Removal</U>.
Subject to&nbsp;<U>Section&nbsp;5.5</U>&nbsp;hereof, any or all of the directors may be removed from office at any time, but only
for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares of capital
stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.5&nbsp;<U>Preferred
Stock &ndash; Directors</U>. Notwithstanding any other provision of this Article V, and except as otherwise required by law, whenever
the holders of one or more series of the Preferred Stock shall have the right, voting separately by class or series, to elect
one or more directors, the term of office, the filling of vacancies, the removal from office and other features of such directorships
shall be governed by the terms of such series of the Preferred Stock as set forth in this Amended and Restated Certificate (including
any Preferred Stock Designation) and such directors shall not be included in any of the classes created pursuant to this Article
V unless expressly provided by such terms.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
furtherance and not in limitation of the powers conferred upon it by law, the Board shall have the power to adopt, amend, alter
or repeal the Bylaws. The affirmative vote of a majority of the Board shall be required to adopt, amend, alter or repeal the Bylaws.
The Bylaws also may be adopted, amended, altered or repealed by the stockholders;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that
in addition to any vote of the holders of any class or series of capital stock of the Corporation required by law or by this Amended
and Restated Certificate (including any Preferred Stock Designation), the affirmative vote of the holders of at least a majority
of the voting power of all then outstanding shares of capital stock of the Corporation entitled to vote generally in the election
of directors, voting together as a single class, shall be required for the stockholders to adopt, amend, alter or repeal the Bylaws;
and&nbsp;<U>provided further</U>,&nbsp;<U>however</U>, that no Bylaws hereafter adopted by the stockholders shall invalidate any
prior act of the Board that would have been valid if such Bylaws had not been adopted.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MEETINGS
OF STOCKHOLDERS; ACTION BY WRITTEN CONSENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1&nbsp;<U>Meetings</U>.
Subject to the rights of the holders of any outstanding series of the Preferred Stock, and to the requirements of applicable law,
special meetings of stockholders of the Corporation may be called only by the Chairman of the Board, Chief Executive Officer or
President of the Corporation, or the Board pursuant to a resolution adopted by a majority of the Board, and the stockholders shall
have no right to call a special meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2&nbsp;<U>Advance
Notice</U>. Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders
before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3&nbsp;<U>Action
by Written Consent</U>. Subsequent to the consummation of the Corporation&rsquo;s initial public offering of Securities (the &ldquo;Offering&rdquo;),
any action required or permitted to be taken by the stockholders of the Corporation must be effected by a duly called annual or
special meeting of such holders and may not be effected by written consent of the stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.1&nbsp;<U>Limitation
of Director Liability</U>. A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary
damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is
not permitted under the DGCL as the same exists or may hereafter be amended. Any amendment, modification or repeal of the foregoing
sentence shall not adversely affect any right or protection of a director of the Corporation hereunder in respect of any act or
omission occurring prior to the time of such amendment, modification or repeal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.2&nbsp;<U>Indemnification
and Advancement of Expenses</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
To the fullest extent permitted by applicable law, as the same exists or may hereafter be amended, the Corporation shall indemnify
and hold harmless each person who is or was made a party or is threatened to be made a party to or is otherwise involved in any
threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a &ldquo;<B><I>proceeding</I></B>&rdquo;)
by reason of the fact that he or she is or was a director or officer of the Corporation or, while a director or officer of the
Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation
or of a partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee
benefit plan (an &ldquo;<B><I>indemnitee</I></B>&rdquo;), whether the basis of such proceeding is alleged action in an official
capacity as a director, officer, employee or agent, or in any other capacity while serving as a director, officer, employee or
agent, against all liability and loss suffered and expenses (including, without limitation, attorneys&rsquo; fees, judgments,
fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred by such indemnitee in connection with
such proceeding. The Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys&rsquo;
fees) incurred by an indemnitee in defending or otherwise participating in any proceeding in advance of its final disposition;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that, to the extent required by applicable law, such payment of expenses in advance of the final disposition of the proceeding
shall be made only upon receipt of an undertaking, by or on behalf of the indemnitee, to repay all amounts so advanced if it shall
ultimately be determined that the indemnitee is not entitled to be indemnified under this&nbsp;<U>Section&nbsp;8.2</U>&nbsp;or
otherwise. The rights to indemnification and advancement of expenses conferred by this&nbsp;<U>Section&nbsp;8.2</U>&nbsp;shall
be contract rights and such rights shall continue as to an indemnitee who has ceased to be a director, officer, employee or agent
and shall inure to the benefit of his or her heirs, executors and administrators. Notwithstanding the foregoing provisions of
this&nbsp;<U>Section&nbsp;8.2(a)</U>, except for proceedings to enforce rights to indemnification and advancement of expenses,
the Corporation shall indemnify and advance expenses to an indemnitee in connection with a proceeding (or part thereof) initiated
by such indemnitee only if such proceeding (or part thereof) was authorized by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The rights to indemnification and advancement of expenses conferred on any indemnitee by this&nbsp;<U>Section&nbsp;8.2</U>&nbsp;shall
not be exclusive of any other rights that any indemnitee may have or hereafter acquire under law, this Amended and Restated Certificate,
the Bylaws, an agreement, vote of stockholders or disinterested directors, or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Any repeal or amendment of this&nbsp;<U>Section&nbsp;8.2</U>&nbsp;by the stockholders of the Corporation or by changes in law,
or the adoption of any other provision of this Amended and Restated Certificate inconsistent with this&nbsp;<U>Section&nbsp;8.2</U>,
shall, unless otherwise required by law, be prospective only (except to the extent such amendment or change in law permits the
Corporation to provide broader indemnification rights on a retroactive basis than permitted prior thereto), and shall not in any
way diminish or adversely affect any right or protection existing at the time of such repeal or amendment or adoption of such
inconsistent provision in respect of any proceeding (regardless of when such proceeding is first threatened, commenced or completed)
arising out of, or related to, any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent
provision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
This Section&nbsp;8.2 shall not limit the right of the Corporation, to the extent and in the manner authorized or permitted by
law, to indemnify and to advance expenses to persons other than indemnitees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.1&nbsp;<U>General</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The provisions of this&nbsp;<I>Article IX</I>&nbsp;shall apply during the period commencing upon the effectiveness of this Amended
and Restated Certificate and terminating upon the consummation of the Corporation&rsquo;s initial Business Combination and no
amendment to this&nbsp;<I>Article IX</I>&nbsp;shall be effective (i) prior to the consummation of the initial Business Combination
unless approved by the affirmative vote of the holders of at least sixty-five percent (65%)&nbsp;of all then outstanding shares
of the Common Stock or (ii) in connection with the consummation of the initial Business Combination unless approved by the affirmative
vote of the holders of at least a majority of the then outstanding shares of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Immediately after the Offering, a certain amount of the net offering proceeds received by the Corporation in the Offering (including
the proceeds of any exercise of the underwriters&rsquo; over-allotment option) and certain other amounts specified in the Corporation&rsquo;s
registration statement on Form S-1, as initially filed with the Securities and Exchange Commission on April 26, 2017, as amended
(the &ldquo;<B><I>Registration Statement</I></B>&rdquo;), shall be deposited in a trust account (the &ldquo;<B><I>Trust Account</I></B>&rdquo;),
established for the benefit of the Public Stockholders (as defined below) pursuant to a trust agreement described in the Registration
Statement. Except for the withdrawal of interest to pay taxes, none of the funds held in the Trust Account (including the interest
earned on the funds held in the Trust Account) will be released from the Trust Account until the earliest of (i)&nbsp;the completion
of the initial Business Combination, (ii)&nbsp;the redemption of 100% of the Offering Shares (as defined below) if the Corporation
is unable to complete its initial Business Combination within 18 months from the closing of the Offering </FONT>(or 21 months
from the closing of the Offering if the Corporation has executed a letter of intent, agreement in principle or definitive agreement
for an initial Business Combination within 18 months from the closing of the Offering but has not completed the initial Business
Combination within such 18-month period) and (iii) the redemption of shares in connection with a vote seeking to amend any provisions
of this Amended and Restated Certificate relating to stockholders&rsquo; rights or pre-Business Combination activity (as described
in Section 9.7), with it being understood that funds held in the Trust Account may be released to fund the first to occur of such
transactions. Holders of shares of the Corporation&rsquo;s Common Stock included as part of the units sold in the Offering (the
&ldquo;<B><I>Offering Shares</I></B>&rdquo;) (whether such Offering Shares were purchased in the Offering or in the secondary
market following the Offering and whether or not such holders are affiliates of KBL Sponsor LLC (the &ldquo;<B><I>Sponsor</I></B>&rdquo;)
or officers or directors of the Corporation) are referred to herein as &ldquo;<B><I>Public Stockholders</I></B>.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.2&nbsp;<U>Redemption
and Repurchase Rights</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Prior to the consummation of the initial Business Combination, the Corporation shall provide all holders of Offering Shares
with the opportunity to have their Offering Shares redeemed or repurchased upon the consummation of the initial Business
Combination pursuant to, and subject to the limitations of,&nbsp;<U>Sections
9.2(b)</U>&nbsp;and&nbsp;<U>9.2(c)</U>&nbsp;(such rights of such holders to have their Offering Shares redeemed or
repurchased pursuant to such Sections, the &ldquo;<B><I>Redemption Rights</I></B>&rdquo;) hereof for cash equal to the
applicable redemption or repurchase price per share determined in accordance
with&nbsp;<U>Section&nbsp;9.2(b)</U>&nbsp;hereof (the &ldquo;<B><I>Redemption
Price</I></B>&rdquo;);&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the Corporation shall not redeem or repurchase
Offering Shares to the extent that such redemption or repurchase would result in the Corporation having net tangible assets
(as determined in accordance with Rule 3a51-1(g)(1) of the Securities Exchange Act of 1934, as amended (the
&ldquo;<B><I>Exchange Act</I></B>&rdquo;)) of less than $5,000,001 upon the consummation of an initial Business Combination
(such limitation hereinafter called the &ldquo;<B><I>Redemption Limitation</I></B>&rdquo;). Notwithstanding anything to the
contrary contained in this Amended and Restated Certificate, there shall be no Redemption Rights or liquidating distributions
with respect to any right or warrant issued pursuant to the Offering or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
(i)&nbsp;<U>Repurchase Rights</U>. Unless the Corporation offers to redeem the Offering Shares as described in Section 9.2(b)(ii),
it shall offer to repurchase the Offering Shares pursuant to a tender offer in accordance with Rule 13e-4 and Regulation 14E of
the Exchange Act (such rules and regulations hereinafter called the &ldquo;<B><I>Tender Offer Rules</I></B>&rdquo;) which it shall
commence prior to the consummation of the initial Business Combination and shall file tender offer documents with the Securities
and Exchange Commission that contain substantially the same financial and other information about the initial Business Combination
and the Redemption Rights as is required under Regulation 14A of the Exchange Act (such rules and regulations hereinafter called
the &ldquo;<B><I>Proxy Solicitation Rules</I></B>&rdquo;), even if such information is not required under the Tender Offer Rules.
If the Corporation offers to repurchase the Offering Shares (and has not otherwise withdrawn the tender offer), the Redemption
Price per share of the Common Stock payable to holders of the Offering Shares tendering their Offering Shares pursuant to such
tender offer shall be equal to, subject to the Redemption Limitation, the quotient obtained by dividing: (i)&nbsp;the aggregate
amount on deposit in the Trust Account as of two business days prior to the date of the commencement of the tender offer, including
interest (which interest shall be net of taxes payable), by (ii)&nbsp;the total
number of then outstanding Offering Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;<U>Redemption
Rights</U>. If a stockholder vote is required by law to approve the proposed initial Business Combination or the Corporation decides
to hold a stockholder vote on the proposed initial Business Combination for business or other legal reasons, the Corporation shall
offer to redeem the Offering Shares at a Redemption Price per share of the Common Stock payable to holders of the Offering Shares
exercising their Redemption Rights (irrespective of whether they voted in favor or against the initial Business Combination) equal
to, subject to the Redemption Limitation, the quotient obtained by dividing (a)&nbsp;the aggregate amount on deposit in the Trust
Account as of two business days prior to the consummation of the initial Business Combination, including interest (which interest
shall be net of taxes payable), by (b)&nbsp;the total number of then outstanding
Offering Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
If the Corporation offers to redeem the Offering Shares in conjunction with a stockholder vote on an initial Business Combination
pursuant to a proxy solicitation, a Public Stockholder, together with any affiliate of such stockholder or any other person with
whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section 13(d)(3) of the Exchange Act),
shall be restricted from seeking Redemption Rights with respect to no more than 10% of the Offering Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
In the event that the Corporation has not consummated a Business Combination within 18 months from the closing of the Offering
</FONT>(or 21 months from the closing of the Offering if the Corporation has executed a letter of intent, agreement in principle
or definitive agreement for an initial Business Combination within 18 months from the closing of the Offering but has not completed
the initial Business Combination within such 18-month period), the Corporation shall (i)&nbsp;cease all operations except for
the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten business days thereafter redeem
the Offering Shares in consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (A)&nbsp;the
aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and less up to $50,000 of such net interest to pay dissolution expenses), by (B)&nbsp;the
total number of then outstanding Offering Shares, which redemption will completely extinguish rights of the Public Stockholders
(including the right to receive further liquidation distributions, if any) and (iii)&nbsp;as promptly as reasonably possible following
such redemption, subject to the approval of the remaining stockholders and the Board in accordance with applicable law, dissolve
and liquidate, subject in the case of clauses (ii) and (iii) above to the Corporation&rsquo;s obligations under the DGCL to provide
for claims of creditors and other requirements of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
If the Corporation offers to redeem the Offering Shares in conjunction with a stockholder vote on an initial Business Combination,
the Corporation shall consummate the proposed Business Combination only if (i)&nbsp;such initial Business Combination is approved
by the affirmative vote of the holders of a majority of the shares of the Common Stock that are voted at a stockholder meeting
held to consider such initial Business Combination and (ii)&nbsp;the Redemption Limitation is not exceeded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
If the Corporation conducts a tender offer pursuant to Section 9.2(b)(i), the Corporation shall consummate the proposed initial
Business Combination only if the Redemption Limitation is not exceeded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.3&nbsp;<U>Distributions
from the Trust Account</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
A Public Stockholder shall be entitled to receive funds from the Trust Account only as provided in&nbsp;<U>Sections 9.2(a)</U>,&nbsp;<U>9.2(b)</U>,&nbsp;<U>9.2(d)</U>&nbsp;or&nbsp;<U>9.7</U>&nbsp;hereof.&nbsp;In
no other circumstances shall a Public Stockholder have any right or interest of any kind in or to distributions from the Trust
Account, and no stockholder other than a Public Stockholder shall have any interest in or to the Trust Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Each Public Stockholder that does not exercise its Redemption Rights shall retain its interest in the Corporation and shall be
deemed to have given its consent to the release of the remaining funds in the Trust Account to the Corporation, and following
payment to any Public Stockholders exercising their Redemption Rights, the remaining funds in the Trust Account shall be released
to the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The exercise by a Public Stockholder of the Redemption Rights shall be conditioned on such Public Stockholder following the specific
procedures for redemptions set forth by the Corporation in any applicable tender offer or proxy materials sent to the Corporation&rsquo;s
Public Stockholders relating to the proposed initial Business Combination. Payment of the amounts necessary to satisfy the Redemption
Rights properly exercised shall be made as promptly as practical after the consummation of the initial Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.4&nbsp;<U>Share
Issuances</U>. Prior to the consummation of the Corporation&rsquo;s initial Business Combination, the Corporation shall not issue
any additional shares of capital stock or any securities convertible into capital stock of the Corporation that would entitle
the holders thereof to receive funds from the Trust Account or vote on an initial Business Combination, on any pre-Business Combination
activity or on any amendment to <I>Article IX</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.5&nbsp;<U>Transactions
with Affiliates</U>. In the event the Corporation enters into an initial Business Combination with a target business that is affiliated
with the Sponsor, or the directors or officers of the Corporation, the Corporation, or a committee of the independent directors
of the Corporation, shall obtain an opinion from an independent investment banking firm or a qualified independent accounting
firm that such Business Combination is fair to the Corporation from a financial point of view.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.6&nbsp;<U>No
Transactions with Other Blank Check Companies</U>. The Corporation shall not enter into a Business Combination with another blank
check company or a similar company with nominal operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.7&nbsp;<U>Additional
Redemption Rights.</U>&nbsp;If, in accordance with&nbsp;<U>Section&nbsp;9.1(a)</U>, any amendment is made to <I>Article IX</I>,
the Public Stockholders shall be provided with the opportunity to redeem their Offering Shares upon the approval of any such amendment,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
(which interest shall be net of taxes payable), divided by the number of then
outstanding Offering Shares; provided, however, that any such amendment will be voided, and Article IX will remain unchanged, if any stockholders who
wish to redeem are unable to redeem due to the Redemption Limitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to the Corporation or any of
its officers or directors in circumstances where the application of any such doctrine would conflict with any fiduciary duties
or contractual obligations they may have as of the date of this Amended and Restated Certificate or in the future. In addition
to the foregoing, the doctrine of corporate opportunity shall not apply to any other corporate opportunity with respect to any
of the directors or officers of the Corporation unless such corporate opportunity is offered to such person solely in his or her
capacity as a director or officer of the Corporation and such opportunity is one the Corporation is legally and contractually
permitted to undertake and would otherwise be reasonable for the Corporation to pursue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation reserves the right to amend, alter, change or repeal any provision contained in this Amended and Restated Certificate
or any Preferred Stock Designation, in the manner now or hereafter prescribed by this Amended and Restated Certificate and the
DGCL; and, except as set forth in&nbsp;<I>Article VIII</I>, all rights, preferences and privileges herein conferred upon stockholders,
directors or any other persons by and pursuant to this Amended and Restated Certificate in its present form or as hereafter amended
are granted subject to the right reserved in this&nbsp;<I>Article XI</I>;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that&nbsp;<I>Article
IX</I>&nbsp;of this Amended and Restated Certificate may be amended only as provided therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, KBL Merger Corp. IV has caused this Amended and Restated Certificate to be duly executed in its name and on its
behalf by an authorized officer as of the date first set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>fs12017a3ex4i_kplmerger.htm
<DESCRIPTION>SPECIMEN UNIT CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U-[&#9679;]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEE
REVERSE FOR CERTAIN</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
48242A 203</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL
MERGER CORP. IV</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITS
CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURCHASE
ONE SHARE OF COMMON STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CERTIFIES THAT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
the owner of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Each Unit (<B><I>&ldquo;Unit&rdquo;</I></B>) consists of one
(1)&nbsp;share of common stock, par value $0.0001 per share (<B><I>&ldquo;Common Stock&rdquo;</I></B>), of KBL Merger Corp. IV,
a Delaware corporation (the&nbsp;<B><I>&ldquo;Company&rdquo;</I></B>), one warrant (the&nbsp;<B><I>&ldquo;Warrant&rdquo;</I></B>)
and one right to receive one-tenth (1/10) of one share of Common Stock (the <B><I>&ldquo;Right&rdquo;</I></B>). Each Warrant&nbsp;entitles
the holder to purchase one-half of one share (subject to adjustment) of Common Stock for $5.75 per half share ($11.50 per whole
share) (subject to adjustment).&nbsp;Each Warrant will become exercisable on the later of (i)&nbsp;thirty (30)&nbsp;days after
the Company&rsquo;s completion of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination with one or more businesses or entities (each a&nbsp;<B><I>&ldquo;Business Combination&rdquo;</I></B>),
or (ii)&nbsp;twelve (12)&nbsp;months from the closing of the Company&rsquo;s initial public offering, and will expire unless exercised
before 5:00 p.m., New York City Time, on the date that is five (5)&nbsp;years after the date on which the Company completes its
initial Business Combination, or earlier upon redemption or liquidation (the&nbsp;<B><I>&ldquo;Expiration Date&rdquo;</I></B>).&nbsp;The
Common Stock, Warrants and Rights comprising the Units represented by this certificate are not transferable separately prior to
[_______], 2017, unless Ladenburg Thalmann &amp; Co. Inc. elects to allow separate trading earlier, subject to the Company&rsquo;s
filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting
the Company&rsquo;s receipt of the gross proceeds of the offering and issuing a press release announcing when separate trading
will begin.&nbsp;The terms of the Warrants are governed by a Warrant Agreement, dated as of [_________], 2017, between the Company
and Continental Stock Transfer&nbsp;&amp; Trust Company (<B><I>&ldquo;Continental&rdquo;</I></B>)<I>,</I> as Warrant Agent, and
are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents
to by acceptance hereof.&nbsp;The terms of the Rights are governed by a Rights Agreement, dated as of [_________], 2017, between
the Company and Continental, as Rights Agent, and are subject to the terms and provisions contained therein, all of which terms
and provisions the holder of this certificate consents to by acceptance hereof.&nbsp;Copies of the Warrant Agreement and Rights
Agreement are on file at the office of the Warrant Agent and Rights Agent at 17 Battery Place, New York, New York&nbsp;10004,
and are available to any Warrant and Rights holder on written request and without cost.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness
the facsimile signature of its duly authorized officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN&nbsp;COM</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    tenants in common</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNIF
    GIFT MIN ACT</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;Custodian</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 8%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 24%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 24%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 2%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 6%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><DIV ALIGN="LEFT" STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><DIV STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; border-top: black 0.75pt solid; width: 100%"></DIV></DIV></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 1%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 27%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN&nbsp;ENT</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    tenants by the entireties</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Cust)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Minor)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
    Uniform Gifts to Minors</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JT
    TEN</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
        joint tenants with right of survivorship and not as tenants in common</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Act&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 79.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 79.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
abbreviations may also be used though not in the above list.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>For
value received,&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;hereby sell, assign
and transfer unto&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEASE
INSERT SOCIAL SECURITY OR</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTIFYING
NUMBER OF ASSIGNEE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><I>Units represented by the within
Certificate, and do hereby irrevocably constitute and appoint</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</I></U>&nbsp;Attorney to transfer the said Units on the books of the within named Corporation with full power
of substitution in the premises.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice:</B>&nbsp;&nbsp;The
    signature to this assignment must correspond with the name as written upon the face of the certificate in every particular,
    without alteration or enlargement or any change whatever.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; font: 10pt Calibri,sans-serif; width: 40%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Signature(s) Guaranteed:</B></FONT></TD>
    <TD STYLE="padding: 0pt; font: 10pt Calibri,sans-serif; width: 20%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; font: 10pt Calibri,sans-serif; width: 40%; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; padding-left: 0pt; font: 10pt Calibri,sans-serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt; font: 10pt Calibri,sans-serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt; font: 10pt Calibri,sans-serif; text-indent: 0pt">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each case, as more fully described in the Company&rsquo;s final prospectus dated [___________], 2017, the holder(s) of this certificate
shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with its
initial public offering only in the event that the Company redeems the shares of common stock underlying this certificate and
liquidates because it does not consummate an initial business combination by the date set forth in the Company&rsquo;s Amended
and Restated Certificate of Incorporation, as the same may be amended from time to time, or if the holder(s) seek(s) to redeem
for cash his, her or its respective shares of common stock underlying this certificate in connection with a tender offer (or proxy
solicitation, solely in the event the Corporation seeks stockholder approval of the proposed initial business combination) setting
forth the details of a proposed initial business combination or in connection with certain amendments to the Company&rsquo;s Amended
and Restated Certificate of Incorporation. In no other circumstances shall the holder(s) have any right or interest of any kind
in or to the trust account.</FONT></P>

