<SEC-DOCUMENT>0001615774-18-004132.txt : 20180521
<SEC-HEADER>0001615774-18-004132.hdr.sgml : 20180521
<ACCEPTANCE-DATETIME>20180521130715
ACCESSION NUMBER:		0001615774-18-004132
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20180521
DATE AS OF CHANGE:		20180521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trident Acquisitions Corp.
		CENTRAL INDEX KEY:			0001673481
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				811996183
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-223655
		FILM NUMBER:		18848995

	BUSINESS ADDRESS:	
		STREET 1:		77 WATER STREET
		STREET 2:		FL 8
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		6462297549

	MAIL ADDRESS:	
		STREET 1:		77 WATER STREET
		STREET 2:		FL 8
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>s110321_s1a.htm
<DESCRIPTION>S-1/A
<TEXT>
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<TITLE></TITLE>
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"width: 600px; margin: 0 auto; page: WordSection1;">
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 3.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>As
filed with the Securities and Exchange Commission on May 21, 2018</B> </P>
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Registration No.
333-223655</FONT></P>
</DIV>
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_________________</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 1.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">FORM S-1/A</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 1.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>(Amendment
No. 2)</B> <BR>
<B>REGISTRATION STATEMENT</B><BR>
<B>UNDER THE SECURITIES ACT OF 1933</B></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_________________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 3.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 16.0pt;">Trident Acquisitions Corp.</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_________________</FONT></P>
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<TR>
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<P CLASS="TCH" STYLE=
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Delaware</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.3%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
6770</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.3%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
81-1996183</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(State or other jurisdiction of incorporation or
organization)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(Primary Standard Industrial Classification Code
Number)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(I.R.S. Employer<BR>
Identification Number)</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="H1" STYLE=
"margin-top: 10.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">77 Water St, Fl 8<BR>
New York, NY 10005</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">646 229-7549</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(Address, including zip code, and telephone number, including area
code, of registrant&rsquo;s principal executive offices)</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_________________</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 2.5pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Vadim
Komissarov</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">c/o VK Consulting,
Inc.</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">255 West
85</FONT><FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">St, PH1<BR>
New York, NY 10024</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">646 229-7549</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(Name, address, including zip code, and telephone number, including
area code, of agent for service)</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_________________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 3.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Copies to:</P>
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<TR>
<TD WIDTH="49%" VALIGN="top" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Mitchell S. Nussbaum<BR>
Giovanni Caruso<BR>
Loeb &amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, New York 10154<BR>
(212) 407-4000<BR>
(212) 407-4990 &mdash; Facsimile</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="49%" VALIGN="top" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Robert H. Cohen</FONT></FONT></P>
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Todd
Finger</FONT></FONT></P>
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">McDermott Will &amp; Emery</FONT></FONT></P>
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">340
Madison Avenue</FONT></FONT></P>
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">New
York, NY 10173-1922</FONT></FONT></P>
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">(212)
547-5885</FONT></FONT></P>
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">(212)
547-5444 &mdash; Facsimile</FONT></FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Approximate date of commencement of proposed sale to the public: As
soon as practicable after the effective date of this registration
statement.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933 check the following box. <FONT CLASS=
"xbox" STYLE=
"mso-style-name: xbox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">x</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same offering. <FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier
effective registration statement for the same offering.
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 1.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If this Form is a post-effective amendment filed pursuant to Rule
462(d) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier
effective registration statement for the same offering.
<FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 1.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
or a smaller reporting company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Large accelerated filer <FONT CLASS=
"ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Accelerated filer <FONT CLASS="ebox"
STYLE="mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG=
"EN-GB" STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Non-accelerated filer <FONT CLASS="ebox"
STYLE="mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG=
"EN-GB" STYLE="font-family: Wingdings;">&uml;</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Smaller reporting company <FONT CLASS=
"xbox" STYLE=
"mso-style-name: xbox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">x</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">(Do not check if a smaller reporting
company)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="49%" VALIGN="bottom" STYLE=
"width: 49.22%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Emerging growth&nbsp; company
<FONT CLASS="xbox" STYLE=
"mso-style-name: xbox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE="font-family: Wingdings;">x</FONT></FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section
7(a)(2)(B) of the Securities Act.</FONT> <FONT CLASS="ebox" STYLE=
"mso-style-name: ebox; font-family: Wingdings2;"><FONT LANG="EN-GB"
STYLE=
"font-family: Wingdings; letter-spacing: -.1pt;">&uml;</FONT></FONT></P>
<P CLASS="RRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"margin-top: 3.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: H1; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">CALCULATION OF
REGISTRATION FEE</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Title
of Class of Security being registered</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Amount to be Registered</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 11.98%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Proposed maximum offering price per share</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 11.98%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Proposed Maximum Aggregate Offering
Price</FONT></FONT><FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;"><FONT LANG="EN-GB"
STYLE="font-size: 6pt ;">(1)(2)</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 16.1%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Amount of Registration Fee</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Units, each consisting of one share of Common
Stock, $0.001 par value and one Warrant entitling the holder to
receive one share of Common Stock</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20,125,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
201,250,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
25,055.63</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Shares of Common Stock, $0.001 par value,
included as part of the Units</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20,125,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">
<FONT LANG="EN-GB" STYLE=
"font-size: 6pt ;">(3)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Warrants included as part of the
Units</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20,125,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">
<FONT LANG="EN-GB" STYLE=
"font-size: 6pt ;">(3)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Shares of Common Stock, $0.001 par value,
underlying the Warrants included as part of the Units</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20,125,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11.50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
231,437,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
28,813.97</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Representative&rsquo;s Unit Purchase
Option</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
100.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
100</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.01</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Units underlying the Representative&rsquo;s Unit
Purchase Option (&ldquo;Representative&rsquo;s
Units&rdquo;)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,750,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
12.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
21,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2,614.50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Shares of Common Stock, $0.001 par value,
included as part of the Representative&rsquo;s Units</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,750,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">
<FONT LANG="EN-GB" STYLE=
"font-size: 6pt ;">(3)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: .05pt;">Warrants included
as part of the Representative&rsquo;s Units</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,750,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">
<FONT LANG="EN-GB" STYLE=
"font-size: 6pt ;">(3)</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.1pt;">Shares of Common
Stock, 0.001 par value, underlying Warrants included as part of
Representative&rsquo;s Units</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,750,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11.50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20,125,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2,505.56</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="bottom" STYLE=
"width: 41.78%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Total</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.16%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.86%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
473,812,600</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.42%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
58,989.67</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">
<FONT LANG="EN-GB" STYLE=
"font-size: 6pt ;">(4)</FONT></FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Estimated
solely for the purpose of calculating the registration fee pursuant
to Rule 457(o) under the Securities Act.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Includes
Units and shares of Common Stock and Warrants underlying such Units
which may be issued on exercise of a 45-day option granted to the
Underwriters to cover over-allotments, if any.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> No fee
pursuant to Rule 457(g).</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Previously
paid.</P>
<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 5.0pt 0in;">
<P CLASS="Textflush" STYLE=
"margin-top: 3.0pt; border: none; padding: 0in; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The registrant hereby
amends this registration statement on such date or dates as may be
necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this
registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until
the registration statement shall become effective on such date as
the Securities and Exchange Commission, acting pursuant to said
Section 8(a), may determine.</FONT></P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 9.5pt; color: #D80000;">The information in
this prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is
not an offer to sell these securities, and we are not soliciting an
offer to buy these securities in any state where the offer or sale
is not permitted.</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>SUBJECT
TO COMPLETION DATED MAY 21, 2018</B> </P>
<P CLASS="H1" STYLE=
"margin-top: 3.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 14.0pt;">$175,000,000<BR>
Trident Acquisitions Corp.<BR>
17,500,000 Units</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">Trident Acquisitions Corp. is a
blank check company formed for the purpose of entering into a
merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business
combination with one or more businesses or entities. Our efforts to
identify a target business will not be limited to a particular
industry or geographic region, although we intend to focus our
efforts on seeking a business combination with an oil and gas or
other natural resources companies in Eastern Europe or interested
in expanding into Eastern Europe.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt">This
is an initial public offering of our securities. Each unit that we are offering has a price of $10.00 and consists of one share
of common stock and one warrant. Each warrant entitles the holder thereof to purchase one share of our common stock. The warrants
will become exercisable on the later of 30 days after the completion of our initial business combination and 12 months from the
closing of this offering, and will expire five years after the completion of our initial business combination or earlier upon
redemption or liquidation, as described in this prospectus. We refer to the warrants included in the units as &ldquo;warrants&rdquo;
or the &ldquo;public warrants.&rdquo; If we are unable to consummate a business combination within 18 months from the closing
of this offering, we will redeem 100% of the public shares using the funds in the trust account described below. In such event,
the public warrants will expire and be worthless. We have also granted Chardan Capital Markets, LLC, the representative of the
underwriters, a 45-day option to purchase up to 2,625,000 units (over and above the 17,500,000 units referred to above) solely
to cover over-allotments, if any.</FONT> </P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">Channingwick Limited, BGV Croup
Limited. Lake Street Fund L.P., Mount Wilson Global Fund L.P., and
FLOCO Ventures LLC, certain of our stockholders, have committed to
purchase from us an aggregate of 1,150,000 units, or &ldquo;private
units,&rdquo; at $10.00 per unit, (for a total purchase price of
$11,500,000). These purchases will take place on a private
placement basis simultaneously with the consummation of this
offering. These additional private units will be purchased in a
private placement that will occur simultaneously with the purchase
of units resulting from the exercise of the over-allotment option.
