<SEC-DOCUMENT>0001213900-19-008081.txt : 20190509
<SEC-HEADER>0001213900-19-008081.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190509093815
ACCESSION NUMBER:		0001213900-19-008081
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190508
FILED AS OF DATE:		20190508
DATE AS OF CHANGE:		20190509

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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38105
		FILM NUMBER:		19809100

	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>PRE 14A
<SEQUENCE>1
<FILENAME>pre14a0519_kblmerger4.htm
<DESCRIPTION>PRELIMINARY PROXY STATEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the<BR>
Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant&nbsp; &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant &#9744;</P>

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-top: 0"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to Section 240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its
Charter)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i) (1) and 0-11.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="color: Red"><B>PRELIMINARY
PROXY STATEMENT &ndash; SUBJECT TO COMPLETION, DATED MAY 8, 2019</B></FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>KBL MERGER CORP. IV<BR>
527 Stanton Christiana Rd.<BR>
Newark, Delaware 19713</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF SPECIAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON JUNE 5, 2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TO THE STOCKHOLDERS OF KBL MERGER CORP. IV:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You are cordially invited
to attend the special meeting, which we refer to as the &ldquo;Special Meeting&rdquo;, of stockholders of KBL Merger Corp. IV,
which we refer to as &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;, &ldquo;KBL&rdquo; or the &ldquo;Company&rdquo;, to
be held at 10:00 a.m. Eastern Time on June 5, 2019 at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., located
at 666 Third Avenue, 25th Floor, New York, New York 10017. The accompanying proxy statement, which we refer to as the &ldquo;Proxy
Statement&rdquo;, is dated May [&nbsp;&nbsp;&nbsp;&nbsp;], 2019, and is first being mailed to stockholders of the Company on or about May [ &nbsp;&nbsp;], 2019. The
sole purpose of the Special Meeting is to consider and vote upon the following proposals:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a proposal to amend the Company&rsquo;s amended and restated certificate of incorporation, which we refer to as the &ldquo;charter&rdquo;, in the form set forth in&nbsp;<U>Annex A</U>&nbsp;to the accompanying Proxy Statement, which we refer to as the &ldquo;Extension Amendment&rdquo; and such proposal the &ldquo;Extension Amendment Proposal&rdquo;, to extend the date by which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to as a &ldquo;business combination&rdquo;, (ii) cease its operations if it fails to complete such business combination except for the sole purpose of winding up, and (iii) redeem or repurchase 100% of the Company&rsquo;s common stock included as part of the units sold in the Company&rsquo;s initial public offering that was consummated on June 7, 2017, which we refer to as the &ldquo;IPO&rdquo;, from June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) to September 9, 2019 (or December 9, 2019 if the Company has executed a definitive agreement for a business combination by September 9, 2019) or such earlier date as determined by the Board, which we refer to as the &ldquo;Extension&rdquo;, and such later date, the &ldquo;Extended Date&rdquo;; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a proposal to approve the adjournment of the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal, which we refer to as the &ldquo;Adjournment Proposal&rdquo;. The Adjournment Proposal will only be presented at the Special Meeting if there are not sufficient votes to approve the Extension Amendment Proposal.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Extension
Amendment Proposal and the Adjournment Proposal is more fully described in the accompanying Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of
the Extension Amendment is to allow the Company more time to complete its initial business combination. On April 10, 2019,
the Company entered into a non-binding term sheet (the &ldquo;Term Sheet&rdquo;) for an initial business combination
transaction (the &ldquo;Transaction&rdquo;) with a certain private target company (the &ldquo;Target Company&rdquo;). As the
Term Sheet is non-binding and we are in the process of performing due diligence of the Target Company and negotiations with respect to a definitive agreement are in a very early stage, we cannot assure you that
a definitive agreement for a Transaction will be entered into based on the terms set forth in the Term Sheet or at all. We
may pursue alternative business combination transactions until the Extended Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
(the &ldquo;Board&rdquo;) currently believes that there will not be sufficient time before June 7, 2019 (or September 9, 2019 if
we have executed a definitive agreement for a business combination by June 7, 2019) to complete a business combination. Accordingly,
the Board believes that to consummate an initial business combination, we will need to obtain the Extension. Therefore, the Board
has determined that it is in the best interests of our stockholders to extend the date that the Company has to consummate a business
combination to the Extended Date in order that our stockholders have the opportunity to participate in our future investment. In
the event that the Company enters into a definitive agreement for a business combination prior to the Special Meeting, the Company
will issue a press release and file a Form 8-K with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) announcing the proposed
business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Extension Amendment Proposal, public stockholders may elect to redeem their public shares for 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 shares of common stock issued in our IPO, which shares we refer to as the &ldquo;public
shares&rdquo;, and which election we refer to as the &ldquo;Election&rdquo;, regardless of whether such public stockholders vote
&ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo; the Extension Amendment Proposal. If the Extension Amendment Proposal is approved by
the requisite vote of stockholders, the remaining holders of public shares will retain their right to redeem their public shares
when the proposed business combination is submitted to the stockholders, subject to any limitations set forth in our charter as
amended by the Extension Amendment. In addition, public stockholders who do not make the Election would be entitled to have their
public shares redeemed for cash if the Company has not completed a business combination by the Extended Date. KBL IV Sponsor LLC,
which we refer to as our &ldquo;Sponsor&rdquo;, owns 2,875,000 shares of our common stock, which we refer to as the &ldquo;Founder
Shares,&rdquo; that were issued to the Sponsor prior to our IPO, and 377,500 units, which we refer to as the &ldquo;Placement Units,&rdquo;
that were purchased by the Sponsor in a private placement which occurred simultaneously with the completion of the IPO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>To exercise your
redemption rights, you must affirmatively vote either &ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo; the Extension Amendment Proposal
and demand that the Company redeem your public shares for a pro rata portion of the funds held in the trust account, and tender
your shares to the Company&rsquo;s transfer agent at least two business days prior to the Special Meeting (or June 3, 2019). A
redemption demand may be made by checking the box on the proxy card provided for that purpose and returning the proxy card in accordance
with the instructions provided, and, at the same time, ensuring your bank or broker complies with the requirements identified elsewhere
herein. You may tender your shares by either delivering your share certificate to the transfer agent or by delivering your shares
electronically using the Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system. If you hold your shares
in street name, you will need to instruct your bank, broker or other nominee to withdraw the shares from your account in order
to exercise your redemption rights.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 5, 2019, our
stockholders approved to extend the period of time for which we are required to consummate a business combination until June 7,
2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) or such earlier
date as determined by our Board (the &ldquo;First Extension Amendment&rdquo;, and such later date, the &ldquo;First Extended Combination
Period&rdquo;). The number of shares of common stock presented for redemption in connection with the First Extension Amendment
was 5,128,523. We paid cash in the aggregate amount of $52,829,304, or approximately $10.41 per share, to redeeming stockholders.
As a result of the payment on the shares of common stock presented for redemption in connection with the First Extension Amendment,
cash and marketable securities held in the Trust Account decreased to $65,633,068. In addition, on March 8, 2019, an aggregate
of $573,433 was loaned to the Company and distributed as a cash payment to stockholders that did not redeem their Public Shares,
which amount was equal to $0.09 for each of the 6,371,477 Public Shares that were not redeemed. Such amount was paid from funds
loaned to the Company by the Sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the approval of the First Extension Amendment, the Sponsor or its designees had previously agreed to loan us $0.03 for each Public
Share that was not redeemed for each calendar month commencing on June 7, 2019, and on the 7th day of each subsequent month, or
portion thereof, that is needed by the Company to complete a business combination from June 7, 2019 until the First Extended Combination
Period. The Sponsor or its designees had the sole discretion whether to continue extending loans for additional calendar months
until the First Extended Combination Period and if the Sponsor determined not to continue extending loans for additional calendar
months, its obligation to make the additional loans following such determination would terminate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is approved, our Sponsor or its designees has agreed to loan to us $0.025 for each public share that is not redeemed for
each calendar month commencing on June 7, 2019, and on the 7th day of each subsequent month, or portion thereof, that is needed
by the Company to complete an initial business combination from June 7, 2019 (or September 9, 2019 if we have executed a definitive
agreement for a business combination by June 7, 2019) until the Extended Date (the &ldquo;Loans&rdquo;). <B>Given the longer period
of time needed to potentially complete a business combination, such agreement to pay $0.025 for each public share that is not redeemed
for each calendar month commencing on June 7, 2019 shall replace and supersede the previous agreement to loan us $0.03 for each
public share that was not redeemed for each calendar month commencing on June 7, 2019. </B> For example, if the Company takes until
December 7, 2019 to complete its business combination, which would represent six calendar months from June 7, 2019, our Sponsor
or its designees would make aggregate Loans of approximately $0.15 per public share that is not redeemed. Assuming the Extension
Amendment Proposal is approved, each Loan will be deposited in the Trust Account within three calendar days from the beginning
of such calendar month (or portion thereof). Accordingly, if the Extension Amendment Proposal is approved and the Extension is
implemented and the Company takes the full time through the Extended Date to complete the initial business combination, the redemption
amount per share at the meeting for such business combination or the Company&rsquo;s subsequent liquidation will be approximately
$10.56 per share, in comparison to the current redemption amount of $10.41 per share (assuming no public shares were redeemed).
The Loans are conditioned upon the implementation of the Extension Amendment. The Loans will not occur if the Extension Amendment
is not approved or the Extension is not completed. The amount of the Loans will not bear interest and will be repayable by us to
our Sponsor or its designees upon consummation of an initial business combination. If our Sponsor or its designees advises us that
it does not intend to make the Loans, then the Extension Amendment and the Adjournment Proposal will not be put before the shareholders
at the Special Meeting and we will dissolve and liquidate in accordance with our charter. Our Sponsor or its designees will have
the sole discretion whether to continue extending Loans for additional calendar months until the Extended Date and if our Sponsor
determines not to continue extending Loans for additional calendar months, its obligation to make the Loans following such determination
will terminate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the current
amount in the Trust Account, the Company anticipates that the per-share price at which public shares will be redeemed from cash
held in the Trust Account will be approximately $10.41 at the time of the Special Meeting. The closing price of the Company&rsquo;s
common stock on May [&nbsp;&nbsp; ], 2019 was $[ &nbsp;&nbsp;&nbsp;]. The Company cannot assure stockholders that they will be able to sell their shares of the
Company&rsquo;s common stock in the open market, even if the market price per share is higher than the redemption price stated
above, as there may not be sufficient liquidity in its common stock when such stockholders wish to sell their shares of common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adjournment Proposal,
if adopted, will allow our Board to adjourn the Special Meeting to a later date or dates to permit further solicitation of proxies.