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

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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>fs12017a3ex4iii_kplmerger.htm
<DESCRIPTION>SPECIMEN WARRANT CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 4.3</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">[Form of Warrant Certificate]</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR
TO </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR
</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>IN THE WARRANT AGREEMENT DESCRIBED BELOW </B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>KBL MERGER CORP. IV </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><I>Incorporated Under the Laws of the State of Delaware</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><FONT STYLE="color: windowtext">CUSIP </FONT>48242A 112</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="color: windowtext">This Warrant
Certificate certifies that _______________, or registered assigns, is the registered holder of </FONT>____ <FONT STYLE="color: windowtext">warrant(s)</FONT>
evidenced hereby <FONT STYLE="color: windowtext">(the &ldquo;<B><I>Warrants</I></B>&rdquo; and each, a
&ldquo;<B><I>Warrant</I></B>&rdquo;) to purchase shares of common stock, par value $0.0001 per share (the &ldquo;<B><I>Common
Stock</I></B>&rdquo;), of KBL MERGER CORP. IV, a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;). Each whole
Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive
from the Company that number of fully paid and nonassessable shares of Common Stock as set forth below, at the exercise price
(the &ldquo;<B><I>Exercise Price</I></B>&rdquo;) as determined pursuant to the Warrant Agreement, payable in lawful money (or
through &ldquo;cashless exercise&rdquo; as provided for in the Warrant Agreement) of the United States of America upon
surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred
to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">Each Warrant is initially exercisable for
one-half of one fully paid and non-assessable share of Common Stock. The number of the shares of Common Stock issuable upon
exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant
Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">The initial Exercise Price per share of Common
Stock for any Warrant is equal to $5.75 per half share ($11.50 per whole share), provided, however, that a Warrant may not be
exercised for a fractional share, so that only an even number of Warrants may be exercised at a given time. The Exercise Price
is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">Subject to the conditions set forth in the Warrant
Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise
Period, such Warrants shall become void.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">Reference is hereby made to the further provisions
of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect
as though fully set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">This Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">This Warrant Certificate shall be governed by and
construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marlene
    Krauss, M.D. </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">CONTINENTAL STOCK TRANSFER &amp;<BR>
 TRUST COMPANY, as Warrant Agent</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 60%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; font-family: Times New Roman,serif; width: 34%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; font-family: Times New Roman,serif"></TD></TR>
</TABLE>



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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>[Form of Warrant Certificate]</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>[Reverse] </B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued
or to be issued pursuant to a Warrant Agreement dated as of [_________], 2017 (the &ldquo;<B><I>Warrant Agreement</I></B>&rdquo;),
duly executed and delivered by the Company to Continental Stock Transfer &amp; Trust Company, a New York corporation, as warrant
agent (the &ldquo;<B><I>Warrant Agent</I></B>&rdquo;), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words &ldquo;<B><I>holders</I></B>&rdquo; or &ldquo;<B><I>holder</I></B>&rdquo;
meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">Warrants may be exercised at any time during the Exercise
Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering
this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with
payment of the Exercise Price as specified in the Warrant Agreement (or through &ldquo;cashless exercise&rdquo; as provided for
in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of
Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there
shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not
exercised.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">Notwithstanding anything else in this Warrant Certificate
or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the
shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating
to the shares of Common Stock is current, except through &ldquo;cashless exercise&rdquo; as provided for in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">The Warrant Agreement provides that upon the occurrence
of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may,
subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional
interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common
Stock to be issued to the holder of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">Warrant Certificates, when surrendered at the principal
corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly
authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without
payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate
a like number of Warrants.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">Upon due presentation for registration of transfer
of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor
and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate,
subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed
in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">The Company and the Warrant Agent may deem and treat
the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone) for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither
the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(To Be Executed Upon Exercise of Warrant)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, to receive shares of Common Stock and herewith tenders payment for such shares
to the order of KBL MERGER CORP. IV (the &ldquo;<B><I>Company</I></B>&rdquo;) in the amount of $[____] in accordance with the terms
hereof. The undersigned requests that a certificate for such shares be registered in the name of [__________________], whose address
is and that such shares be delivered to whose address is [__________________]. If said number of shares is less than all of the
shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining
balance of such shares be registered in the name of [_________], whose address is [______________], and that such Warrant Certificate
be delivered to [___________], whose address is [___________].</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">In the event that the Warrant has been called for redemption
by the Company pursuant to <U>Section 6</U> of the Warrant Agreement and the Company has required cashless exercise pursuant to
<U>Section 6.3</U> of the Warrant Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance
with <U>subsection 3.3.1(b)</U> and <U>Section 6.3</U> of the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">In the event that the Warrant is a Private Placement
Warrant that is to be exercised on a &ldquo;cashless&rdquo; basis pursuant to <U>subsection 3.3.1(c)</U> of the Warrant Agreement,
the number of shares that this Warrant is exercisable for shall be determined in accordance with <U>subsection 3.3.1(c)</U> of
the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">In the event that the Warrant is to be exercised on
a &ldquo;cashless&rdquo; basis pursuant to <U>Section 3.3.1</U> of the Warrant Agreement, the number of shares that this Warrant
is exercisable for shall be determined in accordance with <U>Section 3.3.1</U> of the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">In the event that the Warrant may be exercised, to
the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares that this Warrant is exercisable
for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise
and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented
by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock.
If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless
exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered
in the name of [______], whose address is [_________], and that such Warrant Certificate be delivered to [__________________],
whose address is [__________________].</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">[Signature Page Follows]</P>

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




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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 60%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 40%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature)</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; border-bottom: Black 1.5pt solid"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Tax
    Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Signature Guaranteed:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 1.5pt solid"></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: left">THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).</P>

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>5
<FILENAME>fs12017a3ex4iv_kblmerger.htm
<DESCRIPTION>FORM OF WARRANT AGREEMENT
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 4.4</B></P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">THIS WARRANT AGREEMENT (&ldquo;Agreement&rdquo;)
dated as of [______], 2017 is between KBL Merger Corp. IV, a Delaware corporation, (&ldquo;Company&rdquo;), and Continental Stock
Transfer &amp; Trust Company, a New York corporation (&ldquo;Warrant Agent&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, the Company has entered
into that certain Second Amended and Restated Unit Subscription Agreement (the &ldquo;Sponsor Unit
Subscription Agreement&rdquo;), dated May 25, 2017, between the Company and KBL IV Sponsor LLC (the &ldquo;Sponsor&rdquo;),
pursuant to which the Sponsor has agreed to purchase an aggregate of 350,000 units (the &ldquo;Private Units&rdquo;) (or
387,500 Private Units if the underwriters&rsquo; over-allotment option is exercised in full), each Private Unit consisting of
one share of Company common stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;), one right to receive one-tenth
of one share of Common Stock (&ldquo;Rights&rdquo;) and one warrant to purchase one-half of one share of Common Stock at a
price of $5.75 per half share ($11.50 per whole share) (the &ldquo;Sponsor Private Placement Warrants&rdquo;), simultaneously
with the closing of the Public Offering (as defined below), at a purchase price of $10.00 per Private Unit; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, the Company has
entered into that certain Second Amended and Restated Unit Subscription Agreement, dated May 25, 2017, between the Company
and Ladenburg Thalmann &amp; Co. Inc. (&ldquo;Ladenburg&rdquo;) and the other underwriters, pursuant to which Ladenburg and
the other underwriters have agreed to purchase an aggregate of 100,000 Private Units (or 115,000 Private Units if the
underwriters&rsquo; over-allotment option is exercised in full), each Private Unit consisting of one share of Common Stock,
one right and one warrant to purchase one-half of one share of Common Stock, (collectively with the Sponsor Private
Placement Warrants, the &ldquo;Private Placement Warrants&rdquo;) simultaneously with the closing of the Public Offering (as
defined below), at a purchase price of $10.00 per Private Unit; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, in order to finance the Company&rsquo;s
transaction costs in connection with an intended initial Business Combination (defined below), the Sponsor or an affiliate of the
Sponsor or certain of the Company&rsquo;s executive officers and directors may loan to the Company funds as may be required, of
which up to $1,000,000 of such loans may be convertible into up to an additional 2,000,000 Private Placement Units; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, the Company is engaged in
a public offering (&ldquo;Public Offering&rdquo;) of units (the &ldquo;Units&rdquo;), each Unit comprised of one share
of Common Stock, one Right and one redeemable warrant (&ldquo;Public Warrants&rdquo; and together with the Private Placement
Warrants, the &ldquo;Warrants&rdquo;) and, in connection therewith, has determined to issue and deliver up to 11,500,000
Public Warrants (including up to 1,500,000 warrants subject to the Over-allotment Option (as defined below)) to the
public investors; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, each Warrant evidences the
right of the holder thereof to purchase one-half of one share of Common Stock, for $5.75 per half share ($11.50 per
whole share), subject to adjustment as described herein; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, the Company has filed with the
Securities and Exchange Commission a Registration Statement on Form S-1, No. 333-217475 (&ldquo;Registration Statement&rdquo;),
for the registration, under the Securities Act of 1933, as amended (&ldquo;Act&rdquo;), of, among other securities, the Warrants;
and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">WHEREAS, all acts and things have been
done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on
behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment
of Warrant Agent</U>. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
Agreement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Warrants</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
of Warrant</U>. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
of Directors or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile
of the Company&rsquo;s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased
to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same
effect as if he or she had not ceased to be such at the date of issuance.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Uncertificated
Warrants</U>. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be
represented by, a Unit or a Private Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant
Agent and/or the facilities of The Depository Trust Company (the &ldquo;Depositary&rdquo;) or other book-entry depositary system,
in each case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued
shall have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in
accordance with the terms of this Agreement</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Countersignature</U>. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">2.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Warrant
Register</U>. The Warrant Agent shall maintain books (&ldquo;Warrant Register&rdquo;) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent
shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall
be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts
with the Depository Trust Company (the &ldquo;Depository&rdquo;) (such institution, with respect to a Warrant in its account, a
&ldquo;<B><I>Participant</I></B>&rdquo;)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If the Depository subsequently ceases
to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer
necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the
Depository to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the
Warrant Agent to deliver to the Depository definitive certificates in physical form evidencing such Warrants which shall be in
the form annexed hereto as Exhibit A.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">2.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered
Holder</U>. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (&ldquo;registered holder&rdquo;) as
the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Detachability
of Warrants</U>. The Common Stock, Rights and Warrants comprising the Units and Private Units shall begin separate trading on
the 52nd day following the date of the prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or
federal holiday, on which banks in New York City are generally open for normal business (a &ldquo;Business Day&rdquo;), then
on the immediately succeeding Business Day following such date, or earlier (the &ldquo;Detachment Date&rdquo;) with the
consent of Ladenburg, but in no event shall the Common Stock and the Warrants comprising the Units and Private Units be
separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing an audited
balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by
the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering
(the &ldquo;Over-allotment Option&rdquo;), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and
(B) the Company issues a press release and files with the Commission a current report on Form 8-K announcing when such
separate trading shall begin.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Placement Warrant Attributes</U>. The Private Placement Warrants will be issued in the same form as the Public Warrants but they
(i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis at the holder&rsquo;s option
pursuant to Section 3.3.1(c) below, in either case as long as the Private Placement Warrants are held by the initial purchasers
or their affiliates and permitted transferees (as prescribed in Section 5.6 hereof). Prior to the 30<SUP>th</SUP>&nbsp;day after
the Company consummates an initial Business Combination, the Private Placement Warrants may only be transferred to permitted transferees
(as defined in Section 5.6 hereof). Once a Private Placement Warrant is transferred to a holder other than an affiliate or permitted
transferee, it shall be treated as a Public Warrant hereunder for all purposes.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms
and Exercise of Warrants</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Warrant
Price</U>. Each whole Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof,
subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of
Common Stock stated therein, at the price of $11.50 per whole share, subject to the adjustments provided in Section 4 hereof
and in the last sentence of this Section 3.1. The term &ldquo;Warrant Price&rdquo; as used in this Warrant Agreement refers
to the price per share at which the shares of Common Stock may be purchased at the time a Warrant is exercised. The Company
in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period
of not less than twenty (20) Business Days; provided, that the Company shall provide at least twenty (20) days prior written
notice of such reduction to registered holders of the Warrants and, provided further that any such reduction shall be
applied consistently to all of the Warrants.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
of Warrants</U>. A Warrant may be exercised only during the period (&ldquo;Exercise Period&rdquo;) commencing on the later of 30
days after the consummation by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination with one or more businesses or entities (&ldquo;Business Combination&rdquo;) (as described
more fully in the Registration Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New
York City time on the earlier to occur of (i) five years from the consummation of a Business Combination, (ii) the liquidation
of the Company in accordance with the Company&rsquo;s amended and restated certificate of incorporation, as amended from time to
time, if the Company fails to consummate a Business Combination and (iii) the Redemption Date as provided in Section 6.2 of this
Agreement (&ldquo;Expiration Date&rdquo;). Except with respect to the right to receive the Redemption Price (as set forth in Section
6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all
rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company in its
sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will
provide at least twenty (20) days prior written notice of any such extension to registered holders.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Warrants</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">3.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment</U>.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised
and any and all applicable taxes due in connection with the exercise of the Warrant, as follows:&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
good certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company); or</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the event of redemption pursuant to Section 6 hereof in which the Company&rsquo;s management has elected to force all holders of
Warrants to exercise such Warrants on a &ldquo;cashless basis,&rdquo; 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 Warrant Price and the &ldquo;Fair Market Value&rdquo; (defined below) by (y)
the Fair Market Value; provided, however, that Warrants may not be exercised on a &ldquo;cashless basis&rdquo; unless the Fair
Market Value is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(b), the &ldquo;Fair Market
Value&rdquo; shall mean the average reported last sale price of the Common Stock for the ten (10) trading days ending on the third
trading day prior to the date on which the notice of redemption is sent to holders of Warrant pursuant to Section 6 hereof; or</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Private Placement Warrants, so long as such Private Placement Warrants are held by the Sponsor, Ladenburg, the underwriters
or their permitted transferees, by surrendering such Private Placement 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; by (y) the Fair Market Value;
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the Warrant
Price. Solely for purposes of this Section 3.3.1(c), the &ldquo;Fair Market Value&rdquo; shall mean the average reported last sale
price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date of exercise; or</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after
the closing of a Business Combination, then during the period beginning on the 91<SUP>st</SUP>&nbsp;day after the closing of a
Business Combination and ending upon the effectiveness of such registration statement, and during any other period after such date
of effectiveness when the Company shall fail to have maintained an effective registration statement covering the shares of Common
Stock issuable upon exercise of the Warrants, by surrendering such 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; by (y) the Fair Market Value;
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the Warrant
Price. Solely for purposes of this Section 3.3.1(d), the &ldquo;Fair Market Value&rdquo; shall mean the average reported last sale
price of the Common Stock for the ten (10) trading days ending on the day prior to the date of exercise.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt; background-color: white">3.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Certificates</U>. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of
the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a book-entry position or
certificate, as applicable, for the number of full shares of Common Stock to which he is entitled, registered in such name or
names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry
position or countersigned Warrant, as applicable, for the number of shares as to which such Warrant shall not have been
exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise.
No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a
Warrant unless the 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 condition
in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be
entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a
Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common
Stock underlying such Unit. &nbsp;Subject to Section 4.7 of this Agreement, a Registered Holder of Warrants may exercise its
Warrants only for a whole number of shares of Common Stock (i.e., only on even number of Warrants may be exercised at any
given time by a Registered Holder). If, by reason of any exercise of warrants on a &ldquo;cashless basis&rdquo;, the holder
of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall round down to the nearest whole number, the number of shares to be issued to such holder. Warrants may not be exercised
by, or securities issued to, any registered holder in any state in which such exercise would be unlawful. &nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">3.3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Valid
Issuance</U>. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">3.3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date
of Issuance</U>. Each person in whose name any book-entry position or such certificate, as applicable, for shares of Common Stock
is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant,
or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the
date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment
is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall
be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer
books or book-entry system are open.</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">3.3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum
Percentage</U>. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or
it makes such election. If the election is made by a holder, the Warrant Agent shall not affect the exercise of the holder&rsquo;s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise,
such person (together with such person&rsquo;s affiliates), to the Warrant Agent&rsquo;s actual knowledge, would beneficially own
in excess of 9.8% (the &ldquo;Maximum Percentage&rdquo;) of the shares of Common Stock outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect
to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon
(x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y)
exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such
person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject
to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). For purposes of the Warrant, in determining the number of outstanding
shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company&rsquo;s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the
Securities and Exchange Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other more
recent notice by the Company or the Warrant Agent setting forth the number of shares of Common Stock outstanding. For any reason
at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally
and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares
of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the
holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written
notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to
such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Dividends - Split Ups</U>. If after the date hereof, and subject to the provisions of Section 4.7 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of
Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price
less than the &ldquo;Fair Market Value&rdquo; (as defined below) shall be deemed a stock dividend of a number of shares of Common
Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied
by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair
Market Value. For purposes of this subsection 4.1, (i) if the rights offering is for securities convertible into or exercisable
for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) &ldquo;Fair Market Value&rdquo;
means the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular
way, without the right to receive such rights.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Aggregation
of Shares</U>. If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Extraordinary
Dividends</U>. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a cash dividend or make
a distribution in cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company&rsquo;s
capital stock into which the Warrants are convertible (an &ldquo;Extraordinary Dividend&rdquo;), then the Warrant Price shall be
decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market
value (as determined by the Company&rsquo;s Board of Directors, in good faith) of any securities or other assets paid on each share
of Common Stock in respect of such Extraordinary Dividend; provided, however, that none of the following shall be deemed an Extraordinary
Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions
which, when combined on a per share basis with the per share amounts of all other cash dividends and cash distributions paid on
the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50
(as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends
or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on
exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or
less than $0.50, (c) any payment to satisfy the redemption rights of the holders of the shares of Common Stock in connection with
a proposed initial Business Combination or (d) any payment in connection with the Company&rsquo;s liquidation and the distribution
of its assets upon its failure to consummate a Business Combination. Solely for purposes of illustration, if the Company, at a
time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40
of cash dividends and cash distributions on the Common Stock during the 365-day period ending on the date of declaration of such
$0.35 dividend, then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend,
by $0.25 (the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such
365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends
and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
in Exercise Price</U>. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock
purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the
number of shares of Common Stock so purchasable immediately thereafter.</P>