All of the proceeds we receive from these purchases will be placed
in the trust account.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt; letter-spacing: -.05pt;">There is
presently no public market for our units, shares of common stock or
warrants. We have applied to have our units listed on the Nasdaq
Capital Market, or Nasdaq, under the symbol &ldquo;TDACU&rdquo;. We
cannot guarantee that our securities will be approved for listing
on Nasdaq. The common stock and warrants comprising the units will
begin separate trading on the 90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
day following the date of this prospectus unless Chardan Capital
Markets, LLC informs us of its decision to allow separate earlier
trading, subject to our filing a Report on Form 8-K with the
Securities and Exchange Commission containing an audited balance
sheet reflecting our receipt of the gross proceeds of this offering
and issuing a press release announcing when such separate trading
will begin. Once the securities comprising the units begin separate
trading as described in this prospectus, the common stock and
warrants will be traded on Nasdaq under the symbols
&ldquo;TDAC&rdquo;and &ldquo;TDACW,&rdquo; respectively. We cannot
assure you that our securities will continue to be listed on Nasdaq
after this offering.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">We qualify as an &ldquo;emerging
growth company&rdquo; as defined in the Jumpstart Our Business
Startups Act of 2012, and therefore will be subject to reduced
reporting requirements.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 8.0pt; letter-spacing: -.15pt;">Investing in our
securities involves a high degree of risk. See &ldquo;Risks
Factors&rdquo; beginning on page 21 for a discussion of information
that should be considered in connection with an investment in our
securities. Investors will not be entitled to protections normally
afforded to investors in Rule 419 blank check
offerings.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 8.0pt;">Neither the U.S. Securities and Exchange
Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus is
truthful or complete. Any representation to the contrary is a
criminal offense.</FONT></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.7%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.6%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt">Price
                                         to Public</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.6%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt">Underwriting
                                         Discounts and Commissions<SUP>(1)</SUP></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 16.56%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt">Proceeds,
                                         Before Expenses, to us</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.7%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">Per
                                         Unit</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">10.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">0.50</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.34%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">9.50</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.7%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">Total</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">175,000,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">8,750,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="15%" VALIGN="bottom" STYLE=
"width: 15.42%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">166,250,000</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">____________</FONT></P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">(1)</FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;</FONT> <FONT STYLE=
"font-size: 8.0pt;">Please see the section titled
&ldquo;Underwriting&rdquo; for further information relating to the
underwriting arrangements agreed to between us and the
underwriters.</FONT></P>
<P CLASS="Tablefootnotem" STYLE=
"margin-top: 4.0pt; mso-style-name: Tablefootnote_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">(2)</FONT><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;</FONT> <FONT STYLE=
"font-size: 8.0pt;">Includes $4,375,000, or $0.25 per unit, equal
to 2.5% of the gross proceeds of this offering (or $5,031,250 if
the underwriters&rsquo; over-allotment option is exercised in full)
payable to the underwriters as deferred underwriting discounts and
commissions from the funds to be placed in the trust account
described below. Such funds will be released to the underwriters
only upon consummation of an initial business combination, as
described in this prospectus. If the business combination is not
consummated, such deferred discount will be forfeited by the
underwriters. The underwriters will not be entitled to any interest
accrued on the deferred underwriting discount.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">Upon consummation of the offering,
$10.20 per unit sold to the public in this offering (whether or not
the underwriters&rsquo; over-allotment option has been exercised in
full or part) will be deposited into a United States-based trust
account at Morgan Stanley Bank, N.A., maintained by Continental
Stock Transfer &amp; Trust Company, acting as trustee. Such amount
includes $4,375,000, or $0.25 per unit, (or $5,031,250 if the
underwriters&rsquo; over-allotment option is exercised in full)
payable to the underwriters as deferred underwriting discounts and
commissions. Except as described in this prospectus, these funds
will not be released until the earlier of the completion of our
initial business combination and our redemption of the shares of
common stock sold in this offering upon our failure to consummate a
business combination within the required period.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">The underwriters are offering the
units on a firm commitment basis. Chardan Capital Markets, LLC,
acting as the representative of the underwriters, expects to
deliver the units to purchasers on or about &#8199;&#8199;,
2018.</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 3.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Sole Book-Running Manager</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 1.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 14.0pt;">Chardan</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 7.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Co-Manager</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 1.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 12.0pt;">I-Bankers Securities, Inc.</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 3.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">__________,
2018</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TABLE OF
CONTENTS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">PAGE</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
PROSPECTUS SUMMARY</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
SUMMARY FINANCIAL DATA</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
RISK FACTORS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
21</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">CAUTIONARY NOTE REGARDING FORWARD LOOKING
STATEMENTS</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
38</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
USE OF PROCEEDS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
39</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
DIVIDEND POLICY</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
42</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
DILUTION</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
43</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
CAPITALIZATION</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
45</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
46</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
PROPOSED BUSINESS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
50</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
MANAGEMENT</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
69</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
PRINCIPAL STOCKHOLDERS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
77</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
CERTAIN TRANSACTIONS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
81</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
DESCRIPTION OF SECURITIES</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
85</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
SHARES ELIGIBLE FOR FUTURE SALE</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
90</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
UNDERWRITING</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
92</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
LEGAL MATTERS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
96</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
EXPERTS</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" ALIGN="center" STYLE=
"text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
96</P>
</TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.04%; padding: 0in 0in 0in 0in;">
<P CLASS="TOC1" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: TOC_1; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">WHERE YOU CAN FIND ADDITIONAL
INFORMATION</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
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96</P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD WIDTH="89%" VALIGN="bottom" STYLE=
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<P CLASS="TOC1" STYLE=
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INDEX TO FINANCIAL STATEMENTS</P>
</TD>
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<FONT STYLE=
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F-1</P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
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i</P>
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<P CLASS="SumBoxH1" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">PROSPECTUS
SUMMARY</FONT></P>
<P CLASS="Textflush" STYLE=
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This summary only highlights the more detailed information
appearing elsewhere in this prospectus. As this is a summary, it
does not contain all of the information that you should consider in
making an investment decision. You should read this entire
prospectus carefully, including the information under &ldquo;Risk
Factors&rdquo; and our financial statements and the related notes
included elsewhere in this prospectus, before investing.</P>
<P CLASS="Textflush" STYLE=
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Unless otherwise stated in this prospectus, references to:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
&ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our company&rdquo;
refer to Trident Acquisitions Corp.;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
&ldquo;insider shares&rdquo; refer to the 5,031,250 shares of
common stock held or controlled by our insiders (as defined below)
prior to this offering, which include up to an aggregate of 656,250
shares of common stock subject to forfeiture by our insiders to the
extent that the underwriters&rsquo; over-allotment option is not
exercised in full or in part;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
&ldquo;private units&rdquo; refer to the 1,150,000 units we are
selling privately to our insiders (and/or their designees) upon
consummation of this offering and references to &ldquo;private
shares&rdquo; and &ldquo;private warrants&rdquo; refers to the
shares of common stock and warrants, respectively, included within
the private units;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our &ldquo;management&rdquo; or our &ldquo;management team&rdquo;
refer to our officers and directors;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our &ldquo;public shares&rdquo; refer to shares of common stock
which are being sold as part of the units in this offering (whether
they are purchased in this offering or thereafter in the open
market) and references to &ldquo;public stockholders&rdquo; refer
to the holders of our public shares, including our insiders to the
extent our insiders purchase public shares, provided that their
status as &ldquo;public stockholders&rdquo; shall exist only with
respect to such public shares;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our &ldquo;warrants&rdquo; or &ldquo;public warrants&rdquo; refer
to the warrants which are being sold as part of the units in this
offering; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our &ldquo;insiders&rdquo; refer to our officers, directors, and
any holder of our insider shares.</P>
<P CLASS="Textflush" STYLE=
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Except as specifically provided otherwise, the information in this
prospectus assumes that the underwriters will not exercise their
over-allotment option.</P>
<P CLASS="Textflush" STYLE=
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We are responsible for the information contained in this
prospectus. We have not, and the underwriters have not, authorized
anyone to provide you with different information, and we take no
responsibility for any other information others may give to you. We
are not, and the underwriters are not, making an offer to sell
securities in any jurisdiction where the offer or sale is not
permitted. You should not assume that the information contained in
this prospectus is accurate as of any date other than the date on
the front of this prospectus.</P>
</DIV>
<P CLASS="RRH" STYLE=
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1</P>
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<P CLASS="H1" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">General</FONT></P>
<P CLASS="Textflush" STYLE=
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<FONT STYLE="letter-spacing: -.1pt;">We are a blank check company
formed under the laws of the State of Delaware on March 17, 2016.