The Adjournment Proposal will only be presented to our stockholders in the event that there are insufficient votes for, or otherwise
in connection with, the approval of the Extension Amendment Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is not approved and we do not consummate a business combination by June 7, 2019 (or September 9, 2019 if we have executed
a definitive agreement for a business combination by June 7, 2019), as contemplated by our IPO prospectus and in accordance with
our charter, we will (i) cease all operations except for the sole 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 quotient
obtained by dividing (A) 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) the total number of then
outstanding public shares, which redemption will completely extinguish rights of the public stockholders (including the right to
receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of 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 Company&rsquo;s obligations under Delaware law to provide for claims of creditors
and other requirements of applicable law. There will be no distribution from the Trust Account with respect to our rights or warrants,
which will expire worthless in the event of our winding up. In the event of a liquidation, our Sponsor will not receive any monies
held in the Trust Account as a result of its ownership of the Founder Shares or the Placement Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing,
the affirmative vote of at least 65% of the Company&rsquo;s outstanding shares of common stock, including the Founder Shares and
shares underlying the Private Units, will be required to approve the Extension Amendment Proposal. The approval of the Extension
Amendment is essential to the implementation of our Board&rsquo;s plan to extend the date by which we must consummate our initial
business combination. Notwithstanding stockholder approval of the Extension Amendment Proposal, our Board will retain the right
to abandon and not implement the Extension Amendment at any time without any further action by our stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approval of the Adjournment
Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person or by proxy at the
Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Board has fixed
the close of business on May 15, 2019 as the date for determining the Company stockholders entitled to receive notice of and vote
at the Special Meeting and any adjournment thereof. Only holders of record of the Company&rsquo;s common stock on that date are
entitled to have their votes counted at the Special Meeting or any adjournment thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You are not being
asked to vote on a proposed business combination at this time. If the Extension is implemented and you do not elect to redeem your
public shares, provided that you are a stockholder on the record date for a meeting to consider a business combination, you will
retain the right to vote on a proposed business combination when it is submitted to stockholders and the right to redeem your public
shares for cash in the event a business combination is approved and completed or we have not consummated a business combination
by the Extended Date.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>After careful consideration
of all relevant factors, the Board has determined that the Extension Amendment Proposal and, if presented, the Adjournment Proposal
are advisable and recommends that you vote or give instruction to vote &ldquo;FOR&rdquo; such proposals.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Delaware law
and the Company&rsquo;s bylaws, no other business may be transacted at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Enclosed is the Proxy
Statement containing detailed information concerning the Extension Amendment Proposal, the Adjournment Proposal and the Special
Meeting. Whether or not you plan to attend the Special Meeting, we urge you to read this material carefully and vote your shares.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">May [&nbsp;&nbsp;&nbsp;], 2019</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">By Order of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Marlene Krauss, M.D.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Marlene Krauss, M.D.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Chief Executive Officer</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Your vote is important. If you are a
stockholder of record, please sign, date and return your proxy card as soon as possible to make sure that your shares are represented
at the Special Meeting. If you are a stockholder of record, you may also cast your vote in person at the Special Meeting. If your
shares are held in an account at a brokerage firm or bank, you must instruct your broker or bank how to vote your shares, or you
may cast your vote in person at the Special Meeting by obtaining a proxy from your brokerage firm or bank. Your failure to vote
or instruct your broker or bank how to vote will have the same effect as voting &ldquo;AGAINST&rdquo; the Extension Amendment Proposal,
and an abstention will have the same effect as voting &ldquo;AGAINST&rdquo; the Extension Amendment Proposal.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the Special Meeting of Stockholders to be held on June 5, 2019:&nbsp;</B>This notice of meeting and the
accompanying Proxy Statement are available at&nbsp;[ &nbsp;&nbsp;].</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Red"><B>PRELIMINARY
PROXY STATEMENT &ndash; SUBJECT TO COMPLETION, DATED MAY 8, 2019</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>KBL
MERGER CORP. IV</B></FONT><BR>
<B>527 Stanton Christiana Rd.</B><BR>
<B>Newark, Delaware 19713</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON JUNE 5, 2019</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The special meeting,
which we refer to as the &ldquo;Special Meeting&rdquo;, of stockholders of KBL Merger Corp. IV, which we refer to as &ldquo;we&rdquo;,
&ldquo;us&rdquo;, &ldquo;our&rdquo;, &ldquo;KBL&rdquo; or the &ldquo;Company&rdquo;, will be held at 10:00 a.m. Eastern Time on
June 5, 2019 at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., located at 666 Third Avenue, 25<SUP>th</SUP>
Floor, New York, New York 10017, for the sole purpose of considering and voting upon the following proposals:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-top: 0">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-top: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a proposal to amend the Company&rsquo;s
amended and restated certificate of incorporation, which we refer to as the &ldquo;charter&rdquo;, in the form set forth in&nbsp;<U>Annex
A</U>, which we refer to as the &ldquo;Extension Amendment&rdquo; and such proposal the &ldquo;Extension Amendment Proposal&rdquo;,
to extend the date by which the Company must (i) consummate a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses, which we refer to as a &ldquo;business combination&rdquo;,
(ii) cease its operations if it fails to complete such business combination except for the sole purpose of winding up, and (iii)
redeem or repurchase 100% of the Company&rsquo;s common stock included as part of the units sold in the Company&rsquo;s initial
public offering that was consummated on June 7, 2017, which we refer to as the &ldquo;IPO&rdquo;, from June 7, 2019 (or September
9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) to September 9, 2019 (or December
9, 2019 if the Company has executed a definitive agreement for a business combination by September 9, 2019) or such earlier date
as determined by the Board, which we refer to as the &ldquo;Extension&rdquo;, and such later date, the &ldquo;Extended Date&rdquo;;
and</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; text-align: justify"><FONT STYLE="font-size: 10pt">a proposal to approve the adjournment of the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal, which we refer to as the &ldquo;Adjournment Proposal&rdquo;. The Adjournment Proposal will only be presented at the Special Meeting if there are not sufficient votes to approve the Extension Amendment Proposal.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Extension Amendment
Proposal is essential to the overall implementation of the plan of the board of directors, which we refer to as the &ldquo;Board&rdquo;,
to extend the date by which the Company has to complete an initial business combination. The purpose of the Extension Amendment
is to allow the Company more time to complete its initial business combination. In the event that the Company enters into a definitive
agreement for a business combination prior to the Special Meeting, the Company will issue a press release and file a Form 8-K with
the Securities and Exchange Commission announcing the proposed business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approval of the Extension
Amendment Proposal is a condition to the implementation of the Extension. In addition, we will not proceed with the Extension if
the number of redemptions or repurchases of our shares of common stock issued in our IPO, which shares we refer to as the &ldquo;public
shares&rdquo;, causes us to have less than $5,000,001 of net tangible assets (which would occur if there are redemptions or repurchases
of more than 5,521,889 of our public shares) following approval of the Extension Amendment Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Extension Amendment Proposal, public stockholders may elect to redeem their public shares for 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 which election we refer to as the &ldquo;Election&rdquo;,
regardless of whether such public stockholders vote &ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo; the Extension Amendment Proposal.
If the Extension Amendment Proposal is approved by the requisite vote of stockholders, the remaining holders of public shares will
retain their right to redeem their public shares when the proposed business combination is submitted to the stockholders, subject
to any limitations set forth in our charter as amended by the Extension Amendment. In addition, public stockholders who do not
make the Election would be entitled to have their public shares redeemed for cash if the Company has not completed a business combination
by the Extended Date. KBL IV Sponsor LLC, which we refer to as our &ldquo;Sponsor&rdquo;, owns 2,875,000 shares of our common stock,
which we refer to as the &ldquo;Founder Shares&rdquo;, that were issued to the Sponsor prior to our IPO, and 377,500 units, which
we refer to as the &ldquo;Placement Units&rdquo;, that were purchased by the Sponsor in a private placement which occurred simultaneously
with the completion of the IPO.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>To exercise your
redemption rights, you must affirmatively vote either &ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo; the Extension Amendment Proposal
and demand that the Company redeem your public shares for a pro rata portion of the funds held in the trust account, and tender
your shares to the Company&rsquo;s transfer agent at least two business days prior to the Special Meeting (or June 3, 2019). A
redemption demand may be made by checking the box on the proxy card provided for that purpose and returning the proxy card in accordance
with the instructions provided, and, at the same time, ensuring your bank or broker complies with the requirements identified elsewhere
herein. You may tender your shares by either delivering your share certificate to the transfer agent or by delivering your shares
electronically using the Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system. If you hold your shares
in street name, you will need to instruct your bank, broker or other nominee to withdraw the shares from your account in order
to exercise your redemption rights.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 5, 2019, our
stockholders approved to extend the period of time for which we are required to consummate a business combination until June 7,
2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) or such earlier
date as determined by our Board (the &ldquo;First Extension Amendment&rdquo;, and such later date, the &ldquo;First Extended Combination
Period&rdquo;). The number of shares of common stock presented for redemption in connection with the First Extension Amendment
was 5,128,523. We paid cash in the aggregate amount of $52,829,304, or approximately $10.41 per share, to redeeming stockholders.
As a result of the payment on the shares of common stock presented for redemption in connection with the First Extension Amendment,
cash and marketable securities held in the Trust Account decreased to $65,633,068. In addition, on March 8, 2019, an aggregate
of $573,433 was loaned to the Company and distributed as a cash payment to stockholders that did not redeem their Public Shares,
which amount was equal to $0.09 for each of the 6,371,477 Public Shares that were not redeemed. Such amount was paid from funds
loaned to the Company by the Sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the approval of the First Extension Amendment, the Sponsor or its designees had previously agreed to loan us $0.03 for each Public
Share that was not redeemed for each calendar month commencing on June 7, 2019, and on the 7th day of each subsequent month, or
portion thereof, that is needed by the Company to complete a business combination from June 7, 2019 until the First Extended Combination
Period. The Sponsor or its designees had the sole discretion whether to continue extending Loans for additional calendar months
until the First Extended Combination Period and if the Sponsor determined not to continue extending Loans for additional calendar
months, its obligation to make the additional loans following such determination would terminate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is approved, our Sponsor or its designees has agreed to loan to us $0.025 for each public share that is not redeemed for
each calendar month commencing on June 7, 2019, and on the 7th day of each subsequent month, or portion thereof, that is needed
by the Company to complete an initial business combination from June 7, 2019 (or September 9, 2019 if we have executed a definitive
agreement for a business combination by June 7, 2019) until the Extended Date (the &ldquo;Loans&rdquo;). <B>Given the longer period
of time needed to potentially complete a business combination, such agreement to pay $0.025 for each public share that is not redeemed
for each calendar month commencing on June 7, 2019 shall replace and supersede the previous agreement to loan us $0.03 for each
public share that was not redeemed for each calendar month commencing on June 7, 2019. </B> For example, if the Company takes until
December 7, 2019 to complete its business combination, which would represent six calendar months from June 7, 2019, our Sponsor
or its designees would make aggregate Loans of approximately $0.15 per public share that is not redeemed. Assuming the Extension
Amendment Proposal is approved, each Loan will be deposited in the Trust Account within three calendar days from the beginning
of such calendar month (or portion thereof). Accordingly, if the Extension Amendment Proposal is approved and the Extension is
implemented and the Company takes the full time through the Extended Date to complete the initial business combination, the redemption
amount per share at the meeting for such business combination or the Company&rsquo;s subsequent liquidation will be approximately
$10.56 per share, in comparison to the current redemption amount of $10.41 per share (assuming no public shares were redeemed).
The Loans are conditioned upon the implementation of the Extension Amendment. The Loans will not occur if the Extension Amendment
is not approved or the Extension is not completed. The amount of the Loans will not bear interest and will be repayable by us to
our Sponsor or its designees upon consummation of an initial business combination. If our Sponsor or its designees advises us that
it does not intend to make the Loans, then the Extension Amendment and the Adjournment Proposal will not be put before the shareholders
at the Special Meeting and we will dissolve and liquidate in accordance with our charter. Our Sponsor or its designees will have
the sole discretion whether to continue extending Loans for additional calendar months until the Extended Date and if our Sponsor
determines not to continue extending Loans for additional calendar months, its obligation to make the Loans following such determination
will terminate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the current
amount in the Trust Account, the Company anticipates that the per-share price at which public shares will be redeemed from cash
held in the Trust Account will be approximately $10.41 at the time of the Special Meeting. The withdrawal of funds from the Trust
Account in connection with the Election will reduce the amount held in the Trust Account following the Election, and the amount
remaining in the Trust Account may be only a small fraction of the approximately $66,326,749 that was in the Trust Account as of
March 31, 2019. In such event, the Company may need to obtain additional funds to complete an initial business combination, and
there can be no assurance that such funds will be available on terms acceptable to the parties or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is not approved and we do not consummate a business combination by June 7, 2019 (or September 9, 2019 if we have executed
a definitive agreement for a business combination by June 7, 2019), as contemplated by our IPO prospectus and in accordance with
our charter, we will (i) cease all operations except for the sole 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 quotient
obtained by dividing (A) 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) the total number of then
outstanding public shares, which redemption will completely extinguish rights of the public stockholders (including the right to
receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of 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 Company&rsquo;s obligations under Delaware law to provide for claims of creditors
and other requirements of applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There will be no distribution
from the Trust Account with respect to the Company&rsquo;s rights or warrants, which will expire worthless in the event of our
winding up. In the event of a liquidation, KBL IV Sponsor LLC, which we refer to as our &ldquo;Sponsor&rdquo;, will not receive
any monies held in the Trust Account as a result of its ownership of 2,875,000 shares of our common stock, which we refer to as
the &ldquo;Founder Shares&rdquo;, that were issued to the Sponsor prior to our IPO, and 377,500 units, which we refer to as the
&ldquo;Placement Units&rdquo;, that were purchased by the Sponsor in a private placement which occurred simultaneously with the
completion of the IPO. As a consequence, a liquidating distribution will be made only with respect to the public shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company liquidates,
the Sponsor has agreed to indemnify us to the extent any claims by a third party for services rendered or products sold to us,
or any claims by a prospective target business with which we have discussed entering into an acquisition 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 our Trust Account and except as to any claims under our indemnity of the underwriters of our
IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended, which we refer to as the &ldquo;Securities
Act&rdquo;. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will
not be responsible to the extent of any liability for such third party claims. We cannot assure you, however, that the Sponsor
would be able to satisfy those obligations. Based upon the current amount in the Trust Account, we anticipate that the per-share
price at which public shares will be redeemed from cash held in the Trust Account will be approximately $10.41. Nevertheless, the
Company cannot assure you that the per share distribution from the Trust Account, if the Company liquidates, will not be less than
$10.10, plus interest, due to unforeseen claims of creditors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Delaware
General Corporation Law, which we refer to as the &ldquo;DGCL&rdquo;, stockholders may be held liable for claims by third parties
against a corporation to the extent of distributions received by them in a dissolution. 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the Company
will not be complying with Section 280 of the DGCL as described in our prospectus filed with the Securities and Exchange Commission,
which we refer to as the &ldquo;SEC&rdquo;, on June 2, 2017, 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 have been limited to searching for prospective target businesses to acquire, the only likely
claims to arise would be from our vendors (such as lawyers or investment bankers) or prospective target businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If
the Extension Amendment Proposal is approved, the Company, pursuant to the terms of the investment management trust agreement,
dated June 1, 2017, by and between the Company and Continental Stock Transfer &amp; Trust Company (the &ldquo;Trust Agreement&rdquo;),
will (i) remove from the Trust Account an amount, which we refer to as the &ldquo;Withdrawal Amount&rdquo;, equal to the number
of public shares properly redeemed multiplied by the per-share price, 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 (ii) deliver to the holders of such redeemed public shares their portion of the Withdrawal Amount. The remainder of such funds
shall remain in the Trust Account and be available for use by the Company to complete a business combination on or before the Extended
Date. Holders of public shares who do not redeem their public shares now will retain their redemption rights and their ability
to vote on a business combination through the Extended Date if the Extension Amendment Proposal is approved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Board has fixed
the close of business on May 15, 2019 as the date for determining the Company stockholders entitled to receive notice of and vote
at the Special Meeting and any adjournment thereof. Only holders of record of the Company&rsquo;s common stock on that date are
entitled to have their votes counted at the Special Meeting or any adjournment thereof. On the record date of the Special Meeting,
there were 9,748,977 shares of the Company&rsquo;s common stock outstanding, including 6,371,477 shares of the Company&rsquo;s
common stock issued in our IPO, 2,875,000 Founder Shares and an aggregate of 502,500 shares included in the Private Placement Units
held by the Sponsor and the underwriters of the IPO. The Company&rsquo;s rights and warrants do not have voting rights in connection
with the Extension Amendment Proposal or the Adjournment Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Proxy Statement
contains important information about the Special Meeting and the proposals. Please read it carefully and vote your shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay for the
entire cost of soliciting proxies from our working capital. We have engaged Advantage Proxy to assist in the solicitation of proxies
for the Special Meeting. We have agreed to pay Advantage Proxy a fee of $5,500. We will also reimburse Advantage Proxy for reasonable
out-of-pocket expenses and will indemnify Advantage Proxy and its affiliates against certain claims, liabilities, losses, damages
and expenses. In addition to these mailed proxy materials, our directors and officers may also solicit proxies in person, by telephone
or by other means of communication. These parties will not be paid any additional compensation for soliciting proxies. We may also
reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners. While the payment
of these expenses will reduce the cash available to us to consummate an initial business combination if the Extension is approved,
we do not expect such payments to have a material effect on our ability to consummate an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Proxy Statement
is dated May [&nbsp;&nbsp;&nbsp;&nbsp;], 2019 and is first being mailed to stockholders on or about May [&nbsp;&nbsp;&nbsp;&nbsp;], 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>QUESTIONS AND ANSWERS ABOUT THE SPECIAL
MEETING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These Questions and
Answers are only summaries of the matters they discuss. They do not contain all of the information that may be important to you.