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

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

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement
of Securities upon Reorganization, etc</U>. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the
Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and
in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event (the &ldquo;Alternative Issuance&rdquo; ); provided, however, that (i) if the holders of the Common Stock were entitled
to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation
or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant
shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of
the Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption
offer shall have been made to and accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer
made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company&rsquo;s
amended and restated certificate of incorporation or as a result of the repurchase of shares of Common Stock by the Company if
a proposed initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which,
upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker
(within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate
is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of
Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities
or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised
the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common Stock held by such
holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of
such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further,
that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable event is payable in
the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an
established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered
Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable
event by the Company pursuant to a Current Report on Form 8-K filed with the SEC, the Warrant Price shall be reduced by an amount
(in dollars) equal to the difference (but in no event less than zero) of (i) the Warrant Price in effect prior to such reduction
minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The
&ldquo;Black-Scholes Warrant Value&rdquo; means the value of a Warrant immediately prior to the consummation of the applicable
event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (&ldquo;Bloomberg&rdquo;).
For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share
of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading day period
ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility
obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of
the applicable event , and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal
to the remaining term of the Warrant. &ldquo;Per Share Consideration&rdquo; means (i) if the consideration paid to holders of the
Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the
amount of cash per share of Common Stock, if any, plus the volume weighted average price of the Common Stock as reported during
the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification
also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to
Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices
of Changes in Warrant</U>. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, the Company shall give written notice to
each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fractional Warrants or Shares</U>. No fractional Warrants will be issued hereunder. Additionally, notwithstanding any provision
contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If,
by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole
number of shares of Common Stock to be issued to the Warrant holder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
of Warrant</U>. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued
pursuant to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant
that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">4.9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Events</U>. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing,
which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate
the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment;
provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4 as a result of any issuance
of securities in connection with the Business Combination. The Company shall adjust the terms of the Warrants in a manner that
is consistent with any adjustment recommended in such opinion.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
and Exchange of Warrants</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
of Transfer</U>. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Surrender of Warrants</U>. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered
holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event
that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer
may be made and indicating whether the new Warrants must also bear a restrictive legend.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Warrants</U>. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate or book-entry position for a fraction of a warrant.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Service
Charges</U>. No service charge shall be made for any exchange or registration of transfer of Warrants.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Warrant
Execution and Countersignature</U>. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">5.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Placement Warrants</U>. The Warrant Agent shall not register any transfer of Private Placement Warrants until the 31st
day after the consummation by the Company of an initial Business Combination, except for transfers (a) to the
Company&rsquo;s officers or directors, any affiliates or family members of any of the Company&rsquo;s officers or directors,
any members or partners of the Sponsor, or any affiliates of the Sponsor or any of its members or partners, or
Ladenburg&rsquo;s or any underwriter&rsquo;s officers, directors and direct and indirect equityholders; (b) in the case of an
individual, by gift to a member of one of the members of the individual&rsquo;s immediate family or to a trust, the
beneficiary of which is a member of one of the individual&rsquo;s immediate family, an affiliate of such person or to a
charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the
individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or
transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the
Private Placement Warrants were originally purchased; (f) in the event of a Company liquidation prior to a completion of a
Business Combination; (g) to the Company for no value for cancellation; or (h) by virtue of the laws of Delaware or either of
the Sponsors&rsquo; operating agreements; provided, however, that in the case of clauses (a) through (f) and (h) these
permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.
Subject to Section 6.4 hereof, not less than all of the outstanding Public Warrants may be redeemed, at the option of the Company,
at any time while they are exercisable and prior to their expiration (so long as there is a current registration statement in effect
with respect to the shares of Common Stock underlying the Warrants; provided, however, that if and when the Public Warrants become
redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of Common Stock upon exercise
of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is
unable to effect such registration or qualification), at the office of the Warrant Agent, upon the notice referred to in Section
6.2, at the price of $0.01 per Warrant (&ldquo;Redemption Price&rdquo;), provided that the last sales price of the Common Stock
equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading
days within any thirty (30) trading day period (&ldquo;30-Day Trading Period&rdquo;) ending on the third business day prior to
the date on which notice of redemption is given and provided further that there is a current registration statement in effect with
respect to the Common Stock underlying the Public Warrants commencing five business days prior to the 30-Day Trading Period and
continuing each day thereafter until the Redemption Date (defined below); provided, however, in the event there was no actual trading
of the Common Stock for any day within such 30-Day Trading Period, then the closing bid price on such day must exceed $18.00 per
share to count.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date
Fixed for, and Notice of, Redemption</U>. In the event the Company shall elect to redeem all of the Public Warrants, the Company
shall fix a date for the redemption (the &ldquo;Redemption Date&rdquo;). Notice of redemption shall be mailed by first class mail,
postage prepaid, by the Company not less than 30 days prior to the Redemption Date to the registered holders of the Warrants to
be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
After Notice of Redemption</U>. The Public Warrants may be exercised, for cash (or on a &ldquo;cashless basis&rdquo; in accordance
with Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section
6.2 hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Public Warrants to exercise
their Warrants on a &ldquo;cashless basis&rdquo; pursuant to Section 3.3.1(b), the notice of redemption will contain the information
necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the &ldquo;Fair
Market Value&rdquo; in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights
except to receive, upon surrender of the Warrants, the Redemption Price.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exclusion
of Private Placement Warrants</U>. The Company agrees that the redemption rights provided in this Section 6 shall not apply to
the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor,
Ladenburg, the underwriters or their permitted transferees. However, once such Private Placement Warrants are transferred (other
than to permitted transferees under Section 5.6), the Company may redeem the Private Placement Warrants in the same manner as the
Public Warrants.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Provisions Relating to Rights of Holders of Warrants</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Rights as Stockholder</U>. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lost,
Stolen, Mutilated, or Destroyed Warrants</U>. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Shares of Common Stock</U>. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
of Shares of Common Stock</U>. The Company agrees that as soon as practicable after the closing of its initial Business Combination
but in no event later than 30 days after the closing, it shall use its best efforts to file with the Securities and Exchange Commission
a registration statement for the registration, under the Act, of the shares of Common Stock issuable upon exercise of the Warrants,
and it shall use its best efforts to take such action as is necessary to register or qualify for sale, in those states in which
the Warrants were initially offered by the Company, the shares of Common Stock issuable upon exercise of the Warrants, to the extent
an exemption is not available. The Company will use its best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement.
In addition, the Company agrees to use its best efforts to register such securities under the blue sky laws of the states of residence
of the exercising warrant holders (in those states in which the Warrants were initially offered by the Company) to the extent an
exemption is not available. If any such registration statement has not been declared effective by the 90th day following the closing
of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after the
closing of the Business Combination and ending upon such registration statement being declared effective by the Securities and
Exchange Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a &ldquo;cashless basis&rdquo;
as determined in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of counsel for the
Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a
cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares of Common
Stock issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as
such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.
For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall
continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4. The provisions
of this Section 7.4 may not be modified, amended or deleted without the prior written consent of Ladenburg</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Concerning
the Warrant Agent and Other Matters</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Taxes</U>. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such shares.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation,
Consolidation, or Merger of Warrant Agent</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment
of Successor Warrant Agent</U>. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days&rsquo; notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant
(who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the
Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company&rsquo;s
cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing
under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and
State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Successor Warrant Agent</U>. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the shares of Common Stock not later than the effective date of any
such appointment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger
or Consolidation of Warrant Agent</U>. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees
and Expenses of Warrant Agent</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remuneration</U>.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">8.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liability
of Warrant Agent</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance
on Company Statement</U>. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors
of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered
in good faith by it pursuant to the provisions of this Agreement.&nbsp;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant
Agent&rsquo;s gross negligence, willful misconduct, or bad faith.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 66pt">8.4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exclusions</U>.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any
Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">8.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceptance
of Agency</U>. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common
Stock through the exercise of Warrants.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous
Provisions</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors</U>.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder
of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by
certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Company with the Warrant Agent), as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">KBL Merger Corp. IV</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">527 Stanton Christiana Rd.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Newark, DE 19713</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Attn: Marlene Krauss, M.D., Chief Executive Officer</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when
so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as
follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Continental Stock Transfer &amp; Trust Company</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">17 Battery Place</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">New York, New York 10004</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Attn: Compliance Department</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">with a copy in each case to:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Ellenoff Grossman &amp; Schole LLP</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">1345 Avenue of the Americas</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">New York, New York 10105</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Attn: Stuart Neuhauser, Esq.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 108pt">Holland &amp; Knight LLP</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">701 Brickell Avenue</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Suite 3300</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Miami, Florida 33131</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Attn: Bradley D. Houser, Esq.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Ladenburg Thalmann &amp; Co. Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">520 Madison Avenue</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">New York, New York 10022</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 108pt">Attn: [__________]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable
Law</U>. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons
Having Rights under this Agreement</U>. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants and, for purposes of Sections 2.5, 6.4, 7.4, 9.4 and 9.8 hereof, Ladenburg, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. Ladenburg shall be deemed to be a third party beneficiary of this Agreement with respect to Sections 2.5, 6.4, 7.4, 9.4
and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be
for the sole and exclusive benefit of the parties hereto (and Ladenburg with respect to Sections 2.5, 6.4, 7.4, 9.4 and 9.8 hereof)
and their successors and assigns and of the registered holders of the Warrants.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Examination
of the Warrant Agreement</U>. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Headings</U>. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not
affect the interpretation thereof.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders
of at least 65% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price
or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered
holders. The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of Ladenburg</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account Waiver</U>. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account
established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (&ldquo;Trust
Account&rdquo;), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.
In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim
solely against the Company and not against the property held in the Trust Account.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">9.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">[signature page follows]</P>




<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">IN WITNESS WHEREOF, this Agreement has
been duly executed by the parties hereto as of the day and year first above written.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL MERGER CORP. IV</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 4%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 36%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;Marlene Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTINENTAL STOCK TRANSFER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&amp; TRUST COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: [____________]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: [____________]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">14</P>