We were formed for the purpose of entering into a merger, share
exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination, which we
refer to throughout this prospectus as our initial business
combination, with one or more businesses or entities, which we
refer to throughout this prospectus as a target business. To date,
our efforts have been limited to organizational activities as well
as activities related to this offering. Our efforts to identify a
prospective target business will not be limited to any particular
industry or geographic region,</FONT> <FONT STYLE=
"letter-spacing: -.05pt;">although we intend to focus our search on
target businesses operating in oil and gas or other natural
resources companies in Eastern Europe or interested in expanding
into Eastern Europe.</FONT> <FONT STYLE="letter-spacing: -.1pt;">We
have not selected any target business for our initial business
combination and we have not (nor has anyone on our behalf),
directly or indirectly, engaged in any substantive discussions with
a target business with respect to a business combination
transaction with us.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As Europe is striving to achieve energy independence, we believe
that Eastern European oil and gas deposits, which are small and
technically difficult to access, will attract the interest of
investors and governments. We believe that historical exploration
data can be reassessed with new geological knowledge to determine
which reserves that were previously considered unrecoverable or
uneconomic can be profitably recovered.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We want to take advantage of privately held Eastern European oil
and gas operating companies that have significant production volume
and positive cash flows, but little or no reserves. By acquiring a
company with undeveloped reserves and hiring companies that have
engineering and geological expertise to develop the reserves using
technologies currently available in United States but not generally
used in Europe, we believe that we will be able to create value for
our investors.</P>
<P CLASS="Textflush" STYLE=
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We anticipate targeting companies with recoverable reserves in
Romania, Poland, Ukraine and other Eastern European countries. We
also intend to target companies with operations outside of Eastern
Europe that are interested in expanding in Eastern Europe. Our
executive officers and directors have extensive experience in
starting and managing industrial businesses in Eastern Europe, in
particular in the energy sector. As a group, they combine Western
business practice experience and technical know-how with extensive
government and business networks that are crucial to success in the
region. Our officers and directors also have extensive experience
in identifying, negotiating with and conducting due diligence on
companies targeted for acquisition and consummating acquisitions of
energy companies. Our management team, however, does not have prior
experience in pursuing acquisitions on behalf of blank check
companies and past performance by our management team is not a
guarantee of success with respect to locating a target business to
acquire.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subsequent to the consummation of our initial business combination,
we believe that the strengths of our management team, particularly
their international experience and technical knowhow, will be
valuable to any business in Ukraine with which we consummate our
initial business combination, although the specific roles, if any,
they may have following our initial business combination cannot be
determined at this time.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">We intend to secure control
of oil and gas properties we acquire primarily using our equity as
purchase consideration. Whenever possible, we will avoid using cash
as purchase consideration so that working and development capital
is available at close. We anticipate targeting fields with
recoverable reserves in Poland, Ukraine and other Eastern European
countries. We believe that, by combining the technical know-how of
our directors and officers and their commercial and political
experience and network, we will be able to acquire oil and gas
assets on favorable terms.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will have until 18 months from the closing of this offering to consummate our initial business combination. If we are unable to
consummate our initial business combination within such time period, we will, as promptly as possible but not more than ten business
days thereafter, redeem 100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, including
a pro rata portion of any interest earned on the funds held in the trust account and not previously released to us to pay our
taxes, and then seek to dissolve and liquidate. However, we may not be able to distribute such amounts as a result of claims of
creditors which may take priority over the claims of our public stockholders. In the event of our dissolution and liquidation,
the public warrants will expire and will be worthless. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will either (1) seek stockholder approval of our initial
business combination at a meeting called for such purpose, at which
stockholders may seek to convert their shares, regardless of
whether they vote for or against the proposed business combination,
into their pro rata share of the aggregate amount then on deposit
in the trust account (net of taxes payable), or (2) provide our
stockholders with the opportunity to sell their shares to us by
means of a tender offer (and thereby avoid the need for a
stockholder vote) for an amount equal to their pro rata share of
the aggregate amount then on deposit in the trust account (net</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2</P>
<DIV STYLE=
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<P CLASS="Textflush" STYLE=
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of taxes payable), in each case subject to the limitations
described herein. The decision as to whether we will seek
stockholder approval of our proposed business combination or allow
stockholders to sell their shares to us in a tender offer will be
made by us, solely in our discretion, and will be based on a
variety of factors such as the timing of the transaction and
whether the terms of the transaction would otherwise require us to
seek stockholder approval. Any tender offer documents used in
connection with a business combination will contain substantially
the same financial and other information about the initial business
combination as is required under the SEC&rsquo;s proxy rules.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The initial per public share redemption or conversion price will be
$10.20 per share, regardless of whether the over-allotment option
is exercised. However, we may not be able to distribute such
amounts as a result of claims of creditors which may take priority
over the claims of our public stockholders.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to the rules of the Nasdaq Stock Market, our initial
business combination must occur with one or more target businesses
having an aggregate fair market value of at least 80% of the value
of the trust account (excluding any deferred underwriter&rsquo;s
fees and taxes payable on the income earned on the trust account),
which we refer to as the 80% test, at the time of the agreement to
enter into the initial business combination. Therefore, the fair
market value of the target business will be calculated prior to any
conversions of our shares in connection with a business combination
and therefore will be a minimum of $140,000,000 (or $161,000,000 if
the over-allotment option is exercised in full) in order to satisfy
the 80% test. While the fair market value of the target business
must satisfy the 80% test, the consideration we pay the owners of
the target business may be a combination of cash (whether cash from
the trust account or cash from a debt or equity financing
transaction that closes concurrently with the business combination)
or our equity securities. The exact nature and amount of
consideration would be determined based on negotiations with the
target business, although we will attempt to primarily use our
equity as transaction consideration. If our board is not able to
independently determine the fair market value of the target
business or businesses, we will obtain an opinion from an
independent investment banking firm with respect to the
satisfaction of such criteria. We will also obtain a fairness
opinion from an independent investment banking firm before
consummating a business combination with an entity affiliated with
any of our officers, directors or insiders. If we are no longer
listed on Nasdaq, we will not be required to satisfy the 80%
test.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We anticipate structuring our initial business combination so that
the post-transaction company in which our public stockholders own
shares will own or acquire 100% of the equity interests or assets
of the target business or businesses. We may, however, structure
our initial business combination such that the post-transaction
company owns less than 100% of such interests or assets of the
target business in order to meet certain objectives of the target
management team or stockholders or for other reasons, but we will
only complete such business combination if the post-transaction
company owns 50% or more of the outstanding voting securities of
the target or otherwise owns a controlling interest in the target
sufficient for it not to be required to register as an investment
company under the Investment Company Act of 1940, as amended, or
the Investment Company Act. Even if the post-transaction company
owns 50% or more of the voting securities of the target, our
stockholders prior to the business combination may collectively own
a minority interest in the post-transaction company, depending on
valuations ascribed to the target and us in the business
combination transaction. For example, we could pursue a transaction
in which we issue a substantial number of new shares in exchange
for all of the outstanding capital stock of a target. In this case,
we would acquire a 100% controlling interest in the target.