You should read carefully the entire document, including the annexes to this Proxy Statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt"><B><I>Why am I receiving this Proxy Statement?</I></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">We are a blank check company formed in Delaware on September 9, 2016, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In June 2017, we consummated our IPO from which we derived gross proceeds of $115,000,000. Like most blank check companies, our charter provides for the return of our IPO proceeds held in trust to the holders of shares of common stock sold in our IPO if there is no qualifying business combination(s) consummated on or before a certain date (in our case, the previously extended date of June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019)). Our Board believes that it is in the best interests of the stockholders to continue our existence until the Extended Date to allow us more time to complete our initial business combination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B><I>What is being voted on?</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">You are being asked to vote on:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a proposal to amend our charter to extend the date by which we have to consummate a business combination from June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) to September 9, 2019 (or December 9, 2019 if the Company has executed a definitive agreement for a business combination by September 9, 2019) or such earlier date as determined by the Board; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;a proposal to approve the adjournment of the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Extension Amendment Proposal is essential to the overall implementation of our Board&rsquo;s plan to extend the date that we have to complete a business combination. Approval of the Extension Amendment Proposal is a condition to the implementation of the Extension.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is approved, we will, pursuant to the Trust Agreement, remove the Withdrawal Amount from the Trust Account, deliver to the holders of redeemed public shares their portion of the Withdrawal Amount and retain the remainder of the funds in the Trust Account for our use in connection with consummating a business combination on or before the Extended Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We will not proceed with the Extension if redemptions of our public shares cause us to have less than $5,000,001 of net tangible assets (which would occur if there are redemptions or repurchases of more than 5,521,889 of our public shares) following approval of the Extension Amendment Proposal.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is approved and the Extension is implemented, the removal of the Withdrawal Amount from the Trust Account in connection with the Election will reduce the amount held in the Trust Account following the Election. We cannot predict the amount that will remain in the Trust Account if the Extension Amendment Proposal is approved and the amount remaining in the Trust Account may be only a small fraction of the approximately $66,326,749 that was in the Trust Account as of March 31, 2019. In such event, we will need to obtain additional funds to complete an initial business combination, and there can be no assurance that such funds will be available on terms acceptable to the parties or at all.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is not approved and we have not consummated a business combination by June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019), we will (i) cease all operations except for the sole 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 quotient obtained by dividing (A) 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) the total number of then outstanding public shares, which redemption will completely extinguish rights of the public stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of 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 Company&rsquo;s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">There will be no distribution from the Trust Account with respect to our rights or warrants, which will expire worthless in the event of our winding up. In the event of a liquidation, our Sponsor will not receive any monies held in the Trust Account as a result of its ownership of the Founder Shares and Private Units.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>Why is the Company proposing the Extension Amendment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Our charter provides for the return of our IPO proceeds held in trust to the holders of shares of common stock sold in our IPO if there is no qualifying business combination(s) consummated on or before June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019). As explained below, we will not be able to enter into a definitive agreement for or complete an initial business combination by that date and therefore, we are asking for an extension of this timeframe. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">While we have entered into a non-binding term sheet (the &ldquo;Term Sheet&rdquo;) for an initial business combination transaction (the &ldquo;Transaction&rdquo;) with a certain private target company (the &ldquo;Target Company&rdquo;) and are currently in discussions regarding business combination opportunities, we have not yet executed a definitive agreement for a business combination. There is no assurance that the Company will enter into such an agreement with any prospective target, and even if the Company enters into such an agreement, it may not be able to consummate such a business combination given the actions that must occur prior to closing.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">The Company believes that given its expenditure of time, effort and money on finding a business combination, circumstances warrant providing public stockholders an opportunity to consider a business combination. Accordingly, the Board is proposing the Extension Amendment Proposal to amend our charter in the form set forth in Annex A hereto to extend the date by which we must (i) consummate a business combination, (ii) cease our operations if we fail to complete such business combination, and (iii) redeem or repurchase 100% of our common stock included as part of the units sold in our IPO from June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) to September 9 , 2019 (or December 9, 2019 if the Company has executed a definitive agreement for a business combination by September 9, 2019).</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 23%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>You are not being asked to vote on a proposed business combination at this time. If the Extension is implemented and you do not elect to redeem your public shares, provided that you are a stockholder on the record date for a meeting to consider a business combination, you will retain the right to vote on a proposed business combination when it is submitted to stockholders and the right to redeem your public shares for cash in the event a business combination is approved and completed or we have not consummated a business combination by the Extended Date.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>Why should I vote &ldquo;FOR&rdquo; the Extension Amendment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Our Board believes stockholders should have an opportunity to evaluate an initial business combination, if the Company is able to successfully negotiate and enter into a definitive agreement with respect to such a transaction. Accordingly, the Board is proposing the Extension Amendment Proposal to amend our charter in the form set forth in&nbsp;<U>Annex A</U>&nbsp;hereto to extend the date by which we must (i) consummate a business combination, (ii) cease our operations if we fail to complete such business combination, and (iii) redeem or repurchase 100% of our common stock included as part of the units sold in our IPO from June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) to September 9, 2019 (or December 9, 2019 if the Company has executed a definitive agreement for a business combination by September 9, 2019) or such earlier date as determined by the Board. The Extension would give the Company the opportunity to complete a business combination.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Our charter, as previously amended on March 5, 2019, provides that if our stockholders approve an amendment to our charter 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 before June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019), we will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable), divided by the number of then outstanding public shares. We believe that this charter provision was included to protect our stockholders from having to sustain their investments for an unreasonably long period if we failed to find a suitable business combination in the timeframe contemplated by the charter. We also believe, however, that given our expenditure of time, effort and money on the potential business combinations, circumstances warrant providing those who believe they might find any potential business combination to be an attractive investment with an opportunity to consider such a transaction.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Our Board recommends that you vote in favor of the Extension Amendment Proposal.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>Why should I vote &ldquo;FOR&rdquo; the Adjournment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">If the Adjournment Proposal is not approved by our stockholders, our Board may not be able to adjourn the Special Meeting to a later date in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>What amount will holders receive upon consummation of a subsequent business combination or liquidation if the Extension Amendment Proposal is approved?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 75%"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is approved, our Sponsor or its designees has agreed to loan to us $0.025 for each public share that is not redeemed for each calendar month commencing on June 7, 2019, and on the 7th day of each subsequent month, or portion thereof, that is needed by the Company to complete an initial business combination from June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) until the Extended Date (the &ldquo;Loans&rdquo;). Given the longer period of time needed to potentially complete a business combination, such agreement to pay $0.025 for each public share that is not redeemed for each calendar month commencing on June 7, 2019 shall replace and supersede the previous agreement to loan us $0.03 for each public share that was not redeemed for each calendar month commencing on June 7, 2019.&nbsp;&nbsp;For example, if the Company takes until December 7, 2019 to complete its business combination, which would represent six calendar months from June 7, 2019, our Sponsor or its designees would make aggregate Loans of approximately $0.15 per public share that is not redeemed. Assuming the Extension Amendment Proposal is approved, each Loan will be deposited in the Trust Account within three calendar days from the beginning of such calendar month (or portion thereof). Accordingly, if the Extension Amendment Proposal is approved and the Extension is implemented and the Company takes the full time through the Extended Date to complete the initial business combination, the redemption amount per share at the meeting for such business combination or the Company&rsquo;s subsequent liquidation will be approximately $10.56 per share, in comparison to the current redemption amount of $10.41 per share per (assuming no public shares were redeemed). The Loans are conditioned upon the implementation of the Extension Amendment. The Loans will not occur if the Extension Amendment is not approved or the Extension is not completed. The amount of the Loans will not bear interest and will be repayable by us to our Sponsor or its designees upon consummation of an initial business combination. If our Sponsor or its designees advises us that it does not intend to make the Loans, then the Extension Amendment and the Adjournment Proposal will not be put before the shareholders at the Special Meeting and we will dissolve and liquidate in accordance with our charter. Our Sponsor or its designees will have the sole discretion whether to continue extending Loans for additional calendar months until the Extended Date and if our Sponsor determines not to continue extending Loans for additional calendar months, its obligation to make the Loans following such determination will terminate. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>When would the Board abandon the Extension Amendment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Our Board will abandon the Extension Amendment if our stockholders do not approve the Extension Amendment Proposal. In addition, notwithstanding stockholder approval of the Extension Amendment Proposal, our Board will retain the right to abandon and not implement the Extension Amendment at any time without any further action by our stockholders. In addition, we will not proceed with the Extension if the number of redemptions or repurchases of our shares of common stock issued in our IPO, which shares we refer to as the &ldquo;public shares&rdquo;, causes us to have less than $5,000,001 of net tangible assets (which would occur if there are redemptions or repurchases of more than 5,521,889 of our public shares) following approval of the Extension Amendment Proposal.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>How do the Company insiders intend to vote their shares?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">All of our directors, executive officers and their respective affiliates are expected to vote any common stock over which they have voting control (including any public shares owned by them) in favor of the Extension Amendment Proposal. Currently, our Sponsor and our officers and directors own approximately 33.3% of our issued and outstanding shares of common stock, including all of the Founder Shares and 377,500 shares underlying the Private Units. Our Sponsor and our directors, executive officers and their affiliates do not intend to purchase shares of common stock in the open market or in privately negotiated transactions in connection with the stockholder vote on the Extension Amendment.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>What vote is required to adopt the Extension Amendment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Approval of the Extension Amendment Proposal will require the affirmative vote of holders of at least 65% of our outstanding shares of common stock on the record date, including the Founder Shares and shares underlying the Private Units.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>What vote is required to adopt the Adjournment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">The approval of the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person or by proxy.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>What if I don&rsquo;t want to vote &ldquo;FOR&rdquo; the Extension Amendment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If you do not want the Extension Amendment Proposal to be approved, you must abstain, not vote, or vote &ldquo;AGAINST&rdquo; such proposal. You will be entitled to redeem your public shares for cash in connection with this vote only if you vote &ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo; the Extension Amendment Proposal and elect to redeem your public shares for a pro rata portion of the funds available in the Trust Account in connection with the Extension Amendment. If you abstain from voting on the Extension Amendment Proposal, then you will not be eligible to redeem your public shares. If the Extension Amendment Proposal is approved, and the Extension is implemented, then the Withdrawal Amount will be withdrawn from the Trust Account and paid to the redeeming holders.</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>What happens if the Extension Amendment Proposal is not approved?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 75%"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is not approved and we have not consummated a business combination by June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019), we will (i) cease all operations except for the sole 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 quotient obtained by dividing (A) 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) the total number of then outstanding public shares, which redemption will completely extinguish rights of the public stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of 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 Company&rsquo;s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">There will be no distribution from the Trust Account with respect to our rights or warrants which will expire worthless in the event we wind up.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">In the event of a liquidation, our Sponsor will not receive any monies held in the Trust Account as a result of its ownership of the Founder Shares or the Placement Units.</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>If the Extension Amendment Proposal is approved, what happens next?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are continuing our efforts to execute
        a definitive agreement for a business combination with one or more targets. While we have entered into a non-binding Term Sheet
        for a Transaction with the Target Company, we have not yet executed a definitive agreement for a business combination. There is
        no assurance that the Company will enter into such an agreement with any prospective target, and even if the Company enters into
        such an agreement, it may not be able to consummate such a business combination given the actions that must occur prior to closing.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company executes such a definitive
        agreement, we will seek to complete the business combination, which will involve:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;completing
        proxy materials;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establishing
        a meeting date and record date for considering such proposed business combination, and distributing proxy materials to stockholders;
        and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;holding
        a special meeting to consider such proposed business combination.</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">We are seeking approval of the Extension Amendment Proposal because we will not be able to complete all of the tasks listed above prior to June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019). If the Extension Amendment Proposal is approved, we expect to seek stockholder approval of a proposed business combination. If stockholders approve the proposed business combination, we expect to consummate the business combination as soon as possible following such stockholder approval.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Upon approval by at least 65% of the common stock outstanding as of the record date of the Extension Amendment Proposal, we will file an amendment to the charter with the Secretary of State of the State of Delaware in the form set forth in&nbsp;<U>Annex A</U>&nbsp;hereto. We will remain a reporting company under the Exchange Act and our units, common stock, rights and warrants will remain publicly traded.</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 23%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 75%"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is approved, the removal of the Withdrawal Amount from the Trust Account will reduce the amount remaining in the Trust Account and increase the percentage interest of our common stock held by our Sponsor, our directors and our officers as a result of its ownership of the Founder Shares and Private Units.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding stockholder approval of the Extension Amendment Proposal, our Board will retain the right to abandon and not implement the Extension Amendment at any time without any further action by our stockholders.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>What happens to the Company rights and warrants if the Extension Amendment Proposal is not approved?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is not approved and we have not consummated a business combination by June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019), we will (i) cease all operations except for the sole 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 quotient obtained by dividing (A) 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) the total number of then outstanding public shares, which redemption will completely extinguish rights of the public stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of 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 Company&rsquo;s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. There will be no distribution from the Trust Account with respect to our rights and warrants, which will expire worthless in the event of our winding up.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>What happens to the Company rights and warrants if the Extension Amendment Proposal is approved?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If the Extension Amendment Proposal is approved, we will retain the blank check company restrictions previously applicable to us and continue to attempt to consummate a business combination until the Extended Date. The public rights will remain outstanding until converted upon consummation of the business combination. The public warrants will remain outstanding and only become exercisable 30 days after the completion of a business combination, provided we have an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise warrants on a cashless basis).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>Would I still be able to exercise my redemption rights if I vote &ldquo;AGAINST&rdquo; the proposed business combination?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Unless you elect to redeem your public shares at this time, you will be able to vote on any proposed business combination when it is submitted to stockholders if you are a stockholder on the record date for a meeting to seek stockholder approval of the business combination. If you disagree with the proposed business combination, you will retain your right to redeem your public shares upon consummation of the business combination in connection with the stockholder vote to approve the business combination, subject to any limitations set forth in our charter.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>How do I change or revoke my vote?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">You may change your vote by sending a later-dated, signed proxy card to our Secretary at KBL Merger Corp. IV, 527 Stanton Christiana Rd., Newark, Delaware 19713 so that it is received by our Secretary prior to the Special Meeting or by attending the Special Meeting in person and voting. You also may revoke your proxy by sending a notice of revocation to our secretary, which must be received by our Secretary prior to the Special Meeting.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Please note, however, that if on the record date your shares were held, not in your name, but rather in an account at a brokerage firm, custodian bank, or other nominee then you are the beneficial owner of shares held in &ldquo;street name&rdquo; and these proxy materials are being forwarded to you by that organization. If your shares are held in street name, and you wish to attend the Special Meeting and vote at the Special Meeting, you must bring to the Special Meeting a legal proxy from the broker, bank or other nominee holding your shares, confirming your beneficial ownership of the shares and giving you the right to vote your shares.</FONT></TD></TR>