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<TYPE>EX-4.5
<SEQUENCE>6
<FILENAME>fs12017a3ex4v_kblmerger.htm
<DESCRIPTION>SPECIMEN RIGHT CERTIFICATE
<TEXT>
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<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 4.5</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NUMBER</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RIGHTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL
MERGER CORP. IV</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATED
UNDER THE LAWS OF DELAWARE</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SEE
REVERSE FOR</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP
48242A 120</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>THIS
CERTIFIES THAT, for value received</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
the registered holder of a right or rights (the &ldquo;Right&rdquo; or &ldquo;Rights,&rdquo; respectively) to receive one-tenth
of one share of Class A common stock, par value $.0001 per share (&ldquo;Common Stock&rdquo;), of KBL MERGER CORP. IV (the &ldquo;Company&rdquo;)
for each Right evidenced by this Right Certificate on the Company&rsquo;s completion of an initial business combination (as defined
in the prospectus relating to the Company&rsquo;s initial public offering (&ldquo;Prospectus&rdquo;)) upon surrender of this Right
Certificate pursuant to the Rights Agreement (the &ldquo;Rights Agreement&rdquo;) between the Company and Continental Stock Transfer
&amp; Trust Company (the &ldquo;Rights Agent&rdquo;). In no event will the Company be required to net cash settle any Right.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
liquidation of the Company in the event an initial business combination is not consummated during the required period as identified
in the Company&rsquo;s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time, the Right(s)
shall expire and be worthless. The holder of a Right or Rights shall have no right or interest of any kind in the Company&rsquo;s
trust account (as defined in the Prospectus).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
due presentment for registration of transfer of the Right Certificate at the office or agency of the Rights Agent a new Right
Certificate or Right Certificates of like tenor and evidencing in the aggregate a like number of Rights shall be issued to the
transferee in exchange for this Right Certificate, without charge except for any applicable tax or other governmental charge.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Rights Agent may deem and treat the registered holder as the absolute owner of this Right Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any conversion hereof, of any distribution
to the registered holder, and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice
to the contrary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of a Right or Rights are not entitled to any of the rights of a stockholder of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 21%; border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Corporate
        Seal]</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN
    COM &ndash;</FONT></TD>
    <TD NOWRAP STYLE="width: 43%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    tenants in common</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNIF
    GIFT MIN ACT - _____ Custodian ______</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN ENT &ndash;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as tenants
    by the entireties</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (Minor)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JT TEN &ndash;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as joint tenants
    with right of survivorship</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">under
    Uniform Gifts to Minors</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and not as
    tenants in common</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Act
______________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Abbreviations may also be used though not in the above list.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL
MERGER CORP. IV</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights. This certificate and the rights represented thereby are issued and shall be
held subject to all the provisions of the Rights Agreement, and all amendments thereto, to all of which the holder of this certificate
by acceptance hereof assents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>For
value received, ___________________________ hereby sell, assign and transfer unto</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEASE
INSERT SOCIAL SECURITY OR OTHER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -20pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTIFYING
NUMBER OF ASSIGNEE</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
        <BR></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(PLEASE
    PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
represented by the within Certificate, and do hereby irrevocably constitute and appoint</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">_____________________________________________________________________
<I>Attorney</I> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>to transfer the said Rights on the
books of the within named Company will full power of substitution in the premises.</I></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30%; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice:&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 65%; border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    signature to this assignment must correspond with the name as written upon the face of the certificate in every particular,
    without alteration or enlargement or any change whatever.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature(s)
Guaranteed:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 65%; border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
    AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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<TYPE>EX-4.6
<SEQUENCE>7
<FILENAME>fs12017a3ex4vi_kblmerger.htm
<DESCRIPTION>FORM OF RIGHTS AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 4.6</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Rights Agreement (this &ldquo;Agreement&rdquo;) is made as of May __, 2017 between KBL Merger Corp. IV, a Delaware corporation,
with offices at 527 Stanton Christiana Road, Newark, DE 19713 (the &ldquo;Company&rdquo;), and Continental Stock Transfer &amp;
Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (&ldquo;Rights Agent&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company is engaged in an initial public offering (the &ldquo;Public Offering&rdquo;) of units of the Company&rsquo;s equity
securities (each, a &ldquo;Unit&rdquo; and collectively, the &ldquo;Units&rdquo;) to Ladenburg Thalman &amp; Co. Inc. (the &ldquo;Representative&rdquo;),
as representative of the several underwriters (the &ldquo;Underwriters&rdquo;), each such Unit comprised of one share of common
stock of the Company, par value $.0001 per share (&ldquo;Common Stock&rdquo;), one warrant to purchase one-half of one share of
Common Stock (the &ldquo;Public Warrants&rdquo;) and one right to receive one-tenth (1/10) of one share of Common Stock (the &ldquo;Public
Rights&rdquo;) upon the happening of an &ldquo;Exchange Event&rdquo; (defined herein), and in connection therewith, the Company
has determined to issue and deliver up to 11,500,000 Public Rights (including up to 1,500,000 Public Rights subject to the over-allotment
option) to public investors in the Offering; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
as of the date hereof, the Company has determined to revise the terms of the Public Offering such that each &ldquo;Unit&rdquo;
shall be comprised of one share of Common Stock, one-half of one warrant to purchase one share of Common Stock (the &ldquo;Public
Warrants&rdquo;) and one right to receive one-tenth (1/10) of one share of Common Stock (the &ldquo;Public Rights&rdquo;), and
in connection therewith, the Company has determined to issue and deliver up to 11,500,000 Public Rights (including up to 1,500,000
Public Rights subject to the over-allotment option) to public investors in the Offering; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company has entered into that certain Second Amended and Restated Unit Purchase Agreement, dated as of May 25, 2017, with
KBL IV Sponsor LLC (the &ldquo;Sponsor&rdquo;), pursuant to which the Company will issue and deliver to Sponsor up to an aggregate
of 387,500 units (the &ldquo;Private Units&rdquo;), each Private Unit consisting of one share of Common Stock one-half of one
warrant to purchase one share of Common Stock (the &ldquo;Private Warrants&rdquo; and together with the Public Warrants, the &ldquo;Warrants&rdquo;)
and one right to receive one-tenth (1/10) of one share of Common Stock (the &ldquo;Private Rights&rdquo; and together with the
Public Rights, the &ldquo;Rights&rdquo;); and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company has entered into that certain Second Amended and Restated Unit Subscription Agreement, dated May 25, 2017, between
the Company and the Representative and the other underwriters, pursuant to which the Representative and the other underwriters
have agreed to purchase an aggregate of 100,000 Private Units (or 115,000 Private Units if the underwriters&rsquo; over-allotment
option is exercised in full), simultaneously with the closing of the Public Offering, at a purchase price of $10.00 per Private
Unit; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company has filed with the Securities and Exchange Commission registration statement on Form S-1, File No. 333-217475, and
the prospectus forming a part thereof (collectively, the &ldquo;Prospectus&rdquo;), for the registration under the Securities
Act of 1933, as amended, of the Units and each of the securities comprising the Units, and the shares of Common Stock underlying
the Public Rights; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company desires the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection
with the issuance, registration, transfer and exchange of the Rights; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company
and countersigned by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment
of Rights Agent</U>. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in
this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
of Right</U>. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
and the Secretary of the Company and shall bear a facsimile of the Company&rsquo;s seal. In the event the person whose facsimile
signature has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before
such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Countersignature</U>. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid
and of no effect and may not be exchanged for shares of Common Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
Register</U>. The Rights Agent shall maintain books (&ldquo;Right Register&rdquo;) for the registration of original issuance and
the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register
the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Rights Agent by the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered
Holder</U>. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and
treat the person in whose name such Right shall be registered upon the Right Register (&ldquo;registered holder&rdquo;) as the
absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing
on the Right Certificate made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof,
and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Detachability
of Rights</U>. The securities comprising the Units, including the Rights, will not be separately transferable until ten business
days following the earlier to occur of: (i) the 52<SUP>nd</SUP>&nbsp;day following the date of the Prospectus or (ii) the announcement
by Ladenburg Thalmann &amp; Co. Inc. of its intention to allow separate earlier trading, except that in no event will the securities
comprising the Units be separately tradeable until the Company files a Current Report on Form 8-K which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Offering including the proceeds received by the Company
from the exercise of the over-allotment option, if the over-allotment option is exercised by the date thereof and the Company
issues a press release and files a Current Report on Form 8-K announcing when such separate trading shall begin.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms
and Exchange of Rights</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights</U>.
Each Right shall entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening of an Exchange
Event (defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares
of Common Stock upon an Exchange Event as the purchase price for such shares of Common Stock has been included in the purchase
price for the Units. In no event will the Company be required to net cash settle the Rights. The provisions of this Section 3.1
may not be modified, amended or deleted without the prior written consent of the Representative.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange
Event</U>. An &ldquo;Exchange Event&rdquo; shall occur upon the Company&rsquo;s consummation of an initial Business Combination
(as defined in the Company&rsquo;s Amended and Restated Certificate of Incorporation).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange
of Rights</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Certificates</U>. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the
Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall
issue to the registered holder of such Right(s) a certificate or certificates for the number of full shares Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it. Notwithstanding the foregoing,
or any provision contained in this Agreement to the contrary, in no event will the Company be required to net cash settle the
Rights. The Company shall not issue fractional shares upon exchange of Rights. At the time of an Exchange Event, the Company will
either instruct the Rights Agent to round up to the nearest whole share of Common Stock or otherwise inform it how fractional
shares will be addressed, in accordance with Section 155 of the Delaware General Corporation Law. Each holder of a Right will
be required to affirmatively convert his, her or its rights in order to receive the 1/10 of a share underlying each right (without
paying any additional consideration) upon consummation of the Exchange Event. Each holder of a Right will be required to indicate
his, her or its election to convert the Rights into the underlying shares as well as to return the original certificates evidencing
the Rights to the Company.&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Valid
Issuance</U>. All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date
of Issuance</U>. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery
of such certificate.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Not Surviving Following Exchange Event</U>. Upon an Exchange Event in which the Company does not continue as the publicly held
reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration
the holders of the shares of Common Stock will receive in such transaction, for the number of shares such holder is entitled to
pursuant to Section 3.3.1 above.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
of Rights</U>. If an Exchange Event does not occur within the time period set forth in the Company&rsquo;s Certificate of Incorporation,
as the same may be amended from time to time, the Rights shall expire and shall be worthless.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
and Exchange of Rights</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
of Transfer</U>. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register,
upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued
and the old Right shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the
Company from time to time upon request.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Surrender of Rights</U>. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer,
and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of
the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right
surrendered for transfer bears a restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange
therefor until the Rights Agent has received an opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Rights must also bear a restrictive legend.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Rights</U>. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a Right Certificate for a fraction of a Right.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Service
Charges</U>. No service charge shall be made for any exchange or registration of transfer of Rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
Execution and Countersignature</U>. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Provisions Relating to Rights of Holders of Rights</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Rights as Shareholder</U>. Until exchange of a Right for shares of Common Stock as provided for herein, a Right does not entitle
the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to
receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders
in respect of the meetings of shareholders or the election of directors of the Company or any other matter.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lost,
Stolen, Mutilated, or Destroyed Rights</U>. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated,
or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Common Stock</U>. The Company shall at all times reserve and keep available a number of its authorized but unissued shares
of Common Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Concerning
the Rights Agent and Other Matters</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Taxes</U>. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Rights Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall
not be obligated to pay any transfer taxes in respect of the Rights or such shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation,
Consolidation, or Merger of Rights Agent</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment
of Successor Rights Agent</U>. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days&rsquo; notice in writing to the Company. If the
office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right
(who shall, with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply
to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the
Company&rsquo;s cost. Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized
and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan,
City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority,
powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Successor Rights Agent</U>. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof
to the predecessor Rights Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger
or Consolidation of Rights Agent</U>. Any corporation into which the Rights Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor
Rights Agent under this Agreement without any further act.&nbsp;&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees
and Expenses of Rights Agent</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remuneration</U>.
The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse
the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for
the carrying out or performing of the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liability
of Rights Agent</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance
on Company Statement</U>. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer
and delivered to the Rights Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith
by it pursuant to the provisions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section
6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except
as a result of the Rights Agent&rsquo;s gross negligence, willful misconduct, or bad faith.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exclusions</U>.
The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Right or
as to whether any Common Stock will when issued be valid and fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceptance
of Agency</U>. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (&ldquo;Claim&rdquo;)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous
Provisions</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors</U>.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure
to the benefit of their respective successors and assigns.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Company with the Rights Agent), as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
Merger Corp. IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">527
Stanton Christiana Road</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newark,
DE 19713</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Dr. Marlene Krauss</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or
on the Rights Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Rights Agent with the Company), as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continental
Stock Transfer &amp; Trust Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
Battery Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10004</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Compliance Department</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladenburg
Thalmann &amp; Co. Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">277
Park Avenue, 26<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable
Law</U>. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons
Having Rights under this Agreement</U>. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right,
remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8
hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and
exclusive benefit of the parties hereto (and the Representative with respect to the Sections 3, 7.4 and 7.8 hereof) and their
successors and assigns and of the registered holders of the Rights. The provisions of this Section 7.4 may not be modified, amended
or deleted without the prior written consent of the Representative.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Examination
of the Right Agreement</U>. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent
in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent
may require any such holder to submit his, her or its Right for inspection by it.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Headings</U>. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and
that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments
shall require the written consent or vote of the registered holders of 65% of the then outstanding Public Rights. The provisions
of this Section 7.8 may not be modified, amended or deleted without the prior written consent of the Representative.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;Marlene
    Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Chief
    Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTINENTAL
    STOCK TRANSFER &amp; TRUST COMPANY</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Rights Agreement]</FONT></P>



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>8
<FILENAME>fs12017a3ex5i_kblmerger.htm
<DESCRIPTION>OPINION OF ELLENOFF GROSSMAN & SCHOLE LLP.
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">May 26, 2017</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">KBL Merger Corp. IV</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">527 Stanton Christiana Rd.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">Newark, DE 19713&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;Registration
Statement of KBL Merger Corp. IV</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">We
have acted as counsel to KBL Merger Corp. IV, a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the
registration by the Company with the United States Securities and Exchange Commission of&nbsp; up to 11,500,000 units of the Company,
including the underwriters&rsquo; over-allotment option (collectively the &ldquo;<B>Units</B>&rdquo;), with each Unit consisting
of one share of common stock, par value $0.0001 per share (the &ldquo;<B>Common Stock</B>&rdquo;) of the Company, one warrant to
purchase one-half of one share of Common Stock (the &ldquo;<B>Warrant</B>&rdquo;), and one right (the &ldquo;<B>Right</B>&rdquo;)
to purchase one-tenth (1/10) of one share of Common Stock (the &ldquo;<B>Right Share</B>&rdquo;), pursuant to a Registration Statement
on Form S-1 initially filed by the Company with the Commission on April 26, 2017 (as amended, the &ldquo;<B>Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">We
have examined such documents and considered such legal matters as we have deemed necessary and relevant as the basis for the opinion
set forth below. With respect to such examination, we have assumed the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us as reproduced or certified
copies, and the authenticity of the originals of those latter documents. As to questions of fact material to this opinion, we have,
to the extent deemed appropriate, relied upon certain representations of certain officers and employees of the Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">Based
upon the foregoing, we are of the opinion that:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Units</U></B>.
When the Registration Statement becomes effective under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;),
and when the offering is completed as contemplated by the Registration Statement, the Units will constitute the legal, valid and
binding obligations of the Company, enforceable against the Company in accordance with their terms, except: (a) as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally and by general
equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law); (b) as enforceability
of any indemnification or contribution provision may be limited under the federal and state securities laws, and (c) that the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the
discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Common
Stock</U></B>. When the Registration Statement becomes effective under the Act and when the offering is completed as contemplated
by the Registration Statement, the shares of Common Stock will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Warrants</U></B>.
When the Registration Statement becomes effective under the Act, when the Units are delivered to and paid for by the underwriters
in accordance with the terms of the underwriting agreement proposed to be entered into between the Company and the underwriters
named therein, and assuming the due authorization, execution and delivery of such Warrants by the Warrant Agent, will constitute
the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms except:
(a) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity
or at law); (b) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities
laws, and (c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the
equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights</U></B>.
When the Registration Statement becomes effective under the Act, when the offering is completed as contemplated by the Registration
Statement, and assuming the due authorization, execution and delivery of the Rights by the Rights Agent, the Rights included in
the Units will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with their terms except: (a) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors&rsquo; rights generally and by general equitable principles (regardless of whether enforceability is considered in a
proceeding in equity or at law); (b) as enforceability of any indemnification or contribution provision may be limited under the
Federal and state securities laws, and (c) that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be
brought.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
Shares</U></B>. When the Registration Statement becomes effective under the Act and when the Rights Shares have been issued and
delivered upon the consummation of an initial business combination in accordance with the terms of the Rights and the Rights Agreement,
as contemplated by the Registration Statement, the Rights Shares will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">We
are opining solely on all applicable statutory provisions of Delaware corporate law, including the rules and regulations underlying
those provisions, all applicable provisions of the Delaware Constitution, all applicable judicial and regulatory determinations
in connection therewith and, as to the Units, Warrants and Rights constituting legally binding obligations of the Company, solely
with respect to the laws of the State of New York. Our opinion is based on these laws as in effect on the date hereof and as of
the effective date of the Registration Statement, and we assume no obligation to revise or supplement this opinion after the effective
date of the Registration Statement should the law be changed by legislative action, judicial decision, or otherwise. We express
no opinion as to whether the laws of any other&nbsp;jurisdiction are applicable to the subject matter hereof. We are not rendering
any opinion as to compliance with any other federal or state law, rule or regulation relating to securities, or to the sale or
issuance thereof.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">We
hereby consent to the use of this opinion as an exhibit to the Registration Statement, to the use of our name as your counsel and
to all references made to us in the Registration Statement and in the prospectus forming a part thereof. &nbsp;In giving this consent,
we do not hereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Act, or the
rules and regulations promulgated thereunder.</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">Very truly yours,</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;&nbsp;</P>