However, as a result of the issuance of a substantial number of new
shares, our stockholders immediately prior to our initial business
combination could own less than a majority of our outstanding
shares subsequent to our initial business combination. If less than
100% of the equity interests or assets of a target business or
businesses are owned or acquired by the post-transaction company,
the portion of such business or businesses that is owned or
acquired is what will be valued for purposes of the 80% test.</P>
<P CLASS="Textflush" STYLE=
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As more fully discussed in &ldquo;Management &mdash; Conflicts of
Interest,&rdquo; if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of
business of any entity to which he or she has pre-existing
fiduciary or contractual obligations, he or she may be required to
present such business combination opportunity to such entity prior
to presenting such business combination opportunity to us. All of
our officers, directors and director nominees currently have
certain relevant pre-existing fiduciary duties or contractual
obligations.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are an &ldquo;emerging growth company,&rdquo; as defined in
Section 2(a) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012, or the JOBS Act. As such, we are
eligible to take advantage of certain exemptions from various
reporting requirements that are applicable to other public
companies that are not &ldquo;emerging growth companies&rdquo;
including, but not limited to, not being required to comply with
the auditor attestation requirements of Section 404 of the
Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in our
periodic reports and proxy statements, and exemptions from the
requirements of holding a non-binding advisory vote on
executive</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
compensation and stockholder approval of any golden parachute
payments not previously approved. If some investors find our
securities less attractive as a result, there may be a less active
trading market for our securities and the prices of our securities
may be more volatile.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, Section 107 of the JOBS Act also provides that an
&ldquo;emerging growth company&rdquo; can take advantage of the
extended transition period provided in Section 7(a)(2)(B) of the
Securities Act for complying with new or revised accounting
standards. In other words, an &ldquo;emerging growth company&rdquo;
can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. We intend to
take advantage of the benefits of this extended transition period
until we are no longer an &ldquo;emerging growth
company.&rdquo;</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will remain an emerging growth company until the earlier of (1)
the last day of the fiscal year (a) following the fifth anniversary
of the completion of this offering, (b) in which we have total
annual gross revenue of at least $1.07 billion, or (c) in which we
are deemed to be a large accelerated filer, which means the market
value of our common stock that is held by non-affiliates exceeds
$700 million as of the prior June 30<FONT CLASS="superscript"
STYLE="font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>,
and (2) the date on which we have issued more than $1.0 billion in
non-convertible debt during the prior three-year period. References
herein to &ldquo;emerging growth company&rdquo; shall have the
meaning associated with it in the JOBS Act.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Private
Placements</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In March 2016 and February 2018, our insiders purchased an
aggregate of 5,031,250 shares of our common stock for an aggregate
purchase price of approximately $33,700, or approximately $.007 per
share. The 5,031,250 insider shares held or controlled by our
insiders include an aggregate of up to 656,250 shares subject to
forfeiture to the extent that the underwriters&rsquo;
over-allotment option is not exercised in full or in part, so that
our insiders will collectively own or control 20.0% of our issued
and outstanding shares after this offering (excluding the sale of
the private units and assuming our insiders do not purchase units
in this offering).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
insider shares are identical to the shares of common stock included in the units being sold in this offering. However, our insiders
have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after this offering in favor
of any proposed business combination, (B) not to propose, or vote in favor of, an amendment to our certificate of incorporation
that would affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial
business combination within 18 months from the closing of this offering, unless we provide our public stockholders with the opportunity
to redeem their shares of common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account, net of taxes payable, divided by the number of then outstanding public
shares, (C) not to convert any shares (including the insider shares) into the right to receive cash from the trust account in
connection with a stockholder vote to approve our proposed initial business combination (or sell any shares they hold to us in
a tender offer in connection with a proposed initial business combination) or a vote to amend the provisions of our certificate
of incorporation relating to the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
our initial business combination within 18 months from the closing of this offering, and (D) that the insider shares shall not
be entitled to be redeemed for a pro rata portion of the funds held in the trust account if a business combination is not consummated. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On the date of this prospectus, the insider shares will be placed
into an escrow account maintained in New York, New York by
Continental Stock Transfer &amp; Trust Company, acting as escrow
agent. Subject to certain limited exceptions, 50% of these shares
will not be transferred, assigned, sold or released from escrow
until the earlier of six months after the date of the consummation
of our initial business combination and the date on which the
closing price of our common stock equals or exceeds $12.50 per
share (as adjusted for stock splits, stock dividends,
reorganizations and recapitalizations) for any 20 trading days
within any 30-trading day period commencing after our initial
business combination and the remaining 50% of the insider shares
will not be transferred, assigned, sold or released from escrow
until six months after the date of the consummation of our initial
business combination, or earlier, in either case, if, subsequent to
our initial business combination, we complete a liquidation,
merger, stock exchange or other similar transaction which results
in all of our stockholders having the right to exchange their
shares of common stock for cash, securities or other property. The
limited exceptions referred to above include (1) transfers among
the insiders, to our officers, directors, advisors and employees,
(2) transfers to an insider&rsquo;s affiliates or its members upon
its liquidation, (3) transfers to relatives and trusts for estate
planning purposes, (4) transfers by virtue of the laws of descent
and distribution upon death, (5) transfers pursuant to a qualified
domestic relations order, (6) private sales made at prices no
greater than the price at which the securities were originally
purchased or (7) transfers to us for cancellation in connection
with the consummation of an initial business combination, in each
case (except for clause 7) where the transferee agrees to the
terms</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
4</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textflush" STYLE=
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of the escrow agreement and forfeiture, as the case may be, as well
as the other applicable restrictions and agreements of the holders
of the insider shares.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, Channingwick Limited, BGV Croup Limited. Lake Street
Fund L.P., Mount Wilson Global Fund L.P., and FLOCO Ventures LLC,
certain of our stockholders, have committed to purchase an
aggregate of 1,150,000 private units at a price of $10.00 per unit
($11,500,000 in the aggregate) in a private placement that will
occur simultaneously with the closing of this offering. The
proceeds from the private placement of the private units will be
added to the proceeds of this offering and placed in the trust
account.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
private units are identical to the units sold in this offering. However, the holders have agreed (A) to vote their private shares
and any public shares acquired in or after this offering in favor of any proposed business combination, (B) not to propose, or
vote in favor of, an amendment to our certificate of incorporation that would affect the substance or timing of our obligation
to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of
this offering, unless we provide our public stockholders with the opportunity to redeem their shares of common stock upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us for our working capital requirements
or to pay our franchise and income taxes, divided by the number of then outstanding public shares, (C) not to convert any shares
(including the private shares) into the right to receive cash from the trust account in connection with a stockholder vote to
approve our proposed initial business combination (or sell any shares they hold to us in a tender offer in connection with a proposed
initial business combination) or a vote to amend the provisions of our certificate of incorporation relating to the substance
or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within
18 months from the closing of this offering and (D) that the private shares shall not be entitled to be redeemed for a pro rata
portion of the funds held in the trust account if a business combination is not consummated. Additionally, our insiders (and/or
their designees) have agreed not to transfer, assign or sell any of the private units or underlying securities (except to the
same permitted transferees as the insider shares and provided the transferees agree to the same terms and restrictions as the
permitted transferees of the insider shares must agree to, each as described above) until the completion of our initial business
combination. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have also agreed to sell to Chardan Capital Markets, LLC (and/or
its designees), for $100, an option to purchase up to a total of
1,750,000 units exercisable at $12.00 per unit (or an aggregate
exercise price of $21,000,000) commencing on the later of the
consummation of a business combination and six months from the date
of this prospectus.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our executive offices are located at 77 Water St, Fl 8, New York,
NY 10005 and our telephone number is 646 229-7549.</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">The Offering</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In making your decision on whether to invest in our securities, you
should take into account not only the backgrounds of the members of
our management team, but also the special risks we face as a blank
check company and the fact that this offering is not being
conducted in compliance with Rule 419 promulgated under the
Securities Act. You will not be entitled to protections normally
afforded to investors in Rule 419 blank check offerings. You should
carefully consider these and the other risks set forth in the
section below entitled &ldquo;Risk Factors&rdquo; beginning on page
21 of this prospectus.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Securities offered</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">17,500,000 Units, at $10.00 per unit, each unit
consisting of one share of common stock and one warrant entitling
the holder thereof to purchase one share of our common stock at a
price of $11.50 per share, subject to adjustment as described in
this prospectus.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Proposed Nasdaq symbols</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We anticipate the units, and the shares of
common stock and warrants once they begin separate trading, will be
listed on Nasdaq under the symbols &ldquo;TDACU,&rdquo;
&ldquo;TDAC&rdquo; and &ldquo;TDACW,&rdquo;
respectively.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Trading commencement and separate trading of common stock
and warrants</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
<BR>
The units will begin trading on or promptly after the date of this
prospectus. Each of the common stock and warrants may trade
separately on the 90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
day after the date of this prospectus unless Chardan Capital
Markets, LLC determines that an earlier date is acceptable (based
upon, among other things, its assessment of the relative strengths
of the securities markets and small capitalization companies in
general, and the trading pattern of, and demand for, our securities
in particular). In no event will Chardan Capital Markets, LLC allow
separate trading of the common stock and warrants until we file an
audited balance sheet reflecting our receipt of the gross proceeds
at the closing of this offering. Once the shares of common stock
and warrants commence separate trading, holders will have the
option to continue to hold units or separate their units into the
component pieces. Holders will need to have their brokers contact