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<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>How are votes counted?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 75%"><FONT STYLE="font-size: 10pt">Votes will be counted by the inspector of election appointed for the meeting, who will separately count &ldquo;FOR&rdquo; and &ldquo;AGAINST&rdquo; votes and abstentions. The Extension Amendment Proposal must be approved by the affirmative vote of at least 65% of the outstanding shares as of the record date of our common stock, including the Founder Shares and shares underlying the Private Units, voting together as a single class. Accordingly, a Company stockholder&rsquo;s failure to vote by proxy or to vote in person at the Special Meeting or an abstention with respect to the Extension Amendment Proposal will have the same effect as a vote &ldquo;AGAINST&rdquo; such proposal.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The approval of the Adjournment Proposal
        requires the affirmative vote of the majority of the votes cast by stockholders represented in person or by proxy. Accordingly,
        a Company stockholder&rsquo;s failure to vote by proxy or to vote in person at the Special Meeting will not be counted towards
        the number of shares of common stock required to validly establish a quorum, and if a valid quorum is otherwise established, it
        will have no effect on the outcome of any vote on the Adjournment Proposal.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Abstentions will be counted in connection
        with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal.</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>If my shares are held in &ldquo;street name,&rdquo; will my broker automatically vote them for me?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">No. Under the rules of various national and regional securities exchanges, your broker, bank, or nominee cannot vote your shares with respect to non-discretionary matters unless you provide instructions on how to vote in accordance with the information and procedures provided to you by your broker, bank, or nominee. We believe all the proposals presented to the stockholders will be considered non-discretionary and therefore your broker, bank, or nominee cannot vote your shares without your instruction. Your bank, broker, or other nominee can vote your shares only if you provide instructions on how to vote. You should instruct your broker to vote your shares in accordance with directions you provide. If your shares are held by your broker as your nominee, which we refer to as being held in &ldquo;street name&rdquo;, you may need to obtain a proxy form from the institution that holds your shares and follow the instructions included on that form regarding how to instruct your broker to vote your shares.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>What is a quorum requirement?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">A quorum of stockholders is necessary to hold a valid meeting. Holders of a majority in voting power of our common stock on the record date issued and outstanding and entitled to vote at the Special Meeting, present in person or represented by proxy, constitute a quorum.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Your shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank or other nominee) or if you vote in person at the Special Meeting. Abstentions will be counted towards the quorum requirement. In the absence of a quorum, the chairman of the meeting has power to adjourn the Special Meeting. As of the record date for the Special Meeting, 4,874,489 shares of our common stock would be required to achieve a quorum.</FONT></TD></TR>

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<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>Who can vote at the Special Meeting?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">Only holders of record of our common stock at the close of business on May 15, 2019 are entitled to have their vote counted at the Special Meeting and any adjournments or postponements thereof. On this record date, 9,748,977 shares of our common stock were outstanding and entitled to vote.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Stockholder of Record: Shares Registered in Your Name</I>.&nbsp;&nbsp;If on the record date your shares were registered directly in your name with our transfer agent, Continental Stock Transfer &amp; Trust Company, then you are a stockholder of record. As a stockholder of record, you may vote in person at the Special Meeting or vote by proxy. Whether or not you plan to attend the Special Meeting in person, we urge you to fill out and return the enclosed proxy card to ensure your vote is counted.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Beneficial Owner: Shares Registered in the Name of a Broker or Bank</I>.&nbsp;&nbsp;If on the record date your shares were held, not in your name, but rather in an account at a brokerage firm, bank, dealer, or other similar organization, then you are the beneficial owner of shares held in &ldquo;street name&rdquo; and these proxy materials are being forwarded to you by that organization. As a beneficial owner, you have the right to direct your broker or other agent on how to vote the shares in your account. You are also invited to attend the Special Meeting. However, since you are not the stockholder of record, you may not vote your shares in person at the Special Meeting unless you request and obtain a valid proxy from your broker or other agent.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Does the Board recommend voting for the approval
of the Extension Amendment Proposal and the Adjournment Proposal?</I></B></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Yes. After careful consideration of the terms and conditions of these proposals, our Board has determined that the Extension Amendment and, if presented, the Adjournment Proposal are in the best interests of the Company and its stockholders. The Board recommends that our stockholders vote &ldquo;FOR&rdquo; the Extension Amendment Proposal and the Adjournment Proposal.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>What interests do the Company&rsquo;s Sponsor, directors and officers have in the approval of the proposals?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Sponsor, directors and officers have
        interests in the proposals that may be different from, or in addition to, your interests as a stockholder. These interests include:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        fact that our Sponsor holds 2,875,000 Founder Shares (purchased for $25,000) and 377,500 Placement Units (purchased for approximately
        $3.8 million), and our officers and directors own membership interests in the Sponsor representing pecuniary interests in such
        securities, that would expire worthless if a business combination is not consummated;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        fact that, as of March 31, 2019, the Company&rsquo;s outstanding advances from the Sponsor amounting to $203,030
had been formalized into a promissory note and become convertible into units of the post-Business Combination entity at a price
of $10.00 per unit;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        fact that, if the Trust Account is liquidated, including in the event we are unable to complete an initial business combination
        within the required time period, the Sponsor has agreed to indemnify us to ensure that the proceeds in the Trust Account are not
        reduced below $10.10 per public share, or such lesser per public share amount as is in the Trust Account on the liquidation date,
        by the claims of prospective target businesses with which we have entered into an acquisition agreement or claims of any third
        party for services rendered or products sold to us, but only if such a third party or target business has not executed a waiver
        of any and all rights to seek access to the Trust Account; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        fact that none of our officers or directors has received any cash compensation for services rendered to the Company, and all of
        the current members of our Board are expected to continue to serve as directors at least through the date of the Special Meeting
        to vote on a proposed business combination and may even continue to serve following any potential business combination and receive
        compensation thereafter.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See the section entitled &ldquo;The Extension
        Amendment Proposal&nbsp;&mdash;&nbsp;Interests of our Sponsor, Directors and Officers&rdquo;.</P></TD></TR>

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<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>Do I have appraisal rights if I object to the Extension Amendment Proposal?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 75%"><FONT STYLE="font-size: 10pt">Our stockholders do not have appraisal rights in connection with the Extension Amendment Proposal under the DGCL.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>What do I need to do now?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">We urge you to read carefully and consider the information contained in this Proxy Statement, including the annexes, and to consider how the proposals will affect you as our stockholder. You should then vote as soon as possible in accordance with the instructions provided in this Proxy Statement and on the enclosed proxy card.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>How do I vote?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If you are a holder of record of our common stock, you may vote in person at the Special Meeting or by submitting a proxy for the Special Meeting. Whether or not you plan to attend the Special Meeting in person, we urge you to vote by proxy to ensure your vote is counted. You may submit your proxy by completing, signing, dating and returning the enclosed proxy card in the accompanying pre-addressed postage paid envelope. You may still attend the Special Meeting and vote in person if you have already voted by proxy.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If your shares of our common stock are held in &ldquo;street name&rdquo; by a broker or other agent, you have the right to direct your broker or other agent on how to vote the shares in your account. You are also invited to attend the Special Meeting. However, since you are not the stockholder of record, you may not vote your shares in person at the Special Meeting unless you request and obtain a valid proxy from your broker or other agent.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>How do I redeem my shares of common stock?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If the Extension is implemented, each of our public stockholders may seek to redeem all or a portion of his 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), divided by the number of then outstanding public shares. You will also be able to redeem your public shares in connection with any stockholder vote to approve a proposed business combination, or if we have not consummated a business combination by the Extended Date.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">In order to exercise your redemption rights, you must (i) affirmatively vote either &ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo; the Extension Amendment Proposal, (ii) check the box on the enclosed proxy card to elect redemption, and (iii) prior to 5:00 p.m. Eastern time on June 3, 2019 (two business days before the Special Meeting) tender your shares physically or electronically and submit a request in writing that we redeem your public shares for cash to Continental Stock Transfer &amp; Trust Company, our transfer agent, at the following address:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Continental Stock Transfer &amp; Trust Company</FONT><BR>
<FONT STYLE="font-size: 10pt">1 State Street Plaza, 30<SUP>th</SUP> Floor</FONT><BR>
<FONT STYLE="font-size: 10pt">New York, New York 10004</FONT><BR>
<FONT STYLE="font-size: 10pt">Attn: Mark Zimkind&nbsp;</FONT><BR>
<FONT STYLE="font-size: 10pt">E-mail:&nbsp;mzimkind@continentalstock.com</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>What should I do if I receive more than one set of voting materials?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">You may receive more than one set of voting materials, including multiple copies of this Proxy Statement and multiple proxy cards or voting instruction cards, if your shares are registered in more than one name or are registered in different accounts. For example, if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage account in which you hold shares. Please complete, sign, date and return each proxy card and voting instruction card that you receive in order to cast a vote with respect to all of your Company shares.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt"><B><I>Who is paying for this proxy solicitation?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">We will pay for the entire cost of soliciting proxies from our working capital. We have engaged Advantage Proxy to assist in the solicitation of proxies for the Special Meeting. We have agreed to pay Advantage Proxy a fee of $5,500. We will also reimburse Advantage Proxy for reasonable out-of-pocket expenses and will indemnify Advantage Proxy and its affiliates against certain claims, liabilities, losses, damages and expenses. In addition to these mailed proxy materials, our directors and officers may also solicit proxies in person, by telephone or by other means of communication. These parties will not be paid any additional compensation for soliciting proxies. We may also reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners. While the payment of these expenses will reduce the cash available to us to consummate an initial business combination if the Extension is approved, we do not expect such payments to have a material effect on our ability to consummate an initial business combination.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B><I>Who can help answer my questions?</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">If you have questions about the proposals or if you need additional copies of the Proxy Statement or the enclosed proxy card you should contact our proxy solicitor, Advantage Proxy, at (877) 870-8565 (toll free) or by email at ksmith@advantageproxy.com.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">You may also contact us at:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KBL Merger Corp. IV<BR>
        527 Stanton Christiana Rd.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Newark, Delaware 19713</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">You may also obtain additional information about the Company from documents filed with the SEC by following the instructions in the section entitled &ldquo;Where You Can Find More Information&rdquo;.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that some
of the information in this Proxy Statement constitutes forward-looking statements. You can identify these statements by forward-looking
words such as &ldquo;may&rdquo;, &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;contemplate&rdquo;, &ldquo;believe&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;intends&rdquo;, and &ldquo;continue&rdquo; or similar words. You should read statements that contain
these words carefully because they:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">discuss future expectations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">contain projections of future results of operations or financial condition; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">state other &ldquo;forward-looking&rdquo; information.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe it is important
to communicate our expectations to our stockholders. However, there may be events in the future that we are not able to predict
accurately or over which we have no control. The cautionary language discussed in this Proxy Statement provides examples of risks,
uncertainties and events that may cause actual results to differ materially from the expectations described by us in such forward-looking
statements, including, among other things, claims by third parties against the Trust Account, unanticipated delays in the distribution
of the funds from the Trust Account and our ability to finance and consummate a business combination. You are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of the date of this Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All forward-looking
statements included herein attributable to us or any person acting on our behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section. Except to the extent required by applicable laws and regulations,
we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future
events or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a blank check
company formed in Delaware on September 9, 2016, for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 7, 2017, we
consummated our IPO of 10,000,000 units, each unit consisting of one share of common stock, par value $0.0001 per share, one right
to receive one-tenth of one share of common stock upon consummation of our initial business combination, and one warrant to purchase
one-half of one share of common stock at an exercise price of $11.50 per whole share, pursuant to a registration statement on Form
S-1 (File No. 333-217475). The units were sold in our IPO at an offering price of $10.00 per unit, generating gross proceeds of
$100,000,000 (before underwriting discounts and commissions and offering expenses). Simultaneously with the consummation of our
IPO, we completed the private placement of 450,000 Placement Units, issued to our Sponsor and the underwriters of our IPO, generating
gross proceeds of $4,500,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 23, 2017, the
underwriters of our IPO exercised their over-allotment option in full and purchased 1,500,000 units at an offering price of $10.00
per unit, generating gross proceeds of $15,000,000. On June 23, 2017, simultaneously with the sale of the over-allotment units,
we completed a private placement with our Sponsor and the underwriters of our IPO for an additional 52,500 Placement Units at a
price of $10.00 per unit, generating gross proceeds of $525,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the closing
of the IPO and the Private Placement, an amount of $116,150,000 ($10.10 per Unit) from the net proceeds of the sale of the Units
in the IPO and the Placement Units was placed in the Trust Account and invested in U.S. government securities, within the meaning
set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment
company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment
Company Act, as determined by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay taxes, if any, none
of the funds held in the Trust Account will be released until the earlier of: (i) the completion of a business combination or (ii)
the distribution of the Trust Account, as described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 5, 2019, our
stockholders approved to extend the period of time for which we are required to consummate a business combination from March 7,
2019 until June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7,
2019) or such earlier date as determined by our board of directors (the &ldquo;First Extension Amendment&rdquo;, and such later
date, the &ldquo;First Combination Period&rdquo;). The number of shares of common stock presented for redemption in connection
with the First Extension Amendment was 5,128,523. We paid cash in the aggregate amount of $52,829,304, or approximately $10.41
per share, to redeeming stockholders. As a result of the payment on the shares of common stock presented for redemption in connection
with the First Extension Amendment, cash and marketable securities held in the Trust Account decreased to $65,633,068. In addition,
on March 8, 2019, an aggregate of $573,433 was loaned to the Company and distributed as a cash payment to stockholders that did
not redeem their Public Shares, which amount was equal to $0.09 for each of the 6,371,477 public shares that were not redeemed.