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    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font-size: 11pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ellenoff Grossman &amp; Schole LLP</FONT></TD>
    <TD STYLE="width: 60%; font-size: 11pt; line-height: 107%; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ellenoff Grossman &amp; Schole LLP</FONT></TD>
    <TD STYLE="font-size: 11pt; line-height: 107%">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>9
<FILENAME>fs12017a3ex10ii_kblmerger.htm
<DESCRIPTION>FORM OF LETTER AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 36pt"><B>Exhibit<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.2</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[______],
2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
Merger Corp. IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">527
Stanton Christiana Rd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newark,
DE 19713</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Marlene Krauss, M.D.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">520
Madison Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Representative of the Several Underwriters named in</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="width: 95%; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Initial
    Public Offering</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter (this &ldquo;<B><I>Letter Agreement</I></B>&rdquo;) is being delivered to you in accordance with the Underwriting Agreement
(the &ldquo;<B><I>Underwriting Agreement</I></B>&rdquo;) proposed to be entered into by and between KBL Merger Corp. IV, a Delaware
corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Ladenburg Thalmann &amp; Co. Inc. as representative (the &ldquo;<B><I>Representative</I></B>&rdquo;)
of the several underwriters named therein (the &ldquo;<B><I>Underwriters</I></B>&rdquo;), relating to an underwritten initial
public offering (the &ldquo;<B><I>Public Offering</I></B>&rdquo;), of 10,000,000 of the Company&rsquo;s units (the &ldquo;<B><I>Units</I></B>&rdquo;),
each comprised of one share of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;),
one right to receive one-tenth of one share of Common Stock (each, a &ldquo;<B><I>Right</I></B>&rdquo;), and one warrant (each,
a &ldquo;<B><I>Warrant</I></B>&rdquo;). Each Warrant entitles the holder thereof to purchase one-half of one share of Common Stock
at a price of $11.50 per whole share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a registration
statement on Form S-1 and prospectus (the &ldquo;<B><I>Prospectus</I></B>&rdquo;) filed by the Company with the Securities and
Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) and the Company shall apply to have the Units listed on the Nasdaq
Capital Market. Certain capitalized terms used herein are defined in Section 11 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, KBL IV Sponsor LLC
(the &ldquo;<B><I>Sponsor</I></B>&rdquo;), the undersigned individuals, each of whom is a director or officer to the Company (together
with the Sponsor, each an &ldquo;<B><I>Insider</I></B>&rdquo; and collectively, the &ldquo;<B><I>Insiders</I></B>&rdquo;), hereby
agree with the Company as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with
such proposed Business Combination, it, he or she shall (i) vote any shares of Common Stock owned by it, him or her in favor of
such proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such
stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, each Insider
agrees that it, he or she will not seek to sell its, his or her shares of Common Stock owned by it, him or her to the Company
in connection with such tender offer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Each Insider agrees that in the event that the Company fails to consummate a Business Combination (as defined in the Underwriting
Agreement) within the time period set forth in the Company&rsquo;s amended and restated certificate of incorporation, as the same
may be amended from time to time, each Insider shall take all reasonable steps to cause the Company to (i)&nbsp;cease all operations
except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than 10 business days thereafter
redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the &ldquo;<B><I>Offering Shares</I></B>&rdquo;),
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
(which interest shall be net of taxes payable and less up to $50,000 of interest
to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
Public Stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions, if any) and
(iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of the Company&rsquo;s remaining
stockholders and the Company&rsquo;s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii)
above to the Company&rsquo;s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law. Each Insider agrees not to propose any amendment to the Company&rsquo;s amended and restated certificate of incorporation
that would affect the substance or timing of the Company&rsquo;s obligation to redeem the Offering Shares in connection with a
Business Combination or if the Company does not complete a Business Combination within the time period then set forth in the Company&rsquo;s
amended and restated certificate of incorporation, 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 (which interest shall be net of taxes payable), divided by the number of then outstanding public shares.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust
Account or any other asset of the Company as a result of any liquidation of the Company and hereby waives any claim such Insider
may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse
against the Trust Fund for any reason whatsoever except in each case with respect to the Insider&rsquo;s right to a pro rata interest
in the proceeds held in the Trust Fund for any Offering Shares such Insider may hold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
&nbsp; Subject to the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the
effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not (i)
sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or
agree to dispose of, directly or indirectly, file (or participate in the filing of) a registration statement with the
Commission or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the
meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder, with respect to any Units, shares of Common Stock, Rights, Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Common Stock owned by it, if any, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units,
shares of Common Stock, Rights, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of
Common Stock owned by it, if any, whether any such transaction is to be settled by delivery of such securities, in cash or
otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). The foregoing
sentence shall not apply to the registration of the offer and sale of Units contemplated by the Underwriting Agreement and
the sale of the Units to the Underwriters. The Sponsor and each of the Insiders acknowledges and agrees that, prior to the
effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company
shall announce the impending release or waiver by press release through a major news service at least two business days
before the effective date of the release or waiver. Any release or waiver granted shall only be effective two business days
after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or
waiver is effected solely to permit a transfer of securities that is not for consideration and (ii) the transferee has agreed
in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
terms remain in effect at the time of the transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
&nbsp;In the event of the liquidation of the Trust Account, the Sponsor (the &ldquo;<B><I>Indemnitor</I></B>&rdquo;) agrees to
indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any
claim by (i)&nbsp;any third party for services rendered or products sold to the Company or (ii)&nbsp;a prospective target business
with which the Company has entered into an acquisition agreement (a &ldquo;<B><I>Target</I></B>&rdquo;);&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that such indemnification of the Company by the Indemnitor shall apply only to the extent necessary to ensure that such claims
by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust
Account to below (i)&nbsp;$10.10 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account due
to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of the
amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except
as to any claims under the Company&rsquo;s indemnity of the Underwriters against certain liabilities, including liabilities under
the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such
third party, the Indemnitor shall not be responsible to the extent of any liability for such third party claim. The Indemnitor
shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within
15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that
it shall undertake such defense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;To the extent that the Underwriters do not exercise their over-allotment option in full to purchase an additional 1,500,000 Units
within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall
forfeit, at no cost, a number of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction, (i)&nbsp;the numerator
of which is 1,500,000 minus the number of Units, if any, purchased by the Underwriters upon the exercise of their over-allotment
option, and (ii)&nbsp;the denominator of which is 1,500,000. The forfeiture will be adjusted to the extent that the over-allotment
option is not exercised in full by the Underwriters so that the stockholders prior to the Public Offering will own an aggregate
of 20.0% of the Company&rsquo;s issued and outstanding shares of Common Stock after the Public Offering (not including any Private
Placement Shares). The Sponsor further agrees that to the extent that the size of the Public Offering is increased or decreased,
the Company will purchase or sell shares of Common Stock or effect a stock dividend or share contribution back to capital, as
applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the stockholders
prior to the Public Offering at 20.0% of its issued and outstanding shares of Common Stock upon the consummation of the Public
Offering (not including any Private Placement Shares). In connection with such increase or decrease in the size of the Public
Offering, then (A) the references to 1,500,000 in the numerator and denominator of the formula in the first sentence of this paragraph
shall be changed to a number equal to 15% of the number of shares included in the Units issued in the Public Offering and (B)
the reference to 375,000 in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of
shares of the Common Stock that the Sponsor would have to return to the Company in order to hold (together with all of the pre-Public
Offering stockholders) an aggregate of 20.0% of the Company&rsquo;s issued and outstanding shares after the Public Offering (not
including any Private Placement Shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;Each officer of the Company agrees not to participate in the formation of, or become an officer or director of, any other blank
check company until the Company has entered into a definitive agreement with respect to a Business Combination or the Company
has failed to complete a Business Combination within the time period set forth in the Company&rsquo;s amended and restated certificate
of incorporation, as the same may be amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;(a)&nbsp;Each
Insider (if such Insider owns any Founder Shares) agrees that it, he or she shall not Transfer (as defined below) any Founder
Shares until the earlier of (i) one year after the completion of a Business Combination or (ii) on such earlier date as provided
in clauses (x) or (y) below if, subsequent to a Business Combination, (x) the last sale price of the Common Stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after a Business Combination or (y) the date following the
completion of a Business Combination on which the Company completes a liquidation, merger, stock exchange or other similar transaction
that results in all of the Company&rsquo;s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property (the &ldquo;<B><I>Founder Shares Lock-up Period</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 39.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Sponsor agrees that it shall not effectuate any Transfer of Private Placement Shares, Private Placement Rights,
Private Placement Warrants or Common Stock issued or issuable upon the exercise of the Private Placement Warrants or upon
the conversion of the Private Placement Rights, until 30 days after the completion of a Business Combination (the
&ldquo;<B><I>Private Placement Lock-up Period</I></B>&rdquo;, together with the Founder Shares Lock-up Period, the
&ldquo;<B><I>Lock-up Periods</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 39.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Notwithstanding the provisions set forth in Sections 7(a) and (b), Transfers of the Founder Shares, Private Placement
Shares, Private Placement Rights, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise
of the Private Placement Warrants or upon the conversion of the Private Placement Rights are permitted to (a) to the
Company&rsquo;s officers or directors, any affiliates or family members of any of the Company&rsquo;s officers or directors,
any members or partners of the Sponsor, or any affiliates of the Sponsor or any of its members or partners; (b) in the case
of an individual, by gift to one of the members of the individual&rsquo;s immediate family or to a trust, the beneficiary of
which is a member of one of the individual&rsquo;s immediate family, an affiliate of such person or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual;
(d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in
connection with the consummation of a Business Combination at prices no greater than the price at which the securities were
originally purchased; (f) in the event of a Company liquidation prior to a completion of a Business Combination; (g) to the
Company for no value for cancellation; or (h) by virtue of the laws of Delaware or either of the Sponsors&rsquo; operating
agreements; provided, however, that in the case of clauses (a) through (f) and (h), these permitted transferees must enter
into a written agreement agreeing to be bound by these transfer restrictions (including provisions relating to voting, the
trust account and liquidation distributions described elsewhere in this letter or the Registration Statement). Any Transfer
made in contravention of this Letter Agreement shall be null and void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
Each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.
As applicable, each Insider&rsquo;s biographical information furnished to the Company is true and accurate in all material respects
and does not omit any material information with respect to the undersigned&rsquo;s background. Each Insider&rsquo;s questionnaire
furnished to the Company is true and accurate in all material respects. As applicable, each Insider represents and warrants (severally,
and not jointly with the other Insiders) that: the undersigned is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering
of securities in any jurisdiction; the undersigned has never been convicted of, or pleaded guilty to, any crime (i)&nbsp;involving
fraud, (ii)&nbsp;relating to any financial transaction or handling of funds of another person, or (iii)&nbsp;pertaining to any
dealings in any securities; and the undersigned is not currently a defendant in any such criminal proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
(a) Except as disclosed in the Prospectus, neither the Insiders nor any of their respective affiliates shall receive from the
Company any finder&rsquo;s fee, reimbursement or cash payments for any services rendered to the Company prior to or in connection
with the consummation of an initial Business Combination.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Commencing on the effective date of the Prospectus for the Offering and continuing until the earlier of (i) the consummation by
the Company of a Business Combination or (ii) the Company&rsquo;s liquidation as described in the Prospectus, the Sponsor shall
make available to the Company, at no charge, certain office space and administrative and support services as may be required by
the Company from time to time, situated at 527 Stanton Christiana Rd., Newark, DE 19713 (or any successor locations).&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
Each Insider has full right and power, without violating any agreement to which it, he or she is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and,
as applicable, to serve as an officer or a director on the board of directors of the Company and hereby consents to being named
in the Prospectus as an officer or a director or director nominee of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
As used herein, (i)&nbsp;&ldquo;<B><I>Business Combination</I></B>&rdquo; shall mean a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar initial business combination, involving the Company and one or more
businesses or entities; (ii)&nbsp;&ldquo;<B><I>Founder Shares</I></B>&rdquo; shall mean the 2,875,000 shares (up to 375,000
of which are subject to forfeiture, if the underwriters&rsquo; over-allotment option is not exercised in full) of Common
Stock of the Company initially acquired by the Sponsor for an aggregate purchase price of $25,000, prior to the consummation
of the Public Offering; (iii)&nbsp;&ldquo;<B><I>Private Placement Shares</I></B>,&rdquo; &ldquo;<B><I>Private Placement
Rights</I></B>&rdquo; and &ldquo;<B><I>Private Placement Warrants</I></B>&rdquo; shall mean the shares of Common Stock,
Rights and Warrants, underlying the 450,000 Units that will be purchased by the Sponsor and the representative of the
underwriters for an aggregate purchase price of $4,500,000 or $10.00 per Unit, in a private placement that shall occur
simultaneously with the consummation of the Public Offering; (iv)&nbsp;&ldquo;<B><I>Public Stockholders</I></B>&rdquo; shall
mean the holders of securities issued in the Public Offering; (v)&nbsp;&ldquo;<B><I>Trust Account</I></B>&rdquo; shall
mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and
(vi)&nbsp;&ldquo;<B><I>Transfer</I></B>&rdquo; shall mean the (a)&nbsp;sale of, offer to sell, contract or agreement to sell,
hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section&nbsp;16 of the Exchange Act and the rules and regulations of the Commission
promulgated thereunder with respect to, any security, (b)&nbsp;entry into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is
to be settled by delivery of such securities, in cash or otherwise, or (c)&nbsp;public announcement of any intention to
effect any transaction specified in clause (a)&nbsp;or (b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
(a) This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 39.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Each Insider agrees and acknowledges that: (i)&nbsp;each of the Underwriters and the Company would be irreparably injured in the
event of a breach by such Insider of his, her or its obligations (as applicable) under Sections 1, 2, 3, 4, 5, 6, 7(a), 7(b),
and 9 of this Letter Agreement, (ii)&nbsp;monetary damages may not be an adequate remedy for such breach and (iii)&nbsp;the non-breaching
party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity,
in the event of such breach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other parties. Any purported assignment in violation of this Section shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Insiders and their respective successors and permitted assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i)&nbsp;all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii)&nbsp;waives any objection to
such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
This Letter Agreement shall terminate on the earlier of (i)&nbsp;the expiration of the Lock-up Periods or (ii)&nbsp;the liquidation
of the Company;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the last paragraph of Section 2 and Section 4 of this Letter Agreement
shall survive such liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL
IV SPONSOR, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;Managing
    Member</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marlene
    Krauss, M.D.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph
    A. Williamson</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">George
    Hornig</FONT></TD>
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    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sherrill
    Neff</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew
    Sherman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Signature
Page to Insider Letter Agreement]</I>&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>10
<FILENAME>fs12017a3ex10iii_kblmerger.htm
<DESCRIPTION>FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement is made as of [_____], 2017 by and between KBL Merger Corp. IV (the &ldquo;Company&rdquo;) and Continental Stock Transfer
&amp; Trust Company (&ldquo;Trustee&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company&rsquo;s registration statement on Form S-1, No. 333-217475 (&ldquo;Registration Statement&rdquo;), for its initial
public offering of securities (&ldquo;IPO&rdquo;) has been declared effective as of the date hereof (&ldquo;Effective Date&rdquo;)
by the Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Registration Statement); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Ladenburg Thalmann &amp; Co. Inc. (the &ldquo;Representative&rdquo;) is acting as the representative of the underwriters in the
IPO pursuant to an underwriting agreement between the Company and the underwriters (&ldquo;Underwriting Agreement&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
simultaneously with the IPO, the Company&rsquo;s sponsor and the underwriters will be purchasing an aggregate 450,000 Units (or
502,500 Units if the underwriters&rsquo; over-allotment option is exercised in full) (&ldquo;Private Units&rdquo;), among which
350,000 Private Units (or 387,500 Private Units if the underwriters&rsquo; over-allotment option is exercised in full) will be
purchased by the Company&rsquo;s sponsor and 100,000 Private Units (or 115,000 Private Units if the underwriters&rsquo; over-allotment
option is exercised in full) will be purchased by the underwriters, from the Company for an aggregate purchase price of $4,500,000
(or an aggregate of $5,025,000 if the underwriters&rsquo; over-allotment option is exercised in full); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
as described in the Registration Statement, and in accordance with the Company&rsquo;s Amended and Restated Certificate of Incorporation,
$101,000,000 of the gross proceeds of the IPO and sale of the Private Units ($116,500,000 if the underwriters&rsquo; over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the
Company and the holders of the Company&rsquo;s common stock, par value $0.0001 per share, issued in the IPO as hereinafter provided
(the amount to be delivered to the Trustee will be referred to herein as the &ldquo;Property&rdquo;; the stockholders for whose
benefit the Trustee shall hold the Property will be referred to as the &ldquo;Public Stockholders,&rdquo; and the Public Stockholders
and the Company will be referred to together as the &ldquo;Beneficiaries&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property, up to $3,500,000 (or $4,025,000 if the underwriters&rsquo;
over-allotment option is exercised in full), is attributable to deferred underwriting discounts and commissions that may become
payable by the Company to the underwriters upon the consummation of an initial business combination (as described in the Registration
Statement, a &ldquo;Business Combination&rdquo;) (the &ldquo;Deferred Discount&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IT
IS AGREED:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreements
and Covenants of Trustee</U>. The Trustee hereby agrees and covenants to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (&ldquo;Trust
Account&rdquo;) established by the Trustee at J.P. Morgan Chase Bank N.A. and at a brokerage institution selected by the Trustee
that is satisfactory to the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
a timely manner, upon the written instruction of the Company, to invest and reinvest the Property in United States &ldquo;government
securities&rdquo; within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, (the &ldquo;Investment
Company Act&rdquo;) having a maturity of 180 days or less, and/or in any open ended investment company registered under the Investment
Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(1),
(d)(2), (d)(3), and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government
treasury obligations; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting
the Company&rsquo;s instructions hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the &ldquo;Property,&rdquo;
as such term is used herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notify
the Company and the Representative of all communications received by the Trustee with respect to any Property requiring action
by the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supply
any necessary information or documents as may be requested by the Company in connection with the Company&rsquo;s preparation of
its tax returns;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(&ldquo;Termination Letter&rdquo;), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto,
signed on behalf of the Company by its Chief Executive Officer and Chief Operating Officer and affirmed by counsel for the Company,
and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and
agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account
only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that
a Termination Letter has not been received by the Trustee within the time period set forth in the Company&rsquo;s Certificate
of Incorporation, as the same may be amended from time to time (&ldquo;Last Date&rdquo;), the Trust Account shall be liquidated
in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the stockholders
of record on the Last Date. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of an Amendment Notification Letter (defined below), distribute to Public Stockholders who exercised their redemption
rights in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares
for which such Public Stockholders have exercised redemption rights in connection with such Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limited
Distributions of Income from Trust Account</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Property and requested by
the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned
on the Property, which amount shall be delivered directly to the Company by electronic funds
transfer or other method of prompt payment, and, if applicable, the Company shall forward such payment to the relevant taxing
authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation,
the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such
distribution so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, however,
that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied
by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial
officer of the Company setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess
of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility
to look beyond said request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided
in Section 2(a) above, no other distributions from the Trust Account shall be permitted except in accordance with Sections 1(i)
and 1(j) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all cases, the Company shall provide the Representative with a copy of any Termination Letters and/or any other correspondence
that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreements
and Covenants of the Company</U>. The Company hereby agrees and covenants to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Give
all instructions to the Trustee hereunder in writing, signed by the Company&rsquo;s Chief Executive Officer or Chief Operating
Officer. In addition, except with respect to its duties under Sections 1(i), 1(j) and 2(a) above, the Trustee shall be entitled
to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith and with
reasonable care believes to be given by any one of the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of Section 5 of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any and
all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim,
potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim
or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property
or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee's gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify
the Company in writing of such claim (hereinafter referred to as the &ldquo;Indemnified Claim&rdquo;). The Trustee shall have
the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent
of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section
2(a) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be
deducted by the Trustee from the disbursements made to the Company pursuant to Section 1(i) solely in connection with the consummation
of an initial business combination (as described in the Registration Statement) (a &ldquo;Business Combination&rdquo;). The Company
shall pay the Trustee the initial acceptance fee and first year&rsquo;s fee at the consummation of the IPO and thereafter on the
anniversary of the Effective Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any vote of the Company&rsquo;s stockholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm
may be the Trustee) verifying the vote of the Company&rsquo;s stockholders regarding such Business Combination;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Trustee acting as Paying/Disbursing Agent pursuant to Exhibit B, the Company will not give the Trustee disbursement
instructions which would be prohibited under this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
five business days after the Representative, on behalf of the underwriters in the IPO, exercise the over-allotment option (or
any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy
to the Representative) of the total amount of the Deferred Discount;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Company is entitled to receive a tax refund on its income tax obligation, and promptly after the amount of such
refund is determined on a final basis, provide the Trustee with notice in writing (with a copy to the Representative) of the amount
of such income tax refund; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company seeks to amend any provisions of its amended and restated certificate of incorporation relating to stockholders&rsquo;
rights or pre-Business Combination activity (including the time within which the Company has to complete a Business Combination)
(in each case, an &ldquo;Amendment&rdquo;), the Company will provide the Trustee with a letter (an &ldquo;Amendment Notification
Letter&rdquo;) in the form of Exhibit D providing instructions for the distribution of funds to Public Stockholders who exercise
their redemption option in connection with such Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
of Liability</U>. The Trustee shall have no responsibility or liability to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take
any action with respect to the Property, other than as directed in Sections 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence, fraud or willful misconduct;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given
as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
the investment of any Property, other than in compliance with Section 1(c);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund
any depreciation in principal of any Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence, fraud or willful misconduct. The
Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to
its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Trustee, in good faith and with reasonable care, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to
the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give
its prior written consent thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property, other than accrued interest to the
extent otherwise provided by this Agreement, shall not be used to pay any such taxes and that such taxes, if any, shall be paid
by the Company from funds not held in the Trust Account).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 1(j) or 2(a) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account Waiver</U>. The Trustee has no right of set off or any right, title, interest or claim of any kind (&ldquo;Claim&rdquo;)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside
the Trust Account and not against the Property or any monies in the Trust Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
This Agreement shall terminate as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject
to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever for matters arising after such deposit; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 3(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to
funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing
funds transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers
and all other identifying information relating to a beneficiary, beneficiary's bank or intermediary bank. Except for any liability
arising out of the Trustee&rsquo;s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss,
liability or expense resulting from any error in the information or transmission of the wire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) (which may not be modified, amended or deleted under any circumstances), this Agreement or any provision hereof
may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of the Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As to any claim, cross-claim or counterclaim in any way relating to this Agreement,
each party waives the right to trial by jury.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or by facsimile transmission:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to the Trustee, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
Battery Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10004</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Steven G. Nelson, Chairman, and Francis Wolf, Vice President</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
No.: (212) 509-5150</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to the Company, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
Merger Corp. IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">527
Stanton Christiana Rd</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newark,
DE 19713</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Marlene Krauss, M.D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
either case with a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladenburg
Thalmann &amp; Co. Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">520
Madison Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
[_____]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
No.: [_______]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ellenoff
Grossman &amp; Schole LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1345
Avenue of the Americas</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10105</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Stuart Neuhauser, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
No.: (212) 370-7889</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
party to this Agreement may assign its rights or delegate its obligations hereunder without the prior consent of the other person
or entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is the joint product of the Trustee and the Company and each
provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed
for or against any party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of
a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Trustee hereby acknowledges that the Representative, on behalf of the several underwriters, is a third
party beneficiary of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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