our transfer agent in order to separate the units into shares of
common stock and warrants. We will file a Current Report on Form
8-K with the U.S. Securities and Exchange Commission, or the SEC,
including an audited balance sheet, promptly following the closing
of this offering, which is anticipated to take place three business
days from the date the units commence trading. The audited balance
sheet will reflect our receipt of the proceeds from the exercise of
the over-allotment option if the over-allotment option is exercised
on the date of this prospectus. If the over-allotment option is
exercised after the date of this prospectus, we will file an
amendment to the Form 8-K or a new Form 8-K to provide updated
financial information to reflect the exercise of the over-allotment
option. We will also include in the Form 8-K, or amendment thereto,
or in a subsequent Form 8-K, information indicating if Chardan
Capital Markets, LLC has allowed separate trading of the common
stock and warrants prior to the 90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
day after the date of this prospectus.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Units:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-left: 20.0pt; line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number outstanding before this offering</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-left: 20.0pt; line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="letter-spacing: -.05pt;">Number outstanding after this
offering and sale of private units</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
18,650,000</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
6</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Shares of common stock:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-left: 20.0pt; line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number outstanding before this offering</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5,031,250<SUP>1</SUP></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-left: 20.0pt; line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number to be outstanding after<BR>
this offering and sale of private units</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23,025,000<SUP>2</SUP></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Warrants:</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-left: 20.0pt; line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number outstanding before this offering</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-left: 20.0pt; line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number of private warrants to be sold as part of the
private units in a private placement simultaneously with this
offering</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,150,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-left: 20.0pt; line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number to be outstanding after<BR>
this offering and sale of private units</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
18,650,000<SUP>3</SUP></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Exercisability</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Each public warrant and private warrant is
exercisable to purchase one share of our common stock.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Exercise price of public warrants and private
warrants</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">$11.50 per share, subject to adjustments as
described herein.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Exercise Period</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The warrants will become exercisable on the
later of:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"mso-style-name: BL_table; margin-top: 6.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> 30 days after
the completion of our initial business combination, and</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> 12 months from
the closing of this offering;</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">provided in each case that we have an effective
registration statement under the Securities Act covering the shares
of common stock issuable upon exercise of the warrants and a
current prospectus relating to them is available (or we permit
holders to exercise their public warrants or private warrants on a
cashless basis under the circumstances specified in the warrant
agreement).</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> This
number includes an aggregate of up to 656,250 insider shares that
are subject to forfeiture if the over-allotment option is not
exercised by the underwriters in full.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Assumes
the over-allotment option has not been exercised and an aggregate
of 656,250 insider shares have been forfeited.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Assumes
the over-allotment option has not been exercised.</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
7</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We have agreed to use our best efforts to file
and have an effective registration statement covering the shares of
common stock issuable upon exercise of the warrants, to maintain a
current prospectus relating to those shares of common stock until
the warrants expire or are redeemed, and to register the shares of
common stock that are issuable upon exercise of the public warrants
and private warrants under state blue sky laws, to the extent an
exemption is not available. Notwithstanding the foregoing, if a
registration statement covering the shares of common stock issuable
upon exercise of the public warrants and private warrants has not
been declared effective by the 90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
business day following the closing of our initial business
combination and during any period when we shall have failed to
maintain an effective registration statement, public warrant and
private warrant holders may, until such time as there is an
effective registration statement, exercise the public warrants and
private warrants on a cashless basis pursuant to the exemption
provided by Section 3(a)(9) of the Securities Act.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The public and private warrants will expire five
years after the completion of our initial business combination, at
5:00 p.m., New York City time, or earlier upon redemption or
liquidation.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Redemption of warrants</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Once the warrants become exercisable, we may
redeem the outstanding warrants:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> in whole or in
part</P>
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> at a price of
$0.01 per warrant;</P>
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> upon a minimum
of 30 days&rsquo; prior written notice of redemption, which we
refer to as the 30-day redemption period; and</P>
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> if, and only
if, the last sale price of our common stock equals or exceeds
$16.00 per share for any 20 trading days within a 30-trading day
period ending on the third trading day prior to the date on which
we send the notice of redemption to the warrant holders.</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will not redeem the warrants unless an
effective registration statement under the Securities Act covering
the shares of common stock issuable upon exercise of the warrants
is effective and a current prospectus relating to those shares of
common stock is available throughout the 30-day redemption period,
except if the warrants may be exercised on a cashless basis and
such cashless exercise is exempt from registration under the
Securities Act. If and when the warrants become redeemable by us,
we may exercise our redemption right even if we are unable to
register or qualify the underlying securities for sale under all
applicable state securities laws.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we call the warrants for redemption as
described above, our management will have the option to require all
holders that wish to exercise warrants to do so on a
&ldquo;cashless basis.&rdquo; In determining whether to require all
holders to exercise their warrants on a &ldquo;cashless
basis,&rdquo; our management will consider, among other factors,
our cash position, the number of warrants that are outstanding and
the dilutive effect on our stockholders of issuing the maximum
number of shares of common stock issuable upon the exercise of our
warrants. In such event, each holder would pay the exercise price
by surrendering the warrants for that number of shares of common
stock equal to the quotient obtained by dividing (x) the product of
the number of shares of common stock underlying the warrants,
multiplied by the difference between the exercise price of the
warrants and the &ldquo;fair market value&rdquo; (defined below) by
(y) the fair market value. The &ldquo;fair market value&rdquo;
shall mean the average reported closing price of the common stock
for the 10 trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to the holders
of warrants. Please see the section entitled &ldquo;Description of
Securities &mdash; Warrants &mdash; Public Stockholders&rsquo;
Warrants&rdquo; for additional information.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
8</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">None of the private warrants will be redeemable
by us so long as they are held by the initial purchasers of the
private warrants or any of their permitted transferees.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Offering proceeds to be held in the trust
account</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
$178,500,000 (or $205,275,000 if the over-allotment option is
exercised in full) of the net proceeds of this offering and the
proceeds we will receive from the sale of the private units, or
$10.20 per unit sold to the public in this offering, will be placed
in a trust account in the United States at Morgan Stanley Bank,
N.A., maintained by Continental Stock Transfer &amp; Trust Company,
acting as trustee pursuant to an agreement to be signed on the date
of this prospectus. These proceeds include $4,375,000 (or
$5,031,250 if the underwriters&rsquo; over-allotment option is
exercised in full) in deferred underwriting commissions which will
be paid to the underwriters upon the closing of a business
combination. The remainder of the net proceeds of this offering
will not be held in the trust account.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Except as set forth below, the proceeds held in
the trust account will not be released until the earlier of: (1)
the completion of our initial business combination within the
required time period and (2) our redemption of 100% of the
outstanding public shares if we have not completed a business
combination in the required time period. Therefore, unless and
until our initial business combination is consummated, the proceeds
held in the trust account will not be available for our use for any
expenses related to this offering or expenses which we may incur
related to the investigation and selection of a target business and
the negotiation of an agreement in connection with our initial
business combination.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Notwithstanding the foregoing, there can be
released to us from the trust account any interest earned on the
funds in the trust account that we need to pay our income or other
tax obligations. With this exception, expenses incurred by us may
be paid prior to a business combination only from the net proceeds
of this offering not held in the trust account of approximately
$2,687,500 (or $1,506,250 if the over-allotment option is exercised
in full); provided, however, that in order to meet our working
capital needs following the consummation of this offering, if the
funds not held in the trust account are insufficient, our insiders,
officers and directors or their affiliates may, but are not
obligated to, loan us funds, from time to time or at any time, in
whatever amount they deem reasonable in their sole discretion. Each
loan would be evidenced by a promissory note. The notes would
either be paid upon consummation of our initial business
combination, without interest, or, at the lender&rsquo;s
discretion, up to $200,000 of the notes may be converted upon
consummation of our business combination into additional private
units at a price of $10.00 per unit. Our stockholders have approved
the issuance of the private units upon conversion of such notes, to
the extent the holder wishes to so convert such notes at the time
of the consummation of our initial business combination. If we do
not complete a business combination, any other outstanding loans
from our insiders, officers and directors or their affiliates, will
be repaid only from amounts remaining outside our trust account, if
any.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
9</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Insider Shares</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our insiders purchased an aggregate of 5,031,250
shares of our common stock for an aggregate purchase price of
approximately $33,700, or approximately $.007 per share. The
5,031,250 insider shares held or controlled by our insiders include
an aggregate of up to 656,250 shares subject to forfeiture to the
extent that the underwriters&rsquo; over-allotment option is not
exercised in full or in part, so that our insiders will
collectively own or control 20.0% of our issued and outstanding
shares after this offering (excluding the sale of the private units
and assuming our insiders do not purchase units in this offering).