Such loan was paid from funds loaned to the Company by the Sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the approval of the First Extension Amendment, the Sponsor or its designees had previously agreed to loan us $0.03 for each Public
Share that was not redeemed for each calendar month commencing on June 7, 2019, and on the 7th day of each subsequent month, or
portion thereof, that is needed by the Company to complete a business combination from June 7, 2019 until the First Extended Combination
Period. The Sponsor or its designees had the sole discretion whether to continue extending Loans for additional calendar months
until the First Extended Combination Period and if the Sponsor determined not to continue extending Loans for additional calendar
months, its obligation to make the additional loans following such determination would terminate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently
9,748,977 shares of common stock of the Company issued and outstanding, consisting of 6,371,477 public shares, 2,875,000 Founder
Shares and an aggregate of 502,500 shares included in the Placement Units held by the Sponsor and the underwriters of the IPO.
Each Placement Unit consists of one share of common stock, one right to receive one-tenth of one share of the Company&rsquo;s common
stock upon consummation of a business combination and one warrant. Each right entitles its holder to receive one-tenth (1/10) of
one share of common stock upon the consummation of the business combination. Each warrant entitles its holder to purchase one-half
of one share of our common stock at an exercise price of $5.75 per half share, to be exercised only for a whole number of shares
of our common stock. The warrants will become exercisable 30 days after the completion of our initial business combination and
expire five years after the completion of our initial business combination or earlier upon redemption or liquidation. Once the
warrants become exercisable, the Company may redeem the outstanding warrants at a price of $0.01 per warrant, if the last sale
price of the Company&rsquo;s common stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading day period
ending on the third business day before the Company sends the notice of redemption to the warrant holders. The warrants included
in the Private Placement Units, however, are non-redeemable so long as they are held by our Sponsor or its permitted transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 10, 2019,
the Company entered into the Term Sheet for the Transaction with the Target Company. However, in connection with the Term Sheet,
the Target Company Parties agreed to loan $400,000 to the Company to fund the Company&rsquo;s Operating Expenses and Extension
Expenses. The loans are interest-free and can be pre-paid at any time without penalty, but are required to be paid back (subject
to a customary waiver against the Company&rsquo;s Trust Account) upon the earlier of (i) the closing of the Transaction, (ii) the
consummation by the Company of a transaction with a third party constituting the Company&rsquo;s initial Business Combination,
or (iii) the liquidation of the Company if it does not consummate an initial Business Combination prior to its deadline to do so
(a &ldquo;Liquidation&rdquo;). Promptly after signing the Term Sheet, the Company received the loan of $400,000 to fund the Operating
Expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Term Sheet, the Shareholder paid $650,000 to the Sponsor, to purchase $650,000 of the obligations owed to the Sponsor under
the Promissory Note (the &ldquo;Sponsor Note&rdquo;), but the Shareholder waived any rights under the assigned portion of the Sponsor
Note to convert the obligations under the assigned portion of the Sponsor Note into units of the post Business Combination entity.
Pursuant to the Term Sheet, the Shareholder also agreed to provide equity financing for the Transaction to ensure that the Company
has sufficient cash at the closing of the Transaction to meet its $5,000,001 net tangible assets test.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Term Sheet and the obligations of the Target Company Parties and the Shareholder thereunder, the Sponsor deposited in escrow
with a third party escrow agent 1,906,250 of its Founder Shares that it acquired prior to the Company&rsquo;s Initial Public Offering
(the &ldquo;Escrowed Shares&rdquo;), with 1,656,250 of such Escrowed Shares, less any portion used for financing for the Transaction,
to be transferred to the Shareholder (and the remaining 250,000, less any portion used for financing for the Transaction, to be
returned to the Sponsor) upon the earlier of (i) the closing of the Transaction or (ii) a Liquidation; provided, that if the Company
consummates its initial Business Combination with a third party other than the Target Company or its affiliates, upon the consummation
of such Business Combination, in addition to paying the loans described above, the Sponsor will transfer to the Shareholder a number
of Escrowed Shares equal in value to three times the amount of the loans, with each Escrowed Share valued at the price paid to
each public stockholder that redeems its shares in connection with such initial Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mailing address
of the Company&rsquo;s principal executive office is 527 Stanton Christiana Rd., Newark, Delaware 19713.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently in
discussions to complete a business combination that will qualify as an initial business combination under our charter. In the event
that the Company enters into a definitive agreement for a business combination prior to the Special Meeting, we will issue a press
release and file a Form 8-K with the Securities and Exchange Commission announcing the proposed business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You are not being
asked to vote on a proposed business combination at this time. If the Extension is implemented and you do not elect to redeem your
public shares, provided that you are a stockholder on the record date for a meeting to consider a business combination, you will
retain the right to vote on a proposed business combination when it is submitted to stockholders and the right to redeem your public
shares for cash in the event a business combination is approved and completed or we have not consummated a business combination
by the Extended Date.</B></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is proposing
to amend its charter to extend the date by which the Company has to consummate a business combination to the Extended Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Extension Amendment
Proposal is essential to the overall implementation of the Board&rsquo;s plan to allow the Company more time to complete a business
combination. Approval of the Extension Amendment Proposal is a condition to the implementation of the Extension.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is not approved and we have not consummated a business combination by June 7, 2019 (or September 9, 2019 if we have executed
a definitive agreement for a business combination by June 7, 2019), we will (i) cease all operations except for the sole 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 quotient obtained by dividing (A) 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) the total number of then outstanding public shares, which redemption will completely extinguish
rights of the public stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of 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 Company&rsquo;s obligations
under Delaware law to provide for claims of creditors and other requirements of applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes
that, given the Company&rsquo;s expenditure of time, effort and money on finding a business combination, circumstances warrant
providing public stockholders an opportunity to consider a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the proposed
amendment to the charter of the Company is attached to this Proxy Statement in&nbsp;<U>Annex A</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reasons for the Extension Amendment
Proposal </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
charter provides that the Company has until June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a
business combination by June 7, 2019) to complete the purposes of the Company including, but not limited to, effecting a business
combination under its terms. While we are currently in discussions regarding business combination opportunities, our Board currently
believes that there will not be sufficient time before June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement
for a business combination by June 7, 2019) to enter into a definitive agreement for or complete a business combination. The Company&rsquo;s
IPO prospectus and charter provide that the affirmative vote of the holders of at least 65% of all outstanding shares of common
stock, including the Founder Shares and shares underlying the Private Units, is required to extend our corporate existence, except
in connection with, and effective upon, consummation of a business combination. Additionally, our IPO prospectus and charter provide
for all public stockholders to have an opportunity to redeem their public shares in the case our corporate existence is extended
as described above. Because we continue to believe that a business combination would be in the best interests of our stockholders,
and because we will not be able to conclude a business combination within the permitted time period, the Board has determined to
seek stockholder approval to extend the date by which we have to complete a business combination beyond June 7, 2019 (or September
9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) to the Extended Date. We intend
to hold another stockholder meeting prior to the Extended Date in order to seek stockholder approval of a proposed business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
believe that the foregoing charter provision was included to protect Company stockholders from having to sustain their investments
for an unreasonably long period if the Company failed to find a suitable business combination in the timeframe contemplated by
the charter. We also believe, however, that given the Company&rsquo;s expenditure of time, effort and money on finding a business
combination, circumstances warrant providing public stockholders an opportunity to consider a business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company believes that given its expenditure
of time, effort and money on finding a business combination, circumstances warrant providing public stockholders an opportunity
to consider a business combination. Accordingly, the Board is proposing the Extension Amendment Proposal to amend our charter in
the form set forth in Annex A hereto to extend the date by which we must (i) consummate a business combination, (ii) cease our
operations if we fail to complete such business combination, and (iii) redeem or repurchase 100% of our common stock included as
part of the units sold in our IPO from June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business
combination by June 7, 2019) to September 9, 2019 (or December 9, 2019 if the Company has executed a definitive agreement for a
business combination by September 9, 2019).&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the Extension Amendment Proposal is Not Approved</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The approval of the
Extension Amendment is essential to the implementation of our Board&rsquo;s plan to extend the date by which we must consummate
our initial business combination. Therefore, our Board will abandon and not implement the Extension Amendment unless our stockholders
approve the Extension Amendment Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is not approved and we have not consummated a business combination by June 7, 2019 (or September 9, 2019 if we have executed
a definitive agreement for a business combination by June 7, 2019), we will (i) cease all operations except for the sole 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 quotient obtained by dividing (A) 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) the total number of then outstanding public shares, which redemption will completely extinguish
rights of the public stockholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of 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 Company&rsquo;s obligations
under Delaware law to provide for claims of creditors and other requirements of applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There will be no distribution
from the Trust Account with respect to the Company&rsquo;s rights or warrants which will expire worthless in the event we wind
up. In the event of a liquidation, our Sponsor will not receive any monies held in the Trust Account as a result of its ownership
of the Founder Shares or the Placement Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the Extension Amendment Proposal Is Approved</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is approved, the Company will file an amendment to the charter with the Secretary of State of the State of Delaware in
the form set forth in&nbsp;<U>Annex A</U>&nbsp;hereto to extend the time it has to complete a business combination until the Extended
Date. The Company will remain a reporting company under the Exchange Act and its units, common stock, rights and warrants will
remain publicly traded. The Company will then continue to work to consummate a business combination by the Extended Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding stockholder
approval of the Extension Amendment Proposal, our Board will retain the right to abandon and not implement the Extension Amendment
at any time without any further action by our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You are not being
asked to vote on a proposed business combination at this time. If the Extension is implemented and you do not elect to redeem your
public shares, provided that you are a stockholder on the record date for a meeting to consider a business combination, you will
retain the right to vote on a proposed business combination when it is submitted to stockholders and the right to redeem your public
shares for cash in the event a business combination is approved and completed or we have not consummated a business combination
by the Extended Date.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is approved, and the Extension is implemented, the removal of the Withdrawal Amount from the Trust Account in connection
with the Election will reduce the amount held in the Trust Account. The Company cannot predict the amount that will remain in the
Trust Account if the Extension Amendment Proposal is approved, and the amount remaining in the Trust Account may be only a small
fraction of the approximately $66,326,749 that was in the Trust Account as of March 31, 2019. We will not proceed with the Extension
if redemptions or repurchases of our public shares cause us to have less than $5,000,001 of net tangible assets (which would occur
if there are redemptions or repurchases of more than 5,521,889 of our public shares) following approval of the Extension Amendment
Proposal.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is approved, and the Extension is implemented, each public stockholder may seek to redeem his 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), divided by the number of then outstanding public shares. Holders of public shares who do not elect
to redeem their public shares in connection with the Extension will retain the right to redeem their public shares in connection
with any stockholder vote to approve a proposed business combination, or if the Company has not consummated a business combination
by the Extended Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is approved, our Sponsor or its designees has agreed to loan to us $0.025 for each public share that is not redeemed for
each calendar month commencing on June 7, 2019, and on the 7th day of each subsequent month, or portion thereof, that is needed
by the Company to complete an initial business combination from June 7, 2019 (or September 9, 2019 if we have executed a definitive
agreement for a business combination by June 7, 2019) until the Extended Date (the &ldquo;Loans&rdquo;). Given the longer period
of time needed to potentially complete a business combination, such agreement to pay $0.025 for each public share that is not redeemed
for each calendar month commencing on June 7, 2019 shall replace and supersede the previous agreement to loan us $0.03 for each
public share that was not redeemed for each calendar month commencing on June 7, 2019. For example, if the Company takes until
December 7, 2019 to complete its business combination, which would represent six calendar months from June 7, 2019, our Sponsor
or its designees would make aggregate Loans of approximately $0.15 per public share that is not redeemed. Assuming the Extension
Amendment Proposal is approved, each Loan will be deposited in the Trust Account within three calendar days from the beginning
of such calendar month (or portion thereof). Accordingly, if the Extension Amendment Proposal is approved and the Extension is
implemented and the Company takes the full time through the Extended Date to complete the initial business combination, the redemption
amount per share at the meeting for such business combination or the Company&rsquo;s subsequent liquidation will be approximately
$10.56 per share, in comparison to the current redemption amount of $10.41 per share (assuming no public shares were redeemed).