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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTINENTAL
    STOCK TRANSFER &amp; TRUST COMPANY, as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Francis E. Wolf, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Vice
    President</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;Marlene
    Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Fee Item</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Time and method of payment</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; text-align: left">Acceptance fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: left">At the close of the IPO by wire transfer</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">2,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Annual fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Transaction processing fee for disbursements to Company under Section 2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Deduction by Trustee from accumulated income following disbursement made to Company under Section 2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Paying agent services as required pursuant to section 1(i), 1(j) and 3(h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Billed to company upon delivery of service pursuant to section 1(i) 1(j) and 3(h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prevailing&nbsp;rates</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
Battery Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10004</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Steven Nelson and Francis Wolf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account No. [______] Termination Letter</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 1(i) of the Investment Management Trust Agreement between KBL Merger Corp. IV (&ldquo;Company&rdquo;) and Continental
Stock Transfer&amp; Trust Company (&ldquo;Trustee&rdquo;), dated as of [_______], 2017 (&ldquo;Trust Agreement&rdquo;), this is
to advise you that the Company has entered into an agreement (&ldquo;Business Agreement&rdquo;) with __________________ (&ldquo;Target
Business&rdquo;) to consummate a business combination with Target Business (&ldquo;Business Combination&rdquo;) on or about&nbsp;<B>[insert
date]</B>. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination
(&ldquo;Consummation Date&rdquo;). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on __________
and to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation
Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account
awaiting distribution, the Company will not earn any interest or dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has
been consummated, (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of __________________, which verifies
the vote of the Company&rsquo;s stockholders in connection with the Business Combination if a vote is held and (b) joint written
instructions from the Company and the Representative with respect to the transfer of the funds held in the Trust Account (&ldquo;Instruction
Letter&rdquo;) and (iii) the Representative shall deliver to you written instructions for delivery of the Deferred Discount. You
are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel&rsquo;s
letter and the Instruction Letter, (x) to the Representative in an amount equal to the Deferred Discount as directed by the Representative
and (y) the remainder in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the
Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the
business day immediately following the Consummation Date as set forth in the notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Joseph A. Williamson</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Operating Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREED
TO ANDACKNOWLEDGED BY</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LADENBURG
THALMANN &amp; CO. INC.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 57%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
Battery Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10004</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account No. [______] Termination Letter</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 1(i) of the Investment Management Trust Agreement between KBL Merger Corp. IV (&ldquo;Company&rdquo;) and Continental
Stock Transfer&amp; Trust Company (&ldquo;Trustee&rdquo;), dated as of [_____], 2017 (&ldquo;Trust Agreement&rdquo;), this is
to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified
in the Company&rsquo;s Amended and Restated Certificate of Incorporation, as described in the Company&rsquo;s prospectus relating
to its initial public offering of securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on ______________
and to transfer the total proceeds to a segregated account held by you on behalf of the Beneficiaries to await distribution to the stockholders.
The Company has selected ____________ 20 __ as the record date for the purpose of determining the stockholders entitled to receive
their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the trust account. You agree to be the Paying Agent of record and in your separate capacity as Paying
Agent and to distribute said funds directly to the Company's stockholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds in the trust
account, your obligations under the Trust Agreement shall be terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Joseph A. Williamson</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Operating Officer</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
Battery Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10004</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cynthia
Jordan and Sally Williams</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account No. [______]</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 2(a) of the Investment Management Trust Agreement between KBL Merger Corp. IV (&ldquo;Company&rdquo;) and Continental
Stock Transfer&amp; Trust Company (&ldquo;Trustee&rdquo;), dated as of [______], 2017 (&ldquo;Trust Agreement&rdquo;), the Company
hereby requests that you deliver to the Company $_______ of the interest income earned on the Property as of the date hereof.
The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via
wire transfer) such funds promptly upon your receipt of this letter to the Company&rsquo;s operating account at:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Joseph A. Williamson</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Operating Officer</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
Battery Place</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10004</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Steven Nelson and Mark Zimkind, Corporate Actions</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account No. [______]</U></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to the Investment Management Trust Agreement between KBL Merger Corp. IV (&ldquo;Company&rdquo;) and Continental Stock
Transfer &amp; Trust Company, dated as of [________], 2017 (&ldquo;Trust Agreement&rdquo;). Capitalized words used herein and
not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Sections 1(j) and 3(h) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly,
in accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account on [ ] and to transfer
$_____ of the proceeds of the Trust to a segregated account held by you on behalf of the Beneficiaries for distribution to the shareholders that have requested redemption
of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KBL
    MERGER CORP. IV</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Joseph A. Williamson</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Operating Officer</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>11
<FILENAME>fs12017a3ex10iv_kblmerger.htm
<DESCRIPTION>FORM OF REGISTRATION RIGHTS AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; padding-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.4</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
RIGHTS AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
REGISTRATION RIGHTS AGREEMENT (this &ldquo;<B><I>Agreement</I></B>&rdquo;), dated as of [_____], 2017, is made and entered into
by and among KBL Merger Corp. IV, a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), KBL IV Sponsor LLC, a Delaware
limited liability company (the &ldquo;<B><I>Sponsor</I></B>&rdquo;), Ladenburg Thalmann &amp; Co. Inc. (&ldquo;<B><I>LT &amp;
Co.</I></B>&rdquo;) and the undersigned parties listed under Holders on the signature page hereto (each such party, together with
the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to&nbsp;<U>Section 5.2</U>&nbsp;of
this Agreement, a &ldquo;<B><I>Holder</I></B>&rdquo; and collectively the &ldquo;<B><I>Holders</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Company and the Sponsor have entered into that certain Securities Purchase Agreement (the &ldquo;<B><I>Founder Shares Purchase
Agreement</I></B>&rdquo;), dated as of September 7, 2016, pursuant to which the Sponsor purchased an aggregate of 2,875,000 shares
(the &ldquo;<B><I>Founder Shares</I></B>&rdquo;) of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<B><I>Common
Stock</I></B>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
on May 25, 2017, the Company and the Sponsor entered into that certain Second Amended and Restated Unit Subscription
Agreement (the &ldquo;<B><I>Sponsor Agreement</I></B>&rdquo;), and the Company and LT &amp; Co. entered into that certain
Second Amended and Restated Unit Subscription Agreement (the &ldquo;<B><I>LT &amp; Co. Agreement</I></B>&rdquo;), pursuant to
which the Sponsor and LT &amp; Co. agreed to purchase an aggregate of 450,000 units (or up to 502,500 units if the
underwriters&rsquo; over-allotment option is exercised in full), each unit consisting of one share of Common Stock (the
&ldquo;<B><I>Private Placement Shares</I></B>&rdquo;), one right to receive one-tenth of one share of Common Stock (the
&ldquo;<B><I>Private Placement Rights</I></B>&rdquo;) and one warrant to purchase one-half of one share of Common Stock (the
&ldquo;<B><I>Private Placement Warrants</I></B>&rdquo;), in a private placement transaction occurring simultaneously with the
closing of the Company&rsquo;s initial public offering; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain
registration rights with respect to certain securities of the Company, as set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW</B>,<B>&nbsp;THEREFORE</B>,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;<U>Definitions</U>.
The terms defined in this<I>&nbsp;Article I</I>&nbsp;shall, for all purposes of this Agreement, have the respective meanings set
forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Adverse
Disclosure</I></B>&rdquo; shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the
Company, (i)&nbsp;would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii)&nbsp;would not be required to be made at such time if the Registration Statement
were not being filed, and (iii)&nbsp;the Company has a bona fide business purpose for not making such information public.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Agreement</I></B>&rdquo;
shall have the meaning given in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Board</I></B>&rdquo;
shall mean the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Business
Combination</I></B>&rdquo; shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
other similar business combination with one or more businesses, involving the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Commission</I></B>&rdquo;
shall mean the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Common
Stock</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Company</I></B>&rdquo;
shall have the meaning given in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Demand
Registration</I></B>&rdquo; shall have the meaning given in&nbsp;<U>subsection 2.1.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Demanding
Holder</I></B>&rdquo; shall have the meaning given in&nbsp;<U>subsection 2.1.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Exchange
Act</I></B>&rdquo; shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Form
S-1</I></B>&rdquo; shall have the meaning given in&nbsp;<U>subsection 2.1.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Form
S-3</I></B>&rdquo; shall have the meaning given in&nbsp;<U>subsection 2.3</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Founder
Lock-up Period</B>&rdquo; shall mean, with respect to the Founder Shares, the period ending on the earlier of one year after the
completion of the Company&rsquo;s initial Business Combination or earlier if, subsequent to the Business Combination, the last
sale price of the Common Stock (x) equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Company&rsquo;s initial Business Combination or (y) the date following the completion of the Company&rsquo;s initial Business
Combination on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in
all of the Company&rsquo;s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property, except in each case for transfers to Permitted Transferees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Founder
Shares</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Founder
Shares Purchase Agreement</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Holders</I></B>&rdquo;
shall have the meaning given in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Insider
Letter</I></B>&rdquo; shall mean the letter agreement that the Holders (other than LT &amp; Co.) are executing simultaneously
with the Company&rsquo;s initial public offering addressing certain agreements of the Holders including the transfer restrictions
applicable to the Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>LT
&amp; Co.</I></B>&rdquo; shall have the meaning given in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>LT
&amp; Co. Agreement</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Maximum
Number of Securities</I></B>&rdquo; shall have the meaning given in&nbsp;<U>subsection 2.1.4</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Misstatement</I></B>&rdquo;
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Permitted
Transferees</I></B>&rdquo; shall mean a person or entity to whom a Holder of Registrable Securities is permitted to transfer such
Registrable Securities prior to the expiration of the Founder Lock-up Period or Private Placement Lock-up Period, as the case
may be, under the Insider Letter or the LT &amp; Co. Agreement, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Piggyback
Registration</I></B>&rdquo; shall have the meaning given in subsection 2.2.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Private
Placement Lock-up Period</I></B>&rdquo; shall mean, with respect to Private Placement Shares, Private Placement Rights and
Private Placement Warrants that are held by the initial purchasers of such Private Placement Shares, Private Placement Rights
and Private Placement Warrants or their Permitted Transferees, and any of the Common Stock issued or issuable upon
the exercise or conversion of the Private Placement Warrants or Private Placement Rights, respectively, and that are held
by the initial purchasers of the Private Placement Warrants or Private Placement Rights, respectively, or their Permitted
Transferees, the period ending 30 days after the completion of the Company&rsquo;s initial Business Combination except in
each case for transfers to Permitted Transferees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0">&ldquo;<B><I>Private
Placement Rights</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Private
Placement Shares</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Private
Placement Warrants</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Pro
Rata</I></B>&rdquo; shall have the meaning given in Section 2.4.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Prospectus</I></B>&rdquo;
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Prospectus
Date</I></B>&rdquo; shall mean the date of the final prospectus filed with the Commission and relating to the Company&rsquo;s
initial public offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Registrable
Security</I></B>&rdquo; shall mean (a)&nbsp;the Founder Shares, (b) the Private Placement Shares, (c) the Private Placement
Rights (including any shares of Common Stock issued or issuable upon conversion of any such Private Placement Rights),
(d)&nbsp;the Private Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise of any
such Private Placement Warrants), (e)&nbsp;any outstanding share of the Common Stock or any other equity security (including
the shares of the Common Stock issued or issuable upon the exercise of any other equity security) of the Company held by a
Holder as of the date of this Agreement, (f)&nbsp;any equity securities (including the shares of Common Stock issued or
issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans
made, or to be made, to the Company by a Holder, and (g)&nbsp;any other equity security of the Company issued or issuable
with respect to any such share of the Common Stock by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or reorganization;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when:
(A)&nbsp;a Registration Statement with respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such
Registration Statement; (B)&nbsp;such securities shall have been otherwise transferred, new certificates for such securities
not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of such securities shall not require registration under the Securities Act; (C)&nbsp;such securities shall have ceased to
be outstanding; (D) such securities may be sold without registration pursuant Rule&nbsp;144 promulgated under the Securities
Act (but with no volume or other restrictions or limitations); or (E)&nbsp;such securities have been sold to, or through,
a broker, dealer or underwriter in a public distribution or other public securities transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Registration</I></B>&rdquo;
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Registration
Expenses</I></B>&rdquo; shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority) and any securities exchange on which the Common Stock is then listed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the
Underwriters in connection with blue sky qualifications of Registrable Securities);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;printing,
messenger, telephone and delivery expenses;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;reasonable
fees and disbursements of counsel for the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with such Registration; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)
reasonable fees and expenses of one (1)&nbsp;legal counsel selected by the majority-in-interest of the Demanding Holders initiating
a Demand Registration to be registered for offer and sale in the applicable Registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Registration
Statement</I></B>&rdquo; shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Requesting
Holder</I></B>&rdquo; shall have the meaning given in&nbsp;<U>subsection 2.1.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Securities
Act</I></B>&rdquo; shall mean the Securities Act of 1933, as amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Sponsor</I></B>&rdquo;
shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Sponsor
Agreement</I></B>&rdquo; shall have the meaning given in the Recitals hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Underwriter</I></B>&rdquo;
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer&rsquo;s market-making activities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B><I>Underwritten
Registration</I></B>&rdquo; or &ldquo;<B><I>Underwritten Offering</I></B>&rdquo; shall mean a Registration in which securities
of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTRATIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&nbsp;<U>Demand
Registration</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.1&nbsp;<U>Request
for Registration</U>. Subject to the provisions of&nbsp;<U>subsection 2.1.4</U>&nbsp;and&nbsp;<U>Section 2.4</U>&nbsp;hereof,
at any time and from time to time on or after the date the Company consummates the Business Combination, the Holders of at least
a majority in interest&nbsp;of the then outstanding number of Registrable Securities (the &ldquo;<B><I>Demanding Holders</I></B>&rdquo;)
may make a written demand for Registration under the Securities Act of all or part of their Registrable Securities, which written
demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution
thereof (such written demand a &ldquo;<B><I>Demand&nbsp;Registration</I></B>&rdquo;). The Company shall, within ten (10)&nbsp;days
of the Company&rsquo;s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of
such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder&rsquo;s
Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of
such Holder&rsquo;s Registrable Securities in such Registration, a &ldquo;<B><I>Requesting Holder</I></B>&rdquo;) shall so notify
the Company, in writing, within five (5)&nbsp;days after the receipt by the Holder of the notice from the Company. Upon receipt
by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be
entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall
effect, as soon thereafter as practicable, but not more than forty five (45)&nbsp;days immediately after the Company&rsquo;s receipt
of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders
pursuant such the Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate
of three (3)&nbsp;Registrations pursuant to a Demand Registration under this&nbsp;<U>subsection 2.1.1</U>&nbsp;with respect to
any or all Registrable Securities;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that a Registration shall not be counted for such
purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (&ldquo;<B><I>Form
S-1</I></B>&rdquo;) has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered
on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with&nbsp;<U>Section 3.1</U>&nbsp;of
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.2&nbsp;<U>Effective
Registration</U>. Notwithstanding the provisions of&nbsp;<U>subsection 2.1.1</U>&nbsp;above or any other part of this Agreement,
a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i)&nbsp;the Registration
Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective
by the Commission and (ii)&nbsp;the Company has complied with all of its obligations under this Agreement with respect thereto;&nbsp;<U>provided</U>,&nbsp;<U>further</U>,
that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration
pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or
state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not
to have been declared effective, unless and until, (i)&nbsp;such stop order or injunction is removed, rescinded or otherwise terminated,
and (ii)&nbsp;a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect
to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5)&nbsp;days,
of such election; and,&nbsp;<U>provided</U>,&nbsp;<U>further</U>, that the Company shall not be obligated or required to file
another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration
pursuant to a Demand Registration becomes effective or is subsequently terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.3&nbsp;<U>Underwritten
Offering</U>. Subject to the provisions of&nbsp;<U>subsection 2.1.4</U>&nbsp;and&nbsp;<U>Section 2.4</U>&nbsp;hereof, if a majority-in-interest
of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities
pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder
or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder&rsquo;s
participation in such Underwritten Offering and the inclusion of such Holder&rsquo;s Registrable Securities in such Underwritten
Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten
Offering under this&nbsp;<U>subsection 2.1.3</U>&nbsp;shall enter into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.4&nbsp;<U>Reduction
of Underwritten Offering</U>. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the
dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell,
taken together with all other Common Stock or other equity securities that the Company desires to sell and the Common Stock, if
any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held
by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can
be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable,
the &ldquo;<B><I>Maximum Number of Securities</I></B>&rdquo;), then the Company shall include in such Underwritten Offering, as
follows: (i)&nbsp;first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based
on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be
included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting
Holders have collectively requested be included in such Underwritten Registration (such proportion is referred to herein as &ldquo;<B><I>Pro
Rata</I></B>&rdquo;)) that can be sold without exceeding the Maximum Number of Securities; (ii)&nbsp;second, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other equity securities
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii)&nbsp;third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Common
Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant
to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.5&nbsp;<U>Demand
Registration Withdrawal</U>. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest
of the Requesting Holders (if any), pursuant to a Registration under&nbsp;<U>subsection 2.1.1</U>&nbsp;shall have the right to
withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to
the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness
of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant
to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for
the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal
under this&nbsp;<U>subsection 2.1.5</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&nbsp;<U>Piggyback
Registration</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.1&nbsp;<U>Piggyback
Rights</U>. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file
a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders
of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to&nbsp;<U>Section&nbsp;2.1</U>&nbsp;hereof),
other than a Registration Statement (i)&nbsp;filed in connection with any employee stock option or other benefit plan, (ii)&nbsp;for
an exchange offer or offering of securities solely to the Company&rsquo;s existing stockholders, (iii)&nbsp;for an offering of
debt that is convertible into equity securities of the Company or (iv)&nbsp;for a dividend reinvestment plan, then the Company
shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not
less than ten (10)&nbsp;days before the anticipated filing date of such Registration Statement, which notice shall (A)&nbsp;describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, in such offering, and (B)&nbsp;offer to all of the Holders of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing
within five (5)&nbsp;days after receipt of such written notice (such Registration a &ldquo;<B><I>&nbsp;Piggyback Registration</I></B>&rdquo;).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use
its reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the
Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on
the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or
other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders
proposing to distribute their Registrable Securities through an Underwritten Offering under this&nbsp;<U>subsection 2.2.1</U>&nbsp;shall
enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.2&nbsp;<U>Reduction
of Piggyback Registration</U>. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of the Common Stock that the Company desires to sell, taken together with (i)&nbsp;the
Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons
or entities other than the Holders of Registrable Securities hereunder (ii)&nbsp;the Registrable Securities as to which registration
has been requested pursuant&nbsp;<U>Section 2.2</U>&nbsp;hereof, and (iii)&nbsp;the Common Stock, if any, as to which Registration
has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company,
exceeds the Maximum Number of Securities, then:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 78pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
If the Registration is undertaken for the Company&rsquo;s account, the Company shall include in any such Registration (A)&nbsp;first,
the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; (B)&nbsp;second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to&nbsp;<U>subsection
2.2.1</U>&nbsp;hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C)&nbsp;third, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A)&nbsp;and (B), the Common
Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other
stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 81pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 78pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the
Company shall include in any such Registration (A)&nbsp;first, the Common Stock or other equity securities, if any, of such requesting
persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number
of Securities; (B)&nbsp;second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(A), the Common Stock or other equity securities that the Company desires to sell , which can be sold without exceeding the Maximum
Number of Securities; (C)&nbsp;third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A)&nbsp;and (B), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to&nbsp;<U>subsection&nbsp;2.2.1</U>, pro rata based on the number of Registrable Securities that each Holder has requested
be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have requested
to be included in such Underwritten Registration, which can be sold without exceeding the Maximum Number of Securities; and (D)&nbsp;fourth,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B)&nbsp;and (C), the
Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register
pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum
Number of Securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.3&nbsp;<U>Piggyback
Registration Withdrawal</U>. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his,
her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as
the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this&nbsp;<U>subsection 2.2.3</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.4&nbsp;<U>Unlimited
Piggyback Registration Rights</U>. For purposes of clarity, any Registration effected pursuant to<U>&nbsp;Section&nbsp;2.2</U>&nbsp;hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under&nbsp;<U>Section 2.1</U>&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&nbsp;<U>Registrations
on Form S-3</U>. The Holders of Registrable Securities may at any time, and from time to time, request in writing that the Company,
pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale
of any or all of their Registrable Securities on Form S-3 or any similar short-form registration statement that may be available
at such time (&ldquo;<B><I>Form S-3</I></B>&rdquo;);&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the Company shall not be
obligated to effect such request through an Underwritten Offering. Within five (5)&nbsp;days of the Company&rsquo;s receipt of
a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly
give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of
Registrable Securities who thereafter wishes to include all or a portion of such Holder&rsquo;s Registrable Securities in such
Registration on Form S-3 shall so notify the Company, in writing, within ten (10)&nbsp;days after the receipt by the Holder of
the notice from the Company. As soon as practicable thereafter, but not more than twelve (12)&nbsp;days after the Company&rsquo;s
initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of such
Holder&rsquo;s Registrable Securities as are specified in such written request, together with all or such portion of Registrable
Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder
or Holders;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the Company shall not be obligated to effect any such Registration
pursuant to&nbsp;<U>Section 2.3</U>&nbsp;hereof if (i)&nbsp;a Form S-3 is not available for such offering; or (ii)&nbsp;the Holders
of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such
Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the
public of less than $5,000,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&nbsp;<U>Restrictions
on Registration Rights</U>. If (A)&nbsp;during the period starting with the date sixty (60)&nbsp;days prior to the Company&rsquo;s
good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120)&nbsp;days after the effective
date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt
of a Demand Registration pursuant to&nbsp;<U>subsection 2.1.1</U>&nbsp;and it continues to actively employ, in good faith, all
reasonable efforts to cause the applicable Registration Statement to become effective; (B)&nbsp;the Holders have requested an
Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite
the offer; or (C)&nbsp;in the good faith judgment of the Board such Registration would be seriously detrimental to the Company
and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then
in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good
faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the
near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company
shall have the right to defer such filing for a period of not more than thirty (30)&nbsp;days;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that the Company shall not defer its obligation in this manner more than once in any 12-month period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
III</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPANY
PROCEDURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&nbsp;<U>General
Procedures</U>. If at any time on or after the date the Company consummates a Business Combination the Company is required to
effect the Registration of Registrable Securities, the Company shall use its reasonable best efforts to effect such Registration
to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto
the Company shall, as expeditiously as possible:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.1
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities
and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the
rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration
Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement
to the Prospectus;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.3
prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders&rsquo; legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration
Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable
Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition
of the Registrable Securities owned by such Holders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.4
prior to any public offering of Registrable Securities, use its reasonable best efforts to (i)&nbsp;register or qualify the Registrable
Securities covered by the Registration Statement under such securities or &ldquo;blue sky&rdquo; laws of such jurisdictions in
the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii)&nbsp;take such action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue
of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable
the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the Company shall not be required to qualify
generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it
would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.5
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar
securities issued by the Company are then listed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.6
provide a transfer agent, rights agent or warrant agent, as applicable, and registrar for all such Registrable Securities no
later than the effective date of such Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.7
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the
issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or
threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such stop order should be issued;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.8
at least five (5)&nbsp;days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to
such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement
or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as
then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in&nbsp;<U>Section 3.4</U>&nbsp;hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.10
permit a representative of the Holders (such representative to be selected by a majority of the Holders), the Underwriters, if
any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person&rsquo;s own expense,
in the preparation of the Registration Statement, and cause the Company&rsquo;s officers, directors and employees to supply all
information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory
to the Company, prior to the release or disclosure of any such information;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.11
obtain a &ldquo;cold comfort&rdquo; letter from the Company&rsquo;s independent registered public accountants in the event of
an Underwritten Registration which the participating Holders may rely on, in customary form and covering such matters of the type
customarily covered by &ldquo;cold comfort&rdquo; letters as the managing Underwriter may reasonably request, and reasonably satisfactory
to a majority-in-interest of the participating Holders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.12
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date,
of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales
agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which
such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating
Holders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.13
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing Underwriter of such offering;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.14
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
twelve (12)&nbsp;months beginning with the first day of the Company&rsquo;s first full calendar quarter after the effective date
of the Registration Statement which satisfies the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 thereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.15
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use
its reasonable efforts to make available senior executives of the Company to participate in customary &ldquo;road show&rdquo;
presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.16
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders,
in connection with such Registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2&nbsp;<U>Registration
Expenses</U>. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders
that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters&rsquo;
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of &ldquo;Registration
Expenses,&rdquo; all reasonable fees and expenses of any legal counsel representing the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3&nbsp;<U>Requirements
for Participation in Underwritten Offerings</U>. No person may participate in any Underwritten Offering for equity securities
of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i)&nbsp;agrees to sell such person&rsquo;s
securities on the basis provided in any underwriting arrangements approved by the Company and (ii)&nbsp;completes and executes
all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4&nbsp;<U>Suspension
of Sales; Adverse Disclosure</U>. Upon receipt of written notice from the Company that a Registration Statement or Prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received
copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants
to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised
in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use
of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure
or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for
reasons beyond the Company&rsquo;s control, the Company may, upon giving prompt written notice of such action to the Holders,
delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time,
but in no event more than thirty (30)&nbsp;days, determined in good faith by the Company to be necessary for such purpose. In
the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their
receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale
or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during
which it exercised its rights under this&nbsp;<U>Section 3.4</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5&nbsp;<U>Reporting
Obligations</U>. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be reporting
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange
Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that
it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable
such Holder to sell shares of the Common Stock held by such Holder without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the
request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether
it has complied with such requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6&nbsp;<U>Limitations
on Registration Rights.</U>&nbsp;Notwithstanding anything herein to the contrary, (i) LT &amp; Co. may not exercise its rights
under Sections 2.1 and 2.2 hereunder after five (5) and seven (7) years after the effective date of the registration statement
relating to the Company&rsquo;s initial public offering, respectively, and (ii) LT &amp; Co. may not exercise its rights under
Section 2.1 more than one time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
IV</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNIFICATION
AND CONTRIBUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&nbsp;<U>Indemnification</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.1
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including attorneys&rsquo; fees) caused by any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such
Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall
furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with
any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors
and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys&rsquo; fees) resulting from any untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof
or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so
furnished in writing by such Holder expressly for use therein;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the obligation
to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each
such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify
the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.3
Any person entitled to indemnification herein shall (i)&nbsp;give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person&rsquo;s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii)&nbsp;unless
in such indemnified party&rsquo;s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld or delayed).
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the
fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim (other
than local counsel), unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the
consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in
all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement)
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.4
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to
make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company&rsquo;s
or such Holder&rsquo;s indemnification is unavailable for any reason.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.5
If the indemnification provided under&nbsp;<U>Section 4.1</U>&nbsp;hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party&rsquo;s and indemnified party&rsquo;s relative intent, knowledge, access to information and opportunity to
correct or prevent such action;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the liability of any Holder under this&nbsp;<U>subsection
4.1.5</U>&nbsp;shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such
liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed
to include, subject to the limitations set forth in&nbsp;<U>subsections&nbsp;4.1.1</U>,&nbsp;<U>4.1.2</U>&nbsp;and&nbsp;<U>4.1.3</U>&nbsp;above,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this&nbsp;<U>subsection 4.1.5</U>&nbsp;were
determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this&nbsp;<U>subsection 4.1.5</U>. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)
of the Securities Act) shall be entitled to contribution pursuant to this&nbsp;<U>subsection 4.1.5</U>&nbsp;from any person who
was not guilty of such fraudulent misrepresentation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
V</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MISCELLANEOUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&nbsp;<U>Notices</U>.
Any notice or communication under this Agreement must be in writing and given by (i)&nbsp;deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii)&nbsp;delivery in
person or by courier service providing evidence of delivery, or (iii)&nbsp;transmission by hand delivery or facsimile. Each notice
or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served,
sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in
the case of notices delivered by courier service, hand delivery or facsimile, at such time as it is delivered to the addressee
(with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation.
Any notice or communication under this Agreement must be addressed to the Company at 527 Stanton Christiana Rd., Newark, DE 19713,
Attn: Marlene Krauss, M.D. and to the Holder, at such Holder&rsquo;s address as found in the Company&rsquo;s books and records.
Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and
such change of address shall become effective thirty (30)&nbsp;days after delivery of such notice as provided in this&nbsp;<U>Section
5.1</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&nbsp;<U>Assignment;
No Third Party Beneficiaries</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.1
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.2
Prior to the expiration of the Founder Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may
assign or delegate such Holder&rsquo;s rights, duties or obligations under this Agreement, in whole or in part, except in connection
with a transfer of Registrable Securities by such Holder to a Permitted Transferee, but only if such Permitted Transferee agrees
to become bound by the transfer restrictions set forth in this Agreement and other applicable letter agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders; which shall include Permitted Transferees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.4
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement and&nbsp;<U>Section 5.2</U>&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 54pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.5
No assignment by any party hereto of such party&rsquo;s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i)&nbsp;written notice of such assignment as provided in&nbsp;<U>Section&nbsp;5.1</U>&nbsp;hereof
and (ii)&nbsp;the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this&nbsp;<U>Section&nbsp;5.2</U>&nbsp;shall be null and void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&nbsp;<U>Counterparts</U>.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4&nbsp;<U>Governing
Law; Venue</U>. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS
AMONG DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION. THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY FORUM WITHIN THE STATE OF DELAWARE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5&nbsp;<U>Amendments
and Modifications</U>. Upon the written consent of the Company and the Holders of at least a majority in interest&nbsp;(which
majority must include LT &amp; Co. if such amendment or modification affects the rights of LT &amp; Co.) of the Registrable Securities
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived,
or any of such provisions, covenants or conditions may be amended or modified;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that
notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity
as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in
such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and
any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under
this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise
of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights
or remedies hereunder or thereunder by such party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6&nbsp;<U>Other
Registration Rights</U>. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has
any right to require the Company to register any securities of the Company for sale or to include such securities of the Company
in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person.
Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement
with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement,
the terms of this Agreement shall prevail.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7&nbsp;<U>Term</U>.
This Agreement shall terminate upon the earlier of (i)&nbsp;the tenth anniversary of the date of this Agreement or (ii)&nbsp;the
date as of which (A)&nbsp;all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event
prior to the applicable period referred to in Section&nbsp;4(3) of the Securities Act and Rule 174 thereunder) or (B)&nbsp;the
Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision)
under the Securities Act without limitation on the amount of securities sold or the manner of sale. The provisions of&nbsp;<U>Section&nbsp;3.5</U>&nbsp;and&nbsp;<U>Article
IV</U>&nbsp;shall survive any termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[SIGNATURE
PAGE FOLLOWS]</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the undersigned have caused this Agreement to be executed as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL
    MERGER CORP. IV,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    Delaware corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HOLDERS:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL
    IV SPONSOR LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    Delaware limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Member</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ladenburg
    Thalmann &amp; Co., Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD></TR>
</TABLE>
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Page to Registration Rights Agreement]</I></FONT></P>