The purchase price of the insider shares was determined by dividing
the amount of cash contributed to the company by the number of
insider shares issued. If we increase or decrease the size of the
offering pursuant to Rule 462(b) under the Securities Act, we will
effect a stock dividend or share contribution back to capital, as
applicable, immediately prior to the consummation of the offering
in such amount as to maintain the ownership of our stockholders
prior to this offering at 25% of the number of shares sold in this
offering. Our insiders will collectively beneficially own
approximately 24.0% of our issued and outstanding shares after this
offering (assuming they do not purchase any public units in this
offering and the underwriters do not exercise all or a portion of
the over-allotment option). Up to 656,250 insider shares will be
subject to forfeiture by our insiders and their designees (and/or
their permitted transferees) depending on the extent to which the
underwriters&rsquo; over-allotment option is exercised.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The insider shares are identical to the shares
of common stock included in the units being sold in this offering,
except that:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> the insider
shares are subject to certain transfer restrictions, as described
in more detail below, and</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &bull;&nbsp;&nbsp;
our insiders, officers and directors have entered into letter agreements with us, pursuant to which they have agreed (i) to waive
their conversion rights with respect to their insider shares and any public shares they purchase in connection with the completion
of our initial business combination and (ii) to waive their redemption rights with respect to their insider shares if we fail
to complete our initial business combination within 18 months from the closing of this offering (although they will be entitled
to redemption rights with respect to any public shares they hold if we fail to complete our business combination within the prescribed
time frame). </P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> If we submit
our initial business combination to our public stockholders for a
vote, our insiders have agreed to vote their insider shares,
private shares and any public shares purchased during or after this
offering in favor of our initial business combination.</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Transfer restrictions on insider<BR>
shares</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
Our insiders have agreed not to transfer, assign or sell any of the
insider shares (except to certain permitted transferees) until,
with respect to 50% of the insider shares, the earlier of six
months after the date of the consummation of our initial business
combination and the date on which the closing price of our common
stock equals or exceeds $12.50 per share for any 20 trading days
within a 30-trading day period following the consummation of our
initial business combination and, with respect to the remaining 50%
of the insider shares, six months after the date of the
consummation of our initial business combination, or earlier in
each case if, subsequent to our initial business combination, we
complete a liquidation, merger, stock exchange or other similar
transaction which results in all of our stockholders having the
right to exchange their shares of common stock for cash, securities
or other property. The insider shares will be held in escrow with
Continental Stock Transfer &amp; Trust Company during the period in
which they are subject to the transfer restrictions described
above.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Private
units</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Channingwick
Limited, BGV Croup Limited. Lake Street Fund L.P., Mount Wilson Global Fund L.P., and FLOCO Ventures LLC, certain of our stockholders,
have committed, pursuant to a written agreement, to purchase an aggregate of 1,150,000 private units ($11,500,000) in a private
placement that will occur simultaneously with the closing of this offering. The purchase price of the private units will be added
to the proceeds from this offering to pay for the expenses of this offering and to be held in the trust account. If we do not
complete our initial business combination within 18 months from the closing of this offering, the proceeds of the sale of the
private units will be used to fund the redemption of our public shares (subject to the requirements of applicable law) and the
private units will be worthless. </P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Limited payments to insiders</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">There will be no fees, reimbursements or other
cash payments paid to our insiders or any of the members of our
management team prior to, or for any services they render in order
to effectuate, the consummation of our initial business combination
(regardless of the type of transaction that it is) other
than:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> repayment at
the closing of this offering of non-interest bearing loans in an
amount of $400,000 (the $425,000 loaned by VK Consulting, Inc., an
entity controlled by Vadim Komissarov, our President and Chief
Financial Officer, will not be repaid until after the closing of
the business combination);</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> payment of
$7,500 per month to VK Consulting, Inc. for office space and
related services, subject to deferral as described herein;</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> reimbursement
of out-of-pocket expenses incurred by insiders, officers, directors
or any of its or their affiliates in connection with certain
activities on our behalf, such as identifying and investigating
possible business targets and business combinations; and</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="BLtable" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: BL_table; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;&nbsp;&nbsp;</FONT> repayment of
loans which may be made by our insiders, officers, directors or any
of its or their affiliates to finance transaction costs in
connection with an initial business combination, the terms of which
have not been determined.</P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">There is no limit on the amount of out-of-pocket
expenses reimbursable by us; provided, however, that to the extent
such expenses exceed the available proceeds not deposited in the
trust account, such expenses would not be reimbursed by us unless
we consummate an initial business combination. We have no policy
which prohibits our insiders or any member of our management team
from negotiating the reimbursement of such expenses by a target
business. Our audit committee will review and approve all
reimbursements and payments made to any insider or member of our
management team, or our or their respective affiliates, and any
reimbursements and payments made to members of our audit committee
will be reviewed and approved by our board of directors, with any
interested director abstaining from such review and
approval.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Potential revisions to agreements with
insiders</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
We could seek to amend certain agreements made by our management
team disclosed in this prospectus without the approval of
stockholders, although we have no intention to do so. For example,
restrictions on our executives relating to the voting of securities
owned by them, the agreement of our management team to remain with
us until the closing of a business combination, the obligation of
our management team to not propose certain changes to our
organizational documents or the obligation of the management team
and its affiliates to not receive any compensation in connection
with a business combination could be modified without obtaining
stockholder approval. Although stockholders would not be given the
opportunity to redeem their shares in connection with such changes,
in no event would we be able to modify the redemption or
liquidation rights of our stockholders without permitting our
stockholders the right to redeem their shares in connection with
any such change. We will not agree to any such changes unless we
believed that such changes were in the best interests of our
stockholders (for example, if such a modification were necessary to
complete a business combination).</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Stockholder approval of, or tender offer in connection
with, initial business combination</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
<BR>
In connection with any proposed initial business combination, we
will either (1) seek stockholder approval of such initial business
combination at a meeting called for such purpose at which
stockholders may seek to convert their shares into the right to
receive cash from the trust account, regardless of whether they
vote for or against the proposed business combination; or (2)
provide our stockholders with the opportunity to sell their shares
to us by means of a tender offer (and thereby avoid the need for a
stockholder vote) for an amount equal to their pro rata share of
the aggregate amount then on deposit in the trust account (net of
taxes payable), in each case subject to the limitations described
herein. The decision as to whether we will seek stockholder
approval of our proposed business combination or allow stockholders
to sell their shares to us in a tender offer will be made by us,
solely in our discretion, and will be based on a variety of factors
such as the timing of the transaction and whether the terms of the
transaction would otherwise require us to seek stockholder
approval. If we provide stockholders with the opportunity to sell
their shares to us by means of a tender offer, we will file tender
offer documents with the SEC which will contain substantially the
same financial and other information about the initial business
combination as is required under the SEC&rsquo;s proxy rules. If we
seek stockholder approval of our initial business combination, we
will consummate the business combination only if a majority of the
outstanding shares of common stock voted are voted in favor of the
business combination.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
12</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In addition, we will not consummate our initial
business combination if public stockholders exercise conversion
rights in an amount that would cause our net tangible assets to be
less than $5,000,001 (so that this offering is not subject to Rule
419 promulgated under the Securities Act) or if we do not satisfy
any greater net tangible asset or cash requirement which may be
contained in the agreement relating to our initial business
combination. For example, the proposed business combination may
require: (i) cash consideration to be paid to the target or its
owners, (ii) cash to be transferred to the target for working
capital or other general corporate purposes or (iii) the retention
of cash to satisfy other conditions in accordance with the terms of
the proposed business combination. In the event the aggregate cash
consideration needed to satisfy cash conditions pursuant to the
terms of the proposed business combination exceeds the aggregate
amount of cash available to us (including any cash we may obtain
from financing from third parties or our insiders, officers,
directors or their affiliates, which may not be available on terms
acceptable to us or at all), we will not complete the business
combination (as we may be required to have a lesser number of
shares converted). As a result, we may not be able to locate
another suitable target within the applicable time period, if at
all. However, if we seek stockholder approval of a business
combination and if a significant number of public stockholders
properly seek to convert their public shares in connection with a
proposed business combination, we or our insiders or their
affiliates could purchase some or all of such shares in the open
market or in private transactions in order to seek to satisfy the
cash conditions. However, they have no current commitments, plans
or intentions to engage in such transactions and have not
formulated any terms or conditions for any such transactions. No
funds from the trust account can be released from the trust account
prior to the consummation of a business combination to make such
purchases (although such purchases could be made using funds
available to us after the closing of a business combination). We do
not currently anticipate that such purchases, if any, would
constitute a tender offer subject to the tender offer rules under
the Exchange Act or a going-private transaction subject to the
going-private rules under the Exchange Act; however, if the
purchasers determine at the time of any such purchases that the
purchases are subject to such rules, the purchasers will comply
with such rules. Notwithstanding the foregoing, we or our insiders
and their affiliates will not make purchases of shares of common
stock if the purchases would violate <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">Sections 9(a)(2)</FONT> or 10(b) of the
Exchange Act or Regulation M, which are rules that prohibit
manipulation of a company&rsquo;s stock, and we and they will
comply with Rule 10b-18 under the Exchange Act in connection with
any open-market purchases. If purchases cannot be made without
violating applicable law, no such purchases will be
made.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
13</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
insiders have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after this offering
in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment to our certificate of incorporation
that would affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial
business combination within 18 months from the closing of this offering, unless we provide our public stockholders with the opportunity
to redeem their shares of common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not
previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares, (C)
not to convert any shares (including the insider shares and private shares) into the right to receive cash from the trust account
in connection with a stockholder vote to approve our proposed initial business combination (or sell any shares they hold to us
in a tender offer in connection with a proposed initial business combination) or a vote to amend the provisions of our certificate
of incorporation relating to the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
our initial business combination within 18 months from the closing of this offering and (D) that the insider shares and private
shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the trust account if a business combination
is not consummated. Depending on how a business combination was structured, any stockholder approval requirement could be satisfied
by obtaining the approval of either (i) a majority of the shares of our common stock that were voted at the meeting (assuming
a quorum was present at the meeting), or (ii) a majority of the outstanding shares of our common stock. Because our insiders,
officers and directors will collectively beneficially own approximately 24.0% of our issued and outstanding shares of common stock
(assuming they do not purchase any units in this offering and assuming the over-allotment option has not been exercised and an
aggregate of 656,250 insider shares have been forfeited as a result thereof) upon consummation of this offering and the sale of
the private units, a minimum of approximately 231,251 public shares, or 1.3% of the outstanding shares of our common stock (if
the approval requirement was a majority of shares voted and the minimum number of shares required for a quorum attended the meeting),
would need to be voted in favor a business combination in order for it to be approved. </P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">None of our insiders, officers, directors,
director nominees or their affiliates has committed to purchase
units in this offering or any units or shares of common stock in
the open market or in private transactions. However, if a
significant number of stockholders vote, or indicate an intention
to vote, against a proposed business combination, our insiders,
officers, directors or their affiliates could make such purchases
in the open market or in private transactions in order to influence
the vote. Notwithstanding the foregoing, our insiders, officers,
directors and their affiliates will not make purchases of shares of
common stock if the purchases would violate Section 9(a)(2) or Rule
10b-5 of the Exchange Act.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Conditions to completing our initial business
combination</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
There is no limitation on our ability to raise funds privately or
through loans in connection with our initial business combination.