The Loans are conditioned upon the implementation of the Extension Amendment. The Loans will not occur if the Extension Amendment
is not approved or the Extension is not completed. The amount of the Loans will not bear interest and will be repayable by us to
our Sponsor or its designees upon consummation of an initial business combination. If our Sponsor or its designees advises us that
it does not intend to make the Loans, then the Extension Amendment and the Adjournment Proposal will not be put before the shareholders
at the Special Meeting and we will dissolve and liquidate in accordance with our charter. Our Sponsor or its designees will have
the sole discretion whether to continue extending Loans for additional calendar months until the Extended Date and if our Sponsor
determines not to continue extending Loans for additional calendar months, its obligation to make the Loans following such determination
will terminate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>TO EXERCISE YOUR
REDEMPTION RIGHTS, YOU MUST AFFIRMATIVELY VOTE EITHER &ldquo;FOR&rdquo; OR &ldquo;AGAINST&rdquo; THE EXTENSION AMENDMENT PROPOSAL,
CHECK THE BOX ON THE PROXY CARD PROVIDED FOR THAT PURPOSE AND RETURN THE PROXY CARD IN ACCORDANCE WITH THE INSTRUCTIONS PROVIDED,
SUBMIT A REQUEST IN WRITING THAT WE REDEEM YOUR PUBLIC SHARES FOR CASH TO CONTINENTAL STOCK TRANSFER &amp; TRUST COMPANY AT THE
ADDRESS BELOW, AND, AT THE SAME TIME, ENSURE YOUR BANK OR BROKER COMPLIES WITH THE REQUIREMENTS IDENTIFIED ELSEWHERE HEREIN, INCLUDING
DELIVERING YOUR SHARES TO THE TRANSFER AGENT PRIOR TO THE VOTE ON THE EXTENSION AMENDMENT.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
tendering your shares for redemption, prior to 5:00 p.m. Eastern time on June 3, 2019 (two business days before the Special Meeting),
you must elect either to physically tender your stock certificates to Continental Stock Transfer &amp; Trust Company, the Company&rsquo;s
transfer agent, at Continental Stock Transfer &amp; Trust Company, 1 State Street Plaza, 30<SUP>th</SUP> Floor, New York, New York
10004, Attn: Mark Zimkind,&nbsp;mzimkind@continentalstock.com, or to deliver your shares to the transfer agent electronically using
DTC&rsquo;s DWAC system, which election would likely be determined based on the manner in which you hold your shares. The requirement
for physical or electronic delivery prior to 5:00 p.m. Eastern time on June 3, 2019 (two business days before the Special Meeting)
ensures that a redeeming holder&rsquo;s election is irrevocable once the Extension Amendment Proposal is approved. In furtherance
of such irrevocable election, stockholders making the election will not be able to tender their shares after the vote at the Special
Meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through the DWAC system,
this electronic delivery process can be accomplished by the stockholder, whether or not it is a record holder or its shares are
held in &ldquo;street name,&rdquo; by contacting the transfer agent or its broker and requesting delivery of its shares through
the DWAC system. Delivering shares physically may take significantly longer. In order to obtain a physical stock certificate, a
stockholder&rsquo;s broker and/or clearing broker, DTC, and the Company&rsquo;s transfer agent will need to act together to facilitate
this request. 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 $45 and the broker would
determine whether or not to pass this cost on to the redeeming holder. It is the Company&rsquo;s understanding that stockholders
should generally allot at least two weeks to obtain physical certificates from the transfer agent. The Company does not have any
control over this process or over the brokers or DTC, and it may take longer than two weeks to obtain a physical stock certificate.
Such stockholders will have less time to make their investment decision than those stockholders that deliver their shares through
the DWAC system. Stockholders who request physical stock certificates and wish to redeem may be unable to meet the deadline for
tendering their shares before exercising their redemption rights and thus will be unable to redeem their shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certificates that have
not been tendered in accordance with these procedures prior to 5:00 p.m. Eastern time on June 3, 2019 (two business days before
the Special Meeting) will not be redeemed for cash held in the Trust Account on the redemption date. In the event that a public
stockholder tenders its shares and decides prior to the vote at the Special Meeting that it does not want to redeem its shares,
the stockholder may withdraw the tender. If you delivered your shares for redemption to our transfer agent and decide prior to
the vote at the Special Meeting not to redeem your public shares, you may request that our transfer agent return the shares (physically
or electronically). You may make such request by contacting our transfer agent at the address listed above. In the event that a
public stockholder tenders shares and the Extension Amendment Proposal is not approved, these shares will not be redeemed and the
physical certificates representing these shares will be returned to the stockholder promptly following the determination that the
Extension Amendment Proposal will not be approved. The Company anticipates that a public stockholder who tenders shares for redemption
in connection with the vote to approve the Extension Amendment Proposal would receive payment of the redemption price for such
shares soon after the completion of the Extension Amendment. The transfer agent will hold the certificates of public stockholders
that make the election until such shares are redeemed for cash or returned to such stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If properly demanded,
the Company will redeem each public share for 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. Based upon the current amount in the Trust Account, the Company anticipates that the per-share price at which public
shares will be redeemed from cash held in the Trust Account will be approximately $10.41 at the time of the Special Meeting. The
closing price of the Company&rsquo;s common stock on May [&nbsp;&nbsp;&nbsp; ], 2019 was $[&nbsp;&nbsp;&nbsp; ].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you exercise your
redemption rights, you will be exchanging your shares of the Company&rsquo;s common stock for cash and will no longer own the shares.
You will be entitled to receive cash for these shares only if you properly demand redemption and tender your stock certificate(s)
to the Company&rsquo;s transfer agent prior to 5:00 p.m. Eastern time on June 3, 2019 (two business days before the Special Meeting).
The Company anticipates that a public stockholder who tenders shares for redemption in connection with the vote to approve the
Extension Amendment Proposal would receive payment of the redemption price for such shares soon after the completion of the Extension
Amendment.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
is a summary of certain United States federal income tax considerations for holders of our common stock with respect to the exercise
of redemption rights in connection with the approval of the Extension Amendment Proposal. This summary is based upon the Internal
Revenue Code of 1986, as amended, which we refer to as the &ldquo;Code&rdquo;, the regulations promulgated by the U.S. Treasury
Department, current administrative interpretations and practices of the Internal Revenue Service, which we refer to as the &ldquo;IRS&rdquo;,
and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, possibly
with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not sustain a position
contrary to any of the tax considerations described below. This summary does not discuss all aspects of United States federal income
taxation that may be important to particular investors in light of their individual circumstances, such as investors subject to
special tax rules (e.g., financial institutions, insurance companies, mutual funds, pension plans, S corporations, broker-dealers,
traders in securities that elect mark-to-market treatment, regulated investment companies, real estate investment trusts, trusts
and estates, partnerships and their partners, and tax-exempt organizations (including private foundations)) and investors that
will hold common stock as part of a &ldquo;straddle,&rdquo; &ldquo;hedge,&rdquo; &ldquo;conversion,&rdquo; &ldquo;synthetic security,&rdquo;
&ldquo;constructive ownership transaction,&rdquo; &ldquo;constructive sale,&rdquo; or other integrated transaction for United States
federal income tax purposes, investors subject to the alternative minimum tax provisions of the Code, U.S. Holders (as defined
below) that have a functional currency other than the United States dollar, U.S. expatriates, investors that actually or constructively
own 5 percent or more of the common stock of the Company, and Non-U.S. Holders (as defined below, and except as otherwise discussed
below), all of whom may be subject to tax rules that differ materially from those summarized below. In addition, this summary does
not discuss any state, local, or non-United States tax considerations, any non-income tax (such as gift or estate tax) considerations,
alternative minimum tax or the Medicare tax. In addition, this summary is limited to investors that hold our common stock as &ldquo;capital
assets&rdquo; (generally, property held for investment) under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership (including
an entity or arrangement treated as a partnership for United States federal income tax purposes) holds our common stock, the tax
treatment of a partner in such partnership will generally depend upon the status of the partner, the activities of the partnership
and certain determinations made at the partner level. If you are a partner of a partnership holding our common stock, you are urged
to consult your tax advisor regarding the tax consequences of a redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WE URGE HOLDERS
OF OUR COMMON STOCK CONTEMPLATING EXERCISE OF THEIR REDEMPTION RIGHTS TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE UNITED STATES
FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES THEREOF.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. Federal Income Tax Considerations to U.S. Holders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section is addressed
to U.S. Holders of our common stock that elect to have their common stock of the Company redeemed for cash. For purposes of this
discussion, a &ldquo;U.S. Holder&rdquo; is a beneficial owner that so redeems its common stock of the Company and is:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an individual who is a United States citizen or resident of the United States;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a corporation (including an entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (B) that has in effect a valid election under applicable Treasury regulations to be treated as a United States person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Redemption of Common Stock</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that a
U.S. Holder&rsquo;s common stock of the Company is redeemed, the treatment of the transaction for U.S. federal income tax purposes
will depend on whether the redemption qualifies as a sale of the common stock under Section 302 of the Code. Whether the 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) relative to all of our shares 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 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If none of the foregoing
tests are satisfied, then the redemption will be treated as a distribution and the tax effects will be as described below under
&ldquo;U.S. Federal Income Tax Considerations to U.S. Holders&nbsp;&mdash;&nbsp; Taxation of Distributions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders of our
common stock considering exercising their redemption rights should consult their own tax advisors as to whether the redemption
of their common stock of the Company will be treated as a sale or as a distribution under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Gain or Loss on a Redemption of Common
Stock Treated as a Sale</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the redemption qualifies
as a sale of common stock, a U.S. Holder must treat any gain or loss recognized as capital gain or loss. Any such capital gain
or loss will be long-term capital gain or loss if the U.S. Holder&rsquo;s holding period for the common stock so disposed of exceeds
one year. Generally, a U.S. Holder will recognize gain or loss in an amount equal to the difference between (i) the amount of cash
received in such redemption (or, if the common stock is held as part of a unit at the time of the disposition, the portion of the
amount realized on such disposition that is allocated to the common stock based upon the then fair market values of the common
stock and the warrant included in the unit) and (ii) the U.S. Holder&rsquo;s adjusted tax basis in its common stock so redeemed.