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<DOCUMENT>
<TYPE>EX-10.6.2
<SEQUENCE>12
<FILENAME>fs12017a3ex10vi2_kblmerger.htm
<DESCRIPTION>SECOND AMENDED AND RESTATED UNIT SUBSCRIPTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 10.6.2</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>SECOND
AMENDED AND RESTATED UNIT SUBSCRIPTION AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
SECOND AMENDED AND RESTATED UNIT SUBSCRIPTION AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;) is made as of the 25<SUP>th</SUP>
day of May 2017, by and between KBL Merger Corp. IV, a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), and&nbsp;KBL IV
Sponsor LLC, a Delaware limited liability company (the &ldquo;<B>Subscriber</B>&rdquo;), each with a principal place of business
at 527 Stanton Christiana Rd, Newark, DE 19713.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
on November 11, 2016, the Company and the Subscriber entered into that certain Sponsor Unit Subscription Agreement (the &ldquo;<B>Original
Agreement</B>&rdquo;), wherein the Company agreed to sell to the Subscriber on a private placement basis (the &ldquo;<B>Offering</B>&rdquo;)
an aggregate of 305,000 units (the &ldquo;<B>Initial Units</B>&rdquo;) of the Company, and up to an additional 22,500 units (the
&ldquo;<B>Additional Units</B>&rdquo; and together with the Initial Units, the &ldquo;<B>Units</B>&rdquo;) of the Company in the
event that the underwriters&rsquo; 45-day over-allotment option (&ldquo;<B>Over-Allotment Option</B>&rdquo;) is exercised in full
or part, each Unit comprised of one share of common stock of the Company, par value $0.0001 per share (&ldquo;<B>Common Stock</B>&rdquo;),
and one warrant to purchase one half of one share of Common Stock (&ldquo;<B>Warrant</B>&rdquo;), for a purchase price of $3,050,000
(or up to $3,275,000 if the Over-Allotment Option is exercised in full), or $10.00 per Unit. The shares of Common Stock underlying
the Warrants are hereinafter referred to as the &ldquo;<B>Warrant Shares</B>&rdquo;.&nbsp;&nbsp;The shares of Common Stock underlying
the Units (excluding the Warrant Shares) are hereinafter referred to as the &ldquo;<B>Placement Shares</B>.&rdquo; The Warrants
underlying the Units are hereinafter referred to as the &ldquo;<B>Placement Warrants</B>.&rdquo;&nbsp;&nbsp;The Units, Placement
Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the &ldquo;<B>Securities</B>.&rdquo;&nbsp;&nbsp;Each
Placement Warrant is exercisable to purchase one-half of one full share of Common Stock at an exercise price of $11.50 per whole
share during the period commencing on the later of (i) twelve (12) months from the date of the closing of the Company&rsquo;s
initial public offering of units (the &ldquo;<B>IPO</B>&rdquo;) and (ii) 30 days following the consummation of the Company&rsquo;s
initial business combination (the &ldquo;<B>Business Combination</B>&rdquo;), as such term is defined in the registration statement
in connection with the IPO, as amended at the time it becomes effective (the &ldquo;<B>Registration Statement</B>&rdquo;), and
expiring on the fifth anniversary of the consummation of the Business Combination; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
on April 19, 2017, the Company and Subscriber entered into that certain Amended and Restated Subscription Agreement, pursuant
to which the Subscriber agreed to purchase 350,000 Initial Units and up to an additional 37,500 Additional Units, and pursuant
to which the Company revised the structure of the Warrants to make each Warrant exercisable for a whole share of Common Stock;
and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS
the Subscriber and the Company wish to revise the structure of the Units such that the &ldquo;Warrant&rdquo; will be a warrant
to purchase one-half of one share of Common Stock as originally agreed upon in the Original Agreement and to include one right
to receive one-tenth (1/10) of one share of Common Stock (the &ldquo;<B>Rights</B>&rdquo;); the shares of Common Stock underlying
the Rights are hereinafter referred to as the &ldquo;<B>Right Shares</B>&rdquo;; and the definition of &ldquo;Securities&rdquo;
shall hereinafter include the Rights Shares; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and the Subscriber desire to amend and restate the Original Agreement and to enter into this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Agreement
to Subscribe</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
and Issuance of the Units.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the terms and subject
    to the conditions of this Agreement, the Subscriber hereby agrees to purchase from the Company, and the Company hereby agrees
    to sell to the Subscriber, on the initial Closing Date (as defined below) the Initial Units in consideration of the payment
    of the Initial Purchase Price (as defined below). On the initial Closing Date, or within a reasonable time after the initial
    Closing Date, but in no event later than thirty (30) days after the initial Closing Date, the Company shall deliver to the
    Subscriber the certificates representing the Securities purchased.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscriber hereby agrees
    to purchase up to an additional 37,500 Additional Units at $10.00 per Additional Unit for a purchase price of up to $375,000.
    The purchase and issuance of the Additional Units shall occur only in the event that the Over-Allotment Option is exercised
    in full or in part. The total number of Additional Units to be purchased hereunder shall be in the same proportion as the
    proportion of the Over-Allotment Option that is exercised. Each purchase of Additional Units shall occur simultaneously with
    the consummation of any portion of the Over-Allotment Option.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
Price.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As payment in full for
    the Initial Units being purchased under this Agreement, the Subscriber shall pay $3,500,000 (the &ldquo;<B>Initial Purchase
    Price</B>&rdquo;), by wire transfer of immediately available funds or by such other method as may be reasonably acceptable
    to the Company, to the trust account (the<B>&nbsp;&ldquo;Trust Account&rdquo;</B>) at a financial institution to be chosen
    by the Company, maintained by Continental Stock Transfer&nbsp;&amp; Trust Company, acting as trustee (&ldquo;<B>Continental</B>&rdquo;),
    or into an escrow account maintained by Ellenoff Grossman&amp; Schole LLP<B>&nbsp;(&ldquo;EG&amp;S&rdquo;),</B>&nbsp;counsel
    for the Company, one (1) business day prior to the date of effectiveness of the Registration Statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As payment in full for
    the Additional Units being purchased under this Agreement, the Subscriber shall pay $10.00 per Additional Unit being purchased
    by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to
    the Trust Account at a financial institution to be chosen by the Company, maintained by Continental, or into an escrow account
    maintained by EG&amp;S, one (1) business day prior to the Closing Date of the Over-Allotment Option. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closings.
The closing of the purchase and sale of the Initial Units shall take place simultaneously with the closing of the IPO and the
closing of the purchase and sale of Additional Units shall take place simultaneously with the closing of the Over-Allotment Option
(each a &ldquo;<B>Closing Date</B>&rdquo;). The closing of the purchase and sale of the Units shall take place at the offices
of EG&amp;S, 1345 Avenue of the Americas, 11<SUP>th</SUP>&nbsp;Floor, New York, New York, 10105, or such other place as may be
agreed upon by the parties hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not
occur prior to June 30, 2017.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;<I>&nbsp;&nbsp;Representations
and Warranties of Subscriber</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscriber
represents and warrants to the Company that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Government Recommendation or Approval.&nbsp;&nbsp;Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the Company or the Offering of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accredited
Investor. Subscriber represents that it is an &ldquo;accredited investor&rdquo; as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), and acknowledges that the sale contemplated
hereby is being made in reliance, among other things, on a private placement exemption to &ldquo;accredited investors&rdquo; under
the Securities Act and similar exemptions under state law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intent.&nbsp;&nbsp;Subscriber
is purchasing the Securities solely for investment purposes, for Subscriber&rsquo;s own account (and/or for the account or benefit
of its members or affiliates, as permitted, pursuant to the terms of an agreement (the &ldquo;<B>Insider Letter</B>&rdquo;) to
be entered into with respect to the Securities between, among others, Subscriber&nbsp;&nbsp;and the Company, as described in the
Registration Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the
Securities to or through any person or entity except as may be permitted under the Insider Letter.&nbsp;&nbsp;Subscriber shall
not engage in hedging transactions with regard to the Securities unless in compliance with the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions
on Transfer.&nbsp;&nbsp;Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public
offering in the United States within the meaning of the Securities Act.&nbsp;&nbsp;The Securities have not been registered under
the Securities Act and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such
Securities may be offered, resold, pledged or otherwise transferred only (A)&nbsp;pursuant to an effective registration statement
filed under the Securities Act, (B)&nbsp;pursuant to an exemption from registration under Rule 144 promulgated under the Securities
Act, if available, or (C)&nbsp;pursuant to any other available exemption from the registration requirements of the Securities
Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. Notwithstanding
the foregoing, Subscriber acknowledges and understands the Securities are subject to transfer restrictions as described in Section
8 hereof. Subscriber agrees that if any transfer of its Securities or any interest therein is proposed to be made, as a condition
precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the
Company with respect to such transfer. Absent registration or another available exemption from registration, Subscriber agrees
it will not resell the Securities (unless otherwise permitted pursuant to the Insider Letter, as described in the Registration
Statement).&nbsp;&nbsp;Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available
to Subscriber for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination
of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sophisticated
Investor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;Subscriber
is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;Subscriber
is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is able to bear the economic risk of its investment in the Securities for an indefinite period of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent
Investigation.&nbsp;&nbsp;Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation
of the Company and has not relied upon any information or representations made by any third parties or upon any oral or written
representations or assurances from the Company, its officers, directors or employees or any other representatives or agents of
the Company, other than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition
of the Company and has had an opportunity to ask questions of, and receive answers from the Company&rsquo;s officers and directors
concerning the Company and the terms and conditions of the offering of the Units and has had full access to such other information
concerning the Company as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made
available and that Subscriber has been supplied with all of the additional information concerning this investment which Subscriber
has requested.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization
and Authority.&nbsp;&nbsp;Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware
and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authority.
This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors&rsquo; rights generally.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i)&nbsp;Subscriber's charter documents, (ii)&nbsp;any agreement
or instrument to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or
any agreement, order, judgment or decree to which Subscriber is subject.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Legal Advice from Company.&nbsp;&nbsp;Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with Subscriber&rsquo;s own legal
counsel and investment and tax advisors.&nbsp;&nbsp;Except for any statements or representations of the Company made in this Agreement
and the other agreements entered into between the parties hereto, Subscriber is relying solely on such counsel and advisors and
not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice
with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance
on Representations and Warranties.&nbsp;&nbsp;Subscriber understands the Units are being offered and sold to Subscriber in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations
of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
General Solicitation.&nbsp;&nbsp;Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation
or general advertising, including but not limited to any advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration
statement with respect to the IPO filed with the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legend.&nbsp;&nbsp;Subscriber
acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the &ldquo;<B>Legend</B>&rdquo;),
in form and substance substantially as set forth in Section&nbsp;4 hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;<I>&nbsp;Representations,
Warranties and Covenants of the Company</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company represents and warrants to, and agrees with, Subscriber that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valid
Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue
is 35,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share (&ldquo;<B>Preferred
Stock</B>&rdquo;). As of the date hereof, the Company has issued and outstanding 2,875,000 shares of Common Stock (of which up
to 375,000 shares are subject to forfeiture as described in the Registration Statement) and no shares of Preferred Stock. All
of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title
to Securities.&nbsp;&nbsp;Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant
agreement to be entered into between the Company and Continental, as warrant agent (the &ldquo;<B>Warrant Agreement</B>&rdquo;)
and that certain rights agreement to be entered into between the Company and Continental, as rights agent (the &ldquo;<B>Rights
Agreement</B>&rdquo;), as the case may be, each of the Units, Placement Shares, Placement Warrants, Rights, Warrant Shares and
Rights Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the Warrant
Shares and the Rights Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to,
the terms hereof, the Warrant Agreement and the Rights Agreement, as the case may be, Subscriber will have or receive good title
to the Units, Placement Shares and Placement Warrants and Rights, free and clear of all liens, claims and encumbrances of any
kind, other than (i) transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under federal
and state securities laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization
and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being
conducted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization;
Enforcement. (i)&nbsp;The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and to issue the Securities in accordance with the terms hereof, (ii)&nbsp;the execution, delivery and performance
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
by all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders
is required, and (iii)&nbsp;this Agreement constitutes valid and binding obligations of the Company enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors&rsquo; rights and
remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may
be limited by federal and state securities laws or principles of public policy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not (i)&nbsp;result in a violation of the Company&rsquo;s certificate of incorporation or by-laws, (ii)&nbsp;conflict
with, or constitute a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule
or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other
than any SEC or state securities filings which may be required to be made by the Company subsequent to the Closing, and any registration
statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or
self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares,
Warrants, Warrant Shares, Rights or the Rights Shares in accordance with the terms hereof.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legends</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legend.
The Company will issue the Units, Placement Shares, Warrants and Rights, and when issued, the Warrant Shares and the Rights Shares,
purchased by the Subscriber in the name of the Subscriber. The Securities will bear the following Legend and appropriate &ldquo;stop
transfer&rdquo; instructions:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, KBL MERGER
CORP. IV AND KBL IV SPONSOR LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE
LOCKUP PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber&rsquo;s
Compliance. Nothing in this Section&nbsp;4 shall affect in any way Subscriber&rsquo;s obligations and agreements to comply with
all applicable securities laws upon resale of the Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company&rsquo;s
Refusal to Register Transfer of the Securities.&nbsp;&nbsp;The Company shall refuse to register any transfer of the Securities,
if in the sole judgment of the Company such purported transfer would not be made (i)&nbsp;pursuant to an effective registration
statement filed under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities
Act and (ii) in compliance herewith and with the Insider Letter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration
Rights.&nbsp;&nbsp;The Subscriber will be entitled to certain registration rights which will be governed by a registration rights
agreement (&ldquo;<B>Registration Rights Agreement</B>&rdquo;) to be entered into between, among others, the Subscriber and the
Company, on or prior to the effective date of the Registration Statement.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;<I>&nbsp;&nbsp;Waiver
of Liquidation Distributions.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest
or claim of any kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i)
in connection with the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with
any tender offer conducted by the Company prior to a Business Combination or (iii) upon the Company&rsquo;s redemption of shares
of Common Stock sold in the Company&rsquo;s IPO upon the Company&rsquo;s failure to timely complete the Business Combination.&nbsp;&nbsp;In
the event Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares so purchased shall
be eligible to receive the redemption value of such shares of Common Stock upon the same terms offered to all other purchasers
of Common Stock in the IPO in the event the Company fails to consummate the Business Combination.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;<I>&nbsp;&nbsp;Termination
of Placement Warrants and Rights</I>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to Consummate Business Combination. The Placement Warrants and Rights shall be terminated upon the dissolution of the Company
or in the event that the Company does not consummate the Business Combination within 18 months from the consummation of the IPO,
or 21 months from the consummation of the IPO if the Company has an executed letter of intent, agreement in principle or definitive
agreement for an initial business combination within 18 months from the closing of the IPO, but has not completed the initial
business combination within such 18-month period, or unless otherwise extended by the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Rights as Holder. If the Placement Warrants and Rights are terminated in accordance with Section&nbsp;6.1, then after such
time Subscriber (or successor in interest) shall no longer have any rights as a holder of such Placement Warrants and Rights and
the Company shall take such action as is appropriate to cancel such Placement Warrants and Rights. Subscriber hereby irrevocably
grants the Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures
reasonably requested by the Company necessary to effect the foregoing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rescission
Right Waiver and Indemnification</I>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber
understands and acknowledges an exemption from the registration requirements of the Securities Act requires there be no general
solicitation of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect to the
Units, the offer and sale of such Units may not be exempt from registration and, if not, Subscriber may have a right to rescind
its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its stockholders
and the amounts in the Trust Account from claims that may adversely affect the Company or the interests of its stockholders, Subscriber
hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration,
as the case may be, to seek rescission of its purchase of the Units. Subscriber acknowledges and agrees this waiver is being made
in order to induce the Company to sell the Units to the Subscriber. Subscriber agrees the foregoing waiver of rescission rights
shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, &ldquo;<B>Claims</B>&rdquo;)
and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses
in connection therewith, including reasonable attorneys&rsquo; and expert witness fees and disbursements and all other expenses
reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection
with any present or future actual or asserted right to rescind the purchase of the Units hereunder or relating to the purchase
of the Units and the transactions contemplated hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber
agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or
any Claim that may arise now or in the future.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber
acknowledges and agrees that the stockholders of the Company are and shall be third-party beneficiaries of this Section 7.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber
agrees that to the extent any waiver of rights under this Section 7 is ineffective as a matter of law, Subscriber has offered
such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that
applies to a legal right. Subscriber acknowledges the receipt and sufficiency of consideration received from the Company hereunder
in this regard.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;<I>&nbsp;&nbsp;Terms
of the Units and Underlying Securities</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units
and component parts will be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation
of the Business Combination, (ii) the Placement Warrants will be non-redeemable so long as they are held by the initial holder
thereof (or any of its permitted transferees), and may be exercisable&nbsp;on a &ldquo;cashless&rdquo; basis if held by Subscriber
or its permitted transferees and (iii) the Units and component parts are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after the expiration of the lockup described above in
clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on or before the date of the Prospectus
or an exemption from registration is available.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber
agrees to vote the Placement Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration
Statement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing
Law; Jurisdiction</I>;<I>&nbsp;Waiver of Jury Trial</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be
wholly performed within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation
pursuant to this Agreement and the transactions contemplated hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;<I>Assignment;
Entire Agreement; Amendment</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by Subscriber to a
person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof
and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge
or termination is sought.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs,
legal representatives, successors and permitted assigns.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&nbsp;<I>&nbsp;&nbsp;Notices</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.
Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing
and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided
or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier)
or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address
as either may designate for itself in such notice to the other.&nbsp;&nbsp;Communications shall be deemed to have been received
when delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile
upon receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic
transmission, such notice shall be deemed to be delivered (a)&nbsp;if by electronic mail, when directed to an electronic mail
address at which the stockholder has consented to receive notice; (b)&nbsp;if by a posting on an electronic network together with
separate notice to the stockholder of such specific posting, upon the later of (1)&nbsp;such posting and (2)&nbsp;the giving of
such separate notice; and (c)&nbsp;if by any other form of electronic transmission, when directed to the stockholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&nbsp;<I>&nbsp;&nbsp;Counterparts</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart.&nbsp;In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a &ldquo;pdf&rdquo; format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or &ldquo;.pdf&rdquo;
signature page were an original thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&nbsp;<I>&nbsp;&nbsp;Survival;
Severability</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive each Closing Date.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&nbsp;&nbsp;<I>&nbsp;Headings.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
subscription is accepted by the Company on the 25<SUP>th</SUP> day of May, 2017.</FONT></P>

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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>KBL MERGER CORP. IV</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Marlene Krauss, M.D.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene     Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Executive Officer&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accepted
and agreed on the date hereof</FONT></P>

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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSCRIBER:</B><BR>
    KBL IV SPONSOR LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Marlene Krauss, M.D.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Marlene     Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Member</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>13
<FILENAME>fs12017a3ex23i_kblmerger.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the use in this Amendment
No. 3 to the Registration Statement on Form S-1, of our report dated May 26, 2017, relating to the balance sheet of KBL Merger
Corp. IV as of December 31, 2016, and the related statements of operations, changes in stockholder&rsquo;s equity and cash flows
for the period from September 7, 2016 (inception) to December 31, 2016, and to the reference to our Firm under the caption &ldquo;Experts&rdquo;
in the Prospectus.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ WithumSmith+Brown, PC</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whippany, New Jersey</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 26, 2017</FONT></TD>
    <TD>&nbsp;</TD></TR>
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