Our initial business combination must occur with one or more target
businesses that together have an aggregate fair market value of at
least 80% of the value of the trust account (excluding any deferred
underwriter&rsquo;s fees and taxes payable on the income earned on
the trust account) at the time of the agreement to enter into the
initial business combination. If we are no longer listed on Nasdaq,
we will not be required to satisfy the 80% test.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If our board is not able to independently
determine the fair market value of the target business or
businesses, we may obtain an opinion from an independent investment
banking or accounting firm as to the fair market value of the
target business. We will complete our initial business combination
only if the post-transaction company in which our public
stockholders own shares will own or acquire 50% or more of the
outstanding voting securities of the target or otherwise acquires a
controlling interest in the target sufficient for it not to be
required to register as an investment company under the Investment
Company Act. Even if the post-transaction company owns 50% or more
of the voting securities of the target, our stockholders prior to
the business combination may collectively own a minority interest
in the post business combination company, depending on valuations
ascribed to the target and us in the business combination
transaction. If less than 100% of the equity interests or assets of
a target business or businesses are owned or acquired by the
post-transaction company, the portion of such business or
businesses that is owned or acquired is what will be valued for
purposes of the 80% test, provided that in the event that the
business combination involves more than one target business, the
80% test will be based on the aggregate value of all of the target
businesses.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Conversion rights</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In connection with a business combination,
public stockholders will have the right to convert their shares
into an amount equal to (1) the number of public shares being
converted by such public holder divided by the total number of
public shares multiplied by (2) the amount then in the trust
account (initially $10.20 per share), which includes the deferred
underwriting commission, plus a pro rata portion of any interest
earned on the funds held in the trust account and not previously
released to us or necessary to pay our taxes. At any meeting called
to approve an initial business combination, public stockholders may
elect to convert their share regardless of whether or not they vote
to approve the business combination.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As described above under &ldquo;&mdash;
Stockholder approval of, or tender offer in connection with,
initial business combination &mdash;,&rdquo; we will consummate our
initial business combination only if public stockholders do not
exercise conversion rights in an amount that would cause our net
tangible assets to be less than $5,000,001 (so that this offering
is not subject to Rule 419 promulgated under the Securities Act).
As a result, if stockholders owning approximately 96.3% (or
approximately 95.9% if the over-allotment option is exercised in
full) or more of the shares of common stock sold in this offering
exercise conversion rights, the business combination will not be
consummated. However, the actual percentages will only be able to
be determined once a target business is located and we can assess
all of the assets and liabilities of the combined company upon
consummation of the proposed business combination (which would
include the deferred underwriting discounts and commissions payable
to Chardan Capital Markets, LLC in an amount equal to 2.5% of the
total gross proceeds raised in the offering as described elsewhere
in this prospectus, any out-of-pocket expenses incurred by our
insiders, officers, directors or their affiliates in connection
with certain activities on our behalf, such as identifying and
investigating possible business targets and business combinations
that have not been repaid at that time, as well as any other
liabilities of ours and the liabilities of the target business). As
a result, the actual percentages of shares that can be converted
may be significantly lower than our estimates. In addition, in
order to satisfy any greater net tangible asset or cash condition
which may be contained in the agreement relating to our initial
business combination, we may not be able to consummate a business
combination unless the number of shares of common stock seeking
conversion rights is significantly less than the 96.3% (or 95.9% if
the over-allotment option is exercised in full) indicated above. As
a result, we may not be able to consummate such initial business
combination and we may not be able to locate another suitable
target within the applicable time period, if at all.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Notwithstanding the foregoing, a public
stockholder, together with any affiliate of his or hers, or any
other person with whom he or she is acting in concert or as a
&ldquo;group&rdquo; (as defined in Section 13(d)(3) of the Exchange
Act) will be restricted from seeking conversion rights with respect
to 20% or more of the shares of common stock sold in this offering
without our prior written consent. We believe this restriction will
prevent an individual stockholder or &ldquo;group&rdquo; from
accumulating large blocks of shares before the vote held to approve
a proposed business combination and attempt to use the conversion
right as a means to force us or our management to purchase its
shares at a significant premium to the then current market price.
By not allowing a stockholder to convert more than 20% of the
shares of common stock sold in this offering, we believe we have
limited the ability of a small group of stockholders to
unreasonably attempt to block a transaction which is favored by our
other public stockholders.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
16</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may require public stockholders seeking to
convert their shares in connection with a stockholder vote on a
business combination, whether they are a record holder or hold
their shares in &ldquo;street name,&rdquo; to either tender their
certificates to our transfer agent or to deliver their shares to
the transfer agent electronically using Depository Trust
Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at
the holder&rsquo;s option, at least two business days prior to the
vote on the initial business combination (a tender of shares is
always required in connection with a tender offer). The requirement
for physical or electronic delivery prior to the meeting ensures
that a holder&rsquo;s election to convert his or her shares is
irrevocable once the business combination is approved. There is a
nominal cost associated with this tendering process and the act of
certificating the shares or delivering them through the DWAC
system. The transfer agent will typically charge the tendering
broker $45 and it would be up to the broker whether or not to pass
this cost on to the converting holder. However, this fee would be
incurred regardless of whether or not we require holders to deliver
their shares prior to the vote on the business combination in order
to exercise conversion rights. This is because a holder would need
to deliver shares to exercise conversion rights regardless of the
timing of when such delivery must be effectuated. However, in the
event we require stockholders to deliver their shares prior to the
vote on the proposed business combination and the proposed business
combination is not consummated, this may result in an increased
cost to stockholders.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Release of funds in trust account on closing of our initial
business combination</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><BR>
<BR>
On the completion of our initial business combination, all amounts
held in the trust account will be released to us. We will use these
funds to pay amounts due to any public stockholders who exercise
their conversion rights as described above under &ldquo;&mdash;
Conversion rights,&rdquo; to pay the underwriters their deferred
underwriting commissions, to pay all or a portion of the
consideration payable to the target or targets or owners of the
target or targets of our initial business combination and to pay
other expenses associated with our initial business combination. If
our initial business combination is paid for using stock or debt
securities, or not all of the funds released from the trust account
are used for payment of the consideration in connection with our
initial business combination, we may apply the balance of the cash
released to us from the trust account for general corporate
purposes, including for maintenance or expansion of operations of
post-transaction businesses, the payment of principal or interest
due on indebtedness incurred in completing our initial business
combination, to fund the purchase of other companies or for working
capital.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Liquidation
if no business combination</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <BR>
If we are unable to complete our initial business combination within 18 months from the closing of this offering, we will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
days thereafter, redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account which
redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further
liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining holders of common stock and our board of directors, dissolve and liquidate, subject (in
the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. </P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
17</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In connection with our redemption of 100% of our
outstanding public shares, each holder will receive an amount equal
to (1) the number of public shares being converted by such public
holder divided by the total number of public shares multiplied by
(2) the amount then in the trust account (initially $10.20 per
share), which includes the deferred underwriting commission, plus a
pro rata portion of any interest earned on the funds held in the
trust account and not previously released to us or necessary to pay
our taxes (subject in each case to our obligations under Delaware
law to provide for claims of creditors). Holders of warrants will
receive no proceeds in connection with the liquidation with respect
to such warrants, which will expire worthless.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The proceeds deposited in the trust account
could, however, become subject to claims of our creditors that are
in preference to the claims of our stockholders. We may not have
funds sufficient to pay or provide for all creditors&rsquo; claims.