A U.S. Holder&rsquo;s adjusted tax basis in its common stock generally will equal the U.S. Holder&rsquo;s acquisition cost (that
is, the portion of the purchase price of a unit allocated to a share of common stock or the U.S. Holder&rsquo;s initial basis for
common stock received upon exercise of a warrant) less any prior distributions treated as a return of capital. Long-term capital
gain realized by a non-corporate U.S. Holder generally will be taxable at a reduced rate. The deduction of capital losses is subject
to limitations.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the redemption does
not qualify as a sale of common stock, the U.S. Holder will be treated as receiving a distribution. In general, any distributions
to U.S. Holders generally will constitute dividends for United States federal income tax purposes to the extent paid from our current
or accumulated earnings and profits, as determined under United States 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. Federal Income Tax Considerations
to U.S. Holders&nbsp;&mdash;&nbsp;Gain or Loss on a Redemption of Common Stock Treated as a Sale&rdquo;. 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, 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 taxable at a reduced rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Federal Income Tax Considerations
to Non-U.S. Holders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section is addressed
to Non-U.S. Holders of our common stock that elect to have their common stock of the Company redeemed for cash. For purposes of
this discussion, a &ldquo;Non-U.S. Holder&rdquo; is a beneficial owner (other than a partnership) that so redeems its common stock
of the Company and is not a U.S. Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Redemption of Common Stock</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The characterization
for United States federal income tax purposes of the redemption of a Non-U.S. Holder&rsquo;s common stock generally will correspond
to the United States federal income tax characterization of such a redemption of a U.S. Holder&rsquo;s common stock, as described
under &ldquo;U.S. Federal Income Tax Considerations to U.S. Holders&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-U.S. Holders of
our common stock considering exercising their redemption rights should consult their own tax advisors as to whether the redemption
of their common stock of the Company will be treated as a sale or as a distribution under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Gain or Loss on a Redemption of Common Stock Treated as a
Sale</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the redemption qualifies
as a sale of common stock, a Non-U.S. Holder generally will not be subject to United States federal income or withholding tax in
respect of gain recognized on a sale of its common stock of the Company, unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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), in which case the Non-U.S. Holder will generally be subject to the same treatment as a U.S. Holder with respect to the redemption, and a corporate Non-U.S. Holder may be subject to the branch profits tax at a 30% rate (or lower rate as may be specified by an applicable income tax treaty);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year in which the redemption takes place and certain other conditions are met, in which case the Non-U.S. Holder will be subject to a 30% tax on the individual&rsquo;s net capital gain for the year; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we are or have been a &ldquo;U.S. real property holding corporation&rdquo; for United States 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. We do not believe we are or have been a U.S. real property holding corporation. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the redemption does
not qualify as a sale of common stock, the U.S. Holder will be treated as receiving a distribution. 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 United States 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. 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;U.S. Federal Income Tax Considerations to Non-U.S. Holders&nbsp;&mdash;&nbsp; Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock&rdquo;. Dividends we pay to a Non-U.S. Holder that are effectively
connected with such Non-U.S. Holder&rsquo;s conduct of a trade or business within the United States generally will not be subject
to United States withholding tax, provided such Non-U.S. Holder complies with certain certification and disclosure requirements.
Instead, such dividends generally will be subject to United States federal income tax, net of certain deductions, at the same graduated
individual or corporate rates applicable to U.S. Holders (subject to an exemption or reduction in such tax as may be provided by
an applicable income tax treaty). If the Non-U.S. Holder is a corporation, dividends that are effectively connected income may
also be subject to a &ldquo;branch profits tax&rdquo; at a rate of 30% (or such lower rate as may be specified by an applicable
income tax treaty).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of Common Stock Held Through Foreign Accounts</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A 30% withholding tax
applies with respect to certain payments on, and gross proceeds from a sale or disposition of, our common stock in each case if
paid to a foreign financial institution or a non-financial foreign entity (including, in some cases, when such foreign financial
institution or entity is acting as an intermediary), unless (i) in the case of a foreign financial institution, such institution
enters into an agreement with the U.S. government to withhold on certain payments, and to collect and provide to the U.S. tax authorities
substantial information regarding U.S. account holders of such institution (which includes certain equity and debt holders of such
institution, as well as certain account holders that are foreign entities with U.S. owners), (ii) in the case of a non-financial
foreign entity, such entity certifies that it does not have any substantial U.S. owners or provides the withholding agent with
a certification identifying the direct and indirect substantial U.S. owners of the entity, or (iii) the foreign financial institution
or non-financial foreign entity otherwise qualifies for an exemption from these rules. Under certain circumstances, a holder might
be eligible for refunds or credits of such taxes. An intergovernmental agreement between the United States and an applicable foreign
country or future Treasury Regulations may modify these requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-U.S. Holders are
encouraged to consult their tax advisors regarding the possible implications of such withholding tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>As previously noted
above, the foregoing discussion of certain material U.S. federal income tax consequences is included for general information purposes
only and is not intended to be, and should not be construed as, legal or tax advice to any stockholder. We once again urge you
to consult with your own tax adviser to determine the particular tax consequences to you (including the application and effect
of any U.S. federal, state, local or foreign income or other tax laws) of the receipt of cash in exchange for shares in connection
with the Extension Amendment Proposal.</B></P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Date, Time and Place</I>.&nbsp;&nbsp;The
Special Meeting of the Company&rsquo;s stockholders will be held at 10:00 a.m. Eastern Time on June 5, 2019 at the offices of Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C., located at 666 Third Avenue, 25th Floor, New York, New York 10017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Voting Power; Record
Date</I>.&nbsp;&nbsp;You will be entitled to vote or direct votes to be cast at the Special Meeting, if you owned the Company&rsquo;s
common stock at the close of business on May 15, 2019, the record date for the Special Meeting. You will have one vote per proposal
for each share of Company common stock you owned at that time. The Company rights and warrants do not carry voting rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Votes Required</I>.&nbsp;&nbsp;Approval
of the Extension Amendment Proposal will require the affirmative vote of holders of at least 65% of the Company&rsquo;s common
stock outstanding on the record date, including the Founder Shares and shares underlying the Private Units. If you do not vote
or you abstain from voting on a proposal, your action will have the same effect as an &ldquo;AGAINST&rdquo; vote. Broker non-votes
will have the same effect as &ldquo;AGAINST&rdquo; votes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the close of business
on the record date of the Special Meeting, there were 9,748,977 outstanding shares of the Company&rsquo;s common stock, each of
which entitles its holder to cast one vote per proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you do not want
the Extension Amendment Proposal approved, you must abstain, not vote, or vote &ldquo;AGAINST&rdquo; the Extension Amendment. You
will be entitled to redeem your public shares for cash in connection with this vote only if you vote &ldquo;FOR&rdquo; or &ldquo;AGAINST&rdquo;
the Extension Amendment Proposal and elect to redeem your public shares for a pro rata portion of the funds available in the Trust
Account in connection with the Extension Amendment Proposal. If you abstain from voting on the Extension Amendment Proposal, then
you will not be eligible to redeem your public shares. The Company anticipates that a public stockholder who tenders shares for
redemption in connection with the vote to approve the Extension Amendment Proposal would receive payment of the redemption price
for such shares soon after the completion of the Extension Amendment Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Proxies; Board Solicitation;
Proxy Solicitor</I>.&nbsp;&nbsp;Your proxy is being solicited by the Board on the proposals being presented to stockholders at
the Special Meeting. The Company has engaged Advantage Proxy to assist in the solicitation of proxies for the Special Meeting.
No recommendation is being made as to whether you should elect to redeem your public shares. Proxies may be solicited in person
or by telephone. If you grant a proxy, you may still revoke your proxy and vote your shares in person at the Special Meeting if
you are a holder of record of the Company&rsquo;s common stock. You may contact Advantage Proxy at (877) 870-8565 (toll free) or
by email at ksmith@advantageproxy.com.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The affirmative vote
by holders of at least 65% of the Company&rsquo;s outstanding shares of common stock, including the Founder Shares and shares underlying
the Private Units, is required to approve the Extension Amendment Proposal. If the Extension Amendment Proposal is not approved,
the Extension Amendment will not be implemented and the Company will be required by its charter to (i) cease all operations except
for the sole 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 quotient obtained by dividing (A) 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) the total number of then outstanding public shares, which redemption will completely
extinguish rights of the public stockholders (including the right to receive further liquidation distributions, if any) and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of 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 Company&rsquo;s
obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The approval of the
Extension Amendment is essential to the implementation of our Board&rsquo;s plan to extend the date by which we must consummate
our initial business combination. Therefore, our Board will abandon and not implement such amendment unless our stockholders approve
the Extension Amendment Proposal. Notwithstanding stockholder approval of the Extension Amendment Proposal, our Board will retain
the right to abandon and not implement the Extension Amendment at any time without any further action by our stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Sponsor and all
of our directors, executive officers and their affiliates are expected to vote any common stock owned by them in favor of the Extension
Amendment. On the record date, our Sponsor, directors and executive officers of the Company and their affiliates beneficially owned
and were entitled to vote an aggregate of 3,252,500 shares of the Company&rsquo;s common stock, representing approximately 33.3%
of the Company&rsquo;s issued and outstanding shares of common stock. Our Sponsor and our directors, executive officers and their
affiliates do not intend to purchase shares of common stock in the open market or in privately negotiated transactions in connection
with the stockholder vote on the Extension Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interests of our Sponsor, Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When you consider the
recommendation of our Board, you should keep in mind that our Sponsor, executive officers and members of our Board have interests
that may be different from, or in addition to, your interests as a stockholder. These interests include, among other things:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the fact that our Sponsor holds 2,875,000 Founder Shares (purchased for $25,000) and 377,500 Placement Units (purchased for approximately $3.8 million), and our officers and directors own membership interests in the Sponsor representing pecuniary interests in such securities, that would expire worthless if a business combination is not consummated;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the fact that, as of March 31, 2019, the Company&rsquo;s outstanding advances from the Sponsor amounting to $203,030
had been formalized into a promissory note and become convertible into units of the post-Business Combination entity at a price
of $10.00 per unit;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the fact that, if the Trust Account is liquidated, including in the event we are unable to complete an initial business combination within the required time period, the Sponsor has agreed to indemnify us to ensure that the proceeds in the Trust Account are not reduced below $10.10 per public share, or such lesser per public share amount as is in the Trust Account on the liquidation date, by the claims of prospective target businesses with which we have entered into an acquisition agreement or claims of any third party for services rendered or products sold to us, but only if such a third party or target business has not executed a waiver of any and all rights to seek access to the Trust Account; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the fact that none of our officers or directors has received any cash compensation for services rendered to the Company, and all of the current members of our Board are expected to continue to serve as directors at least through the date of the Special Meeting to vote on a proposed business combination and may even continue to serve following any potential business combination and receive compensation thereafter.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board&rsquo;s Reasons for the Extension
Amendment Proposal and Its Recommendation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed below,
after careful consideration of all relevant factors, our Board has determined that the Extension Amendment are in the best interests
of the Company and its stockholders. Our Board has approved and declared advisable adoption of the Extension Amendment Proposal,
and recommends that you vote &ldquo;FOR&rdquo; such proposal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter, as previously
amended on March 5, 2019, provides that the Company has until June 7, 2019 (or September 9, 2019 if we have executed a definitive
agreement for a business combination by June 7, 2019) to complete the purposes of the Company including, but not limited to, effecting
a business combination under its terms. While we are currently in discussions regarding business combination opportunities, our
Board currently believes that there will not be sufficient time before June 7, 2019 (or September 9, 2019 if we have executed a
definitive agreement for a business combination by June 7, 2019) to complete a business combination. The Company&rsquo;s IPO prospectus
and charter state that if the Company&rsquo;s stockholders approve an amendment to the Company&rsquo;s charter that would affect
the substance or timing of the Company&rsquo;s obligation to redeem 100% of the Company&rsquo;s public shares if it does not complete
a business combination before June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination
by June 7, 2019), the Company will provide its public stockholders with the opportunity to redeem all or a portion of their public
shares upon such approval at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest (which interest shall be net of taxes payable), divided by the number of then outstanding public shares. We
believe that this charter provision was included to protect the Company stockholders from having to sustain their investments for
an unreasonably long period if the Company failed to find a suitable business combination in the timeframe contemplated by the
charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company&rsquo;s
IPO prospectus and charter provide that the affirmative vote of the holders of at least 65% of all outstanding shares of common
stock, including the Founder Shares and shares underlying the Private Units, is required to extend our corporate existence, except
in connection with, and effective upon the consummation of, a business combination. We believe that, given the Company&rsquo;s
expenditure of time, effort and money on the potential business combination, circumstances warrant providing public stockholders
an opportunity to consider a business combination. Because we continue to believe that a business combination would be in the best
interests of our stockholders and because we will not be able to conclude a business combination within the permitted time period,
the Board has determined to seek stockholder approval to extend the date by which we have to complete a business combination beyond
June 7, 2019 (or September 9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019) to the
Extended Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is not
asking you to vote on any proposed business combination at this time. If the Extension is implemented and you do not elect to redeem
your public shares, you will retain the right to vote on any proposed business combination in the future and the right to redeem
your 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), divided by the number of then outstanding public shares, in the event
a business combination is approved and completed or the Company has not consummated another business combination by the Extended
Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After careful consideration
of all relevant factors, the Board determined that the Extension Amendment is in the best interests of the Company and its stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Our Board unanimously
recommends that our stockholders vote &ldquo;FOR&rdquo; the approval of the Extension Amendment Proposal.</B></P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adjournment Proposal,
if adopted, will allow our Board to adjourn the Special Meeting to a later date or dates to permit further solicitation of proxies.
The Adjournment Proposal will only be presented to our stockholders in the event that there are insufficient votes for, or otherwise
in connection with, the approval of the Extension Amendment Proposal. In no event will our Board adjourn the Special Meeting beyond
June 7, 2019 unless it has entered into a definitive agreement for a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consequences if the Adjournment Proposal
is Not Approved</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Adjournment
Proposal is not approved by our stockholders, our Board may not be able to adjourn the Special Meeting to a later date in the event
that there are insufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The approval of the
Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person or by
proxy at the Special Meeting. Accordingly, if a valid quorum is otherwise established, a stockholder&rsquo;s failure to vote by
proxy or in person at the Special Meeting will have no effect on the outcome of any vote on the Adjournment Proposal. Abstentions
will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome
of the Adjournment Proposal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Our Board unanimously recommends that
our stockholders vote &ldquo;FOR&rdquo; the approval of the Adjournment Proposal.</B></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth information regarding the beneficial ownership of the Company&rsquo;s common stock as of the record date based on information
obtained from the persons named below, with respect to the beneficial ownership of shares of the Company&rsquo;s common stock,
by:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each person known by
us to be the beneficial owner of more than 5% of our outstanding shares of common stock;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">each of our executive
officers and directors that beneficially owns shares of common stock; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all our officers and
directors as a group.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the record date,
there were a total of 9,748,977 shares of common stock outstanding. Unless otherwise indicated, all persons named in the table
have sole voting and investment power with respect to all shares of common stock beneficially owned by them.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Common<BR> Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name and Address of Beneficial Owner (1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<BR> Shares<BR> Beneficially<BR> Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of<BR> Class</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: 76%; text-align: left">KBL IV Sponsor LLC (2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,252,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">33.3</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marlene Krauss, M.D. (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,252,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Joseph Williamson (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">George Hornig (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Andrew Sherman (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sherrill Neff (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Boothbay Fund Management, LLC (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">865,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">OxFORD Asset Management LLP (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,140,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Weiss Asset Management LP (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,162,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">All executive officers and directors as a group (5 individuals)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,252,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.3</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 44.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Less than 1 percent.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise noted, the business address of each of the following entities or individuals is 527 Stanton Christiana Rd., Newark, DE 19713.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">(2) </FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">These shares represent the Founder Shares and shares underlying Private Units 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 and shares underlying Private Units 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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on a Schedule 13G/A filed
with the SEC on February 14, 2019. Such shares are held by Boothbay Absolute Return Strategies LP, a Delaware limited partnership
(the &ldquo;Fund&rdquo;), which is managed by Boothbay Fund Management, LLC, a Delaware limited liability company (the &ldquo;Adviser&rdquo;).
The Adviser, in its capacity as the investment manager of the Fund, has the power to vote and the power to direct the disposition
of all shares held by the Fund. Ari Glass is the Managing Member of the Adviser. The business address of such holders is 810 7th
Avenue, Suite 615, New York, NY 10019-5818.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Based on a Schedule 13G/A filed with the SEC on April 8, 2019, by OxFORD Asset Management LLP (&ldquo;OxFORD&rdquo;), the business address of OxFORD is 6 George Street, Oxford, United Kingdom, OX1 2BW. The securities are held for the account of OxAM Quant Fund Limited, a Cayman Islands exempted company (&ldquo;OxAM&rdquo;). OxFORD serves as investment adviser to OxAM. In such capacity, OxFORD may be deemed to exercise the voting and dispositive power over the shares held for the account of the OxAM.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Based on a Schedule 13G filed with the SEC on February 1, 2019, Weiss Asset Management LP (&ldquo;Weiss Asset Management&rdquo;), WAM GP LLC (&ldquo;WAM&rdquo;), and Andrew M. Weiss, Ph.D., share voting and dispositive power over 1,162,038 shares of the Company&rsquo;s common stock. The business address of these reporting persons is 222 Berkeley St., 16th Floor, Boston, Massachusetts 02116.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is approved, we anticipate that the 2019 annual meeting of stockholders will be held no later than December 31, 2019.
For any proposal to be considered for inclusion in our proxy statement and form of proxy for submission to the stockholders at
our 2019 annual meeting of stockholders, it must be submitted in writing and comply with the requirements of Rule 14a-8 of the
Exchange Act. Such proposals must be received by the Company at its offices at 527 Stanton Christiana Rd., Newark, Delaware 19713
no later than July 31, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, our bylaws
provide notice procedures for stockholders to nominate a person as a director and to propose business to be considered by stockholders
at a meeting. Notice of a nomination or proposal must be delivered to us not less than 90 days and not more than 120 days prior
to the date for the preceding year&rsquo;s annual meeting of stockholders; provided, however, that in the event that the annual
meeting is called for a date that is not within 45 days before or after such anniversary date, notice by the stockholder to be
timely must be so received no earlier than the opening of business on the 120th day before the meeting and not later than the later
of&thinsp; (x) the close of business on the 90th day before the meeting or (y) the close of business on the 10th day following
the day on which public announcement of the date of the annual meeting is first made by us. Accordingly, for our 2019 annual meeting
of stockholders, assuming the meeting is held on or about December 21, 2019, notice of a nomination or proposal must be delivered
to us no later than September 22, 2019 and no earlier than August 23, 2019. Nominations and proposals also must satisfy other requirements
set forth in the bylaws. The Chairman of the Board may refuse to acknowledge the introduction of any stockholder proposal not made
in compliance with the foregoing procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Extension Amendment
Proposal is not approved and the Company fails to complete a qualifying business combination on or before June 7, 2019 (or September
9, 2019 if we have executed a definitive agreement for a business combination by June 7, 2019), there will be no annual meeting
in 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we have received
contrary instructions, we may send a single copy of this Proxy Statement to any household at which two or more stockholders reside
if we believe the stockholders are members of the same family. This process, known as &ldquo;householding&rdquo;, reduces the volume
of duplicate information received at any one household and helps to reduce our expenses. However, if stockholders prefer to receive
multiple sets of our disclosure documents at the same address this year or in future years, the stockholders should follow the
instructions described below. Similarly, if an address is shared with another stockholder and together both of the stockholders
would like to receive only a single set of our disclosure documents, the stockholders should follow these instructions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the shares are registered
in the name of the stockholder, the stockholder should contact us at KBL Merger Corp. IV, 527 Stanton Christiana Rd., Newark,
DE 19713 or (302) 502-2727, to inform us of his or her request; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If a bank, broker or
other nominee holds the shares, the stockholder should contact the bank, broker or other nominee directly.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file reports, proxy
statements and other information with the SEC as required by the Exchange Act. You can read the Company&rsquo;s SEC filings, including
this Proxy Statement, over the Internet at the SEC&rsquo;s website at&nbsp;<I>http://www.sec.gov.</I>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you would like additional
copies of this Proxy Statement or if you have questions about the proposals to be presented at the Special Meeting, you should
contact the Company&rsquo;s proxy solicitation agent at the following address and telephone number:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">P.O. Box 13581</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Des Moines, WA 98198</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Toll Free: (877) 870-8565</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Collect: (206) 870-8565</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may also obtain
these documents by requesting them in writing or by telephone from the Company at the following address and telephone number:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">KBL Merger Corp. IV<BR>
527 Stanton Christiana Rd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Newark, DE 19713<BR>
(302) 502-2727</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>If you are a stockholder
of the Company and would like to request documents, please do so by May __, 2019, in order to receive them before the Special Meeting</B>.
If you request any documents from us, we will mail them to you by first class mail, or another equally prompt means.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX A<BR>
&nbsp;<BR>
PROPOSED SECOND AMENDMENT<BR>
TO THE<BR>
AMENDED AND RESTATED<BR>
CERTIFICATE OF INCORPORATION<BR>
OF<BR>
KBL MERGER CORP. IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
Pursuant to Section 245 of the<BR>
Delaware General Corporation Law</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned, being a duly authorized officer of&nbsp;<B>KBL MERGER CORP. IV</B>&nbsp;(the &ldquo;Corporation&rdquo;), a corporation existing under the laws of the State of Delaware, does hereby certify as follows:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The name of the Corporation is KBL Merger Corp. IV.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&rsquo;s Certificate
of Incorporation was filed in the office of the Secretary of State of the State of Delaware on September 7, 2016, and an Amended
and Restated Certificate of Incorporation was filed in the office of the Secretary of State of the State of Delaware on June 1,
2017. An Amendment to the Restated Certificate of Incorporation was filed in the office of the Secretary of State of the State
of Delaware on March 5, 2019.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Second Amendment to the Amended
and Restated Certificate of Incorporation amends the Amended and Restated Certificate of Incorporation of the Corporation.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Second Amendment to the Amended
and Restated Certificate of Incorporation was duly adopted by the affirmative vote of the holders of 65% of the stock entitled
to vote at a meeting of stockholders in accordance with the provisions of Sections 242 and 245 the General Corporation Law of
the State of Delaware (the &ldquo;DGCL&rdquo;).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The text of Section 9.1(b) is hereby amended
        and restated to read in full as follows:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) 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) the completion of the
initial Business Combination, (ii) the redemption of 100% of the Offering Shares (as defined below) if the Corporation is unable
to complete its initial Business Combination by September 9, 2019 (or December 9, 2019 if the Corporation has executed a definitive
agreement for a business combination by September 9, 2019) 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></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 24px"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The text of Section 9.2(d) is hereby amended and restated to read in full as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(d) In the event that the Corporation
has not consummated a Business Combination by September 9, 2019 (or December 9, 2019 if the Corporation has executed a definitive
agreement for a business combination by September 9, 2019), the Corporation shall (i) cease all operations except for the sole
purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter redeem the Offering
Shares at a per-share price, payable in cash, equal to the quotient obtained by dividing (A) 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) 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) 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: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">IN WITNESS WHEREOF, I have signed this Amendment to the Amended and Restated Certificate of Incorporation this ___ day of June, 2019.</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">KBL MERGER CORP. IV</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Marlene Krauss, M.D.</FONT></TD>
    <TD STYLE="width: 62%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title: &nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Red"><B>PRELIMINARY
PROXY STATEMENT &ndash; SUBJECT TO COMPLETION, DATED MAY 8, 2019</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIS PROXY IS SOLICITED BY THE BOARD
OF DIRECTORS<BR>
FOR THE SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JUNE 5, 2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, revoking any previous
proxies relating to these shares with respect to the Extension Amendment Proposal and the Adjournment Proposal hereby acknowledges
receipt of the notice and Proxy Statement, dated May [&nbsp;&nbsp;&nbsp;], 2019, in connection with the Special Meeting of stockholders to be held
at 10:00 a.m. Eastern Time on June 5, 2019 at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., located at 666
Third Avenue, 25th Floor, New York, New York 10017, for the sole purpose of considering and voting upon the following proposals,
and hereby appoints Marlene Krauss, M.D. and Joseph A. Williamson, and each of them (with full power to act alone), the attorneys
and proxies of the undersigned, with power of substitution to each, to vote all shares of the common stock of the Company registered
in the name provided, which the undersigned is entitled to vote at the Special Meeting of stockholders, and at any adjournments
thereof, with all the powers the undersigned would have if personally present. Without limiting the general authorization hereby
given, said proxies are, and each of them is, instructed to vote or act as follows on the proposals set forth in this Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS PROXY, WHEN EXECUTED, WILL BE VOTED
IN THE MANNER DIRECTED HEREIN. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED &ldquo;FOR&rdquo; PROPOSAL 1 AND PROPOSAL 2 CONSTITUTING
THE EXTENSION AMENDMENT AND THE ADJOURNMENT PROPOSAL.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLEASE MARK, SIGN, DATE AND RETURN THE
PROXY CARD PROMPTLY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Continued and to be marked, dated and
signed on reverse side)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the<BR>
Special Meeting of Stockholders to be held on June 5, 2019:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This notice of meeting and the accompanying
Proxy Statement are available at</P>

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

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



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt"><FONT STYLE="font-size: 10pt"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; PROPOSAL 1 AND PROPOSAL 2.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12px; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt"><FONT STYLE="font-size: 10pt">Please mark</FONT><BR>
<FONT STYLE="font-size: 10pt">votes as </FONT><BR>
<FONT STYLE="font-size: 10pt">indicated in</FONT><BR>
<FONT STYLE="font-size: 10pt">this example</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12px; padding-top: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt"><FONT STYLE="font-size: 10pt">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Proposal 1&nbsp;&ndash;&nbsp;Extension of Corporate Life</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>AGAINST</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>ABSTAIN</B></FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Amend the Company&rsquo;s amended and restated certificate of incorporation to extend the date that the Company has to consummate a business combination from &nbsp;June 7, 2019 (or September 9, 2019 if the Company has executed a definitive agreement for a business combination by June 7, 2019) to September 9, 2019 (or December 9, 2019 if the Corporation has executed a definitive agreement for a business combination by September 9, 2019) or such earlier date as determined by the Board.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Proposal 2 &ndash; Adjournment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>AGAINST</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>ABSTAIN</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Adjourn the Special Meeting of stockholders to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of Proposal 1.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#9744;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&#9744;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You may exercise your redemption rights
by marking the &ldquo;Exercise Redemption Rights&rdquo; box below. If you exercise your redemption rights, then you will be exchanging
your public shares of the common stock of the Company for cash and you will no longer own such public shares. YOU WILL ONLY BE
ENTITLED TO RECEIVE CASH FOR THOSE PUBLIC SHARES IF YOU TENDER YOUR STOCK CERTIFICATES REPRESENTING SUCH REDEEMED PUBLIC SHARES
TO THE COMPANY&rsquo;S DULY APPOINTED AGENT PRIOR TO THE VOTE AT SUCH MEETING.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXERCISE REDEMPTION RIGHTS &#9744;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-size: 10pt">Date: _______________________________________, 2019</FONT></TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature (if held jointly)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature should agree with name printed
hereon. If stock is held in the name of more than one person, EACH joint owner should sign. Executors, administrators, trustees,
guardians and attorneys should indicate the capacity in which they sign. Attorneys should submit powers of attorney.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PLEASE SIGN, DATE AND RETURN THE PROXY
IN THE ENVELOPE ENCLOSED TO CONTINENTAL STOCK TRANSFER &amp; TRUST COMPANY. THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED HEREIN
BY THE ABOVESIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED &ldquo;FOR&rdquo; THE PROPOSALS SET FORTH IN
PROPOSAL 1 AND PROPOSAL 2. THIS PROXY WILL REVOKE ALL PRIOR PROXIES SIGNED BY YOU.</B></P>

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

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

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

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