Although we will seek to have all third parties (including any
vendors or other entities we engage after this offering) and any
prospective target businesses enter into valid and enforceable
agreements with us waiving any right, title, interest or claim of
any kind in or to any monies held in the trust account, there is no
guarantee that they will execute such agreements. There is also no
guarantee that the third parties would not challenge the
enforceability of these waivers and bring claims against the trust
account for monies owed them. In addition, if we are forced to file
a bankruptcy case or an involuntary bankruptcy case is filed
against us that is not dismissed, the proceeds held in the trust
account could be subject to applicable bankruptcy law, and may be
included in our bankruptcy estate and subject to the claims of
third parties with priority over the claims of our stockholders.
Therefore, the actual per-share redemption price may be less than
$10.20.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The holders of the insider shares and private
units will not participate in any redemption with respect to their
insider shares or private shares.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we are unable to conclude our initial
business combination and we expend all of the net proceeds of this
offering not deposited in the trust account, without taking into
account any interest earned on the trust account, we expect that
the initial per-share redemption price will be approximately
$10.20.</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="left" STYLE=
"margin-bottom: 10.0pt; text-align: left; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 4.0pt;">&nbsp;</FONT></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="98%" STYLE=
"width: 98.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will pay the costs of any liquidation
following the redemptions from our remaining assets outside of the
trust account. If such funds are insufficient, our insiders have
agreed to pay the funds necessary to complete such liquidation
(currently anticipated to be no more than approximately $15,000)
and have agreed not to seek repayment for such expenses.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.82%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="65%" VALIGN="bottom" STYLE=
"width: 65.62%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The underwriters have agreed to waive their
rights to the deferred underwriting commissions held in the trust
account in the event we do not consummate a business combination
within 18 months from the closing of this offering and in such
event, such amounts will be included with the funds held in the
trust account that will be available to fund the redemption of our
public shares.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
18</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Risks</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are a newly formed company that has conducted no operations and
has generated no revenues. Until we complete our initial business
combination, we will have no operations and will generate no
operating revenues. In making your decision whether to invest in
our securities, you should take into account not only the
background of our management team, but also the special risks we
face as a blank check company. This offering is not being conducted
in compliance with Rule 419 promulgated under the Securities Act.
Accordingly, you will not be entitled to protections normally
afforded to investors in Rule 419 blank check offerings. For
additional information concerning how Rule 419 blank check
offerings differ from this offering, please see &ldquo;Proposed
Business &mdash; Comparison to offerings of blank check companies
subject to Rule 419.&rdquo; You should carefully consider these and
the other risks set forth in the section entitled &ldquo;Risk
Factors&rdquo; beginning on page 21 of this prospectus.</P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
19</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">SUMMARY FINANCIAL
DATA</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table summarizes the relevant financial data for our
business and should be read with our financial statements, which
are included in this prospectus. We have not had any significant
operations to date, and accordingly only balance sheet data is
presented.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border: #000 0px solid; margin: 0 auto; width: 98%; border-collapse: collapse">
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="9" STYLE="padding: 0in; vertical-align: bottom; background-color: white"><DIV STYLE="border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; padding: 0in; border-left-style: none; border-bottom-style: solid"><P CLASS="TCH" STYLE="margin: 0in; padding: 0in; margin-bottom: 0pt; font: bold 9pt/normal TimesNewRomanPSStd-Bold; border-style: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3pt; margin-left: 3pt; text-align: center; text-autospace: none; color: black"> <B>March
                                         31, 2018</B> </P>

</DIV>

</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
</TR>
<TR>
<TD STYLE="padding: 0in 0in 1pt; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in 0in 1pt; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="3" STYLE="padding: 0in 0in 1pt; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Actual </P>
</DIV>
</TD>
<TD STYLE="padding: 0in 0in 1pt; vertical-align: bottom; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD COLSPAN="2" STYLE="padding: 0in 0in 1pt; vertical-align: bottom; background-color: white"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> As
                                         Adjusted<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</DIV>
</TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="margin: 0in; padding-top: 0in; padding-right: 0in; border-bottom: Black 1pt solid; padding-left: 0in; font: bold 9pt/normal TimesNewRomanPSStd-Bold; margin-bottom: 0pt; border-top-style: none; border-right-style: none; border-left-style: none; mso-style-name: TCH; margin-top: 0in; margin-right: 3pt; margin-left: 3pt; text-align: center; text-autospace: none; color: black"> December
    31,<BR> 2017 </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> &nbsp; </TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="padding: 0in; vertical-align: bottom; width: 48%"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Balance
                                         Sheet Data:</B> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1%"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1%"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 12%"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1%"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1%"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1%"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 12%"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="width: 12%; text-align: right; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: bottom"> &nbsp; </TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Working
                                         capital (deficiency) </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (501,172 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 176,839,168 </P>
</TD>
    <TD> &nbsp; </TD>
    <TD STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: left; text-autospace: none; color: black; vertical-align: bottom"> $ </TD>
    <TD STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: right; text-autospace: none; color: black; vertical-align: bottom"> (381,597 </TD>
    <TD STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: left; text-autospace: none; color: black; vertical-align: bottom"> ) </TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
                                         assets </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 866,568 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 181,639,168 </P>
</TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: right; text-autospace: none; color: black; vertical-align: bottom"> 547,642 </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
                                         liabilities<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 840,000 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,800,000 </P>
</TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: right; text-autospace: none; color: black; vertical-align: bottom"> 525,000 </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
</TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Value
                                         of common stock subject to possible conversion/tender<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 171,839,165 </P>
</TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: right; text-autospace: none; color: black; vertical-align: bottom"> &mdash; </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Stockholders&rsquo;
                                         equity </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 26,568 </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,000,003 </P>
</TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: right; text-autospace: none; color: black; vertical-align: bottom"> 22,642 </TD>
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Includes $11,500,000 we will receive from the sale of the private units. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> The
&ldquo;as adjusted&rdquo; liabilities represents up to $4,375,000
of deferred underwriting commissions and the $425,000 promissory
note to VK Consulting.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The &ldquo;as adjusted&rdquo; value of common stock which may be subject to possible conversion/tender for cash is derived
by taking 16,846,977 shares of common stock which may be converted, representing the maximum number of shares that may be converted
or sold while maintaining at least $5,000,001 in net tangible assets after this offering, multiplied by a conversion price of
$10.20. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The &ldquo;as adjusted&rdquo; column gives effect to the sale of
the units we are offering, including the application of the related
gross proceeds and the payment of the estimated remaining costs
from such sale and the repayment of the accrued and other
liabilities required to be repaid such that we have at least
$5,000,001 of net tangible assets upon consummation of this
offering and upon consummation of our initial business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The &ldquo;as adjusted&rdquo; working capital amount includes the
$174,125,000 to be held in the trust account, excluding the
deferred underwriting commission of $4,375,000 to be held in the
trust account, which, except for limited situations described in
this prospectus, will be available to us only upon the consummation
of our initial business combination within the time period
described in this prospectus. The &ldquo;as adjusted&rdquo; total
assets amount includes the $174,125,000 to be held in the trust
account, and the deferred underwriting commission of $4,375,000. If
our initial business combination is not so consummated, the trust
account, less amounts we are permitted to withdraw as described in
this prospectus, will be distributed solely to our public
stockholders (subject to our obligations under Delaware law to
provide for claims of creditors).</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">RISK FACTORS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">An investment in our
securities involves a high degree of risk. You should consider
carefully all of the risks described below, which we believe
represent the material risks related to the offering, together with
the other information contained in this prospectus, before making a
decision to invest in our units. If any of the following events
occur, our business, financial condition and operating results may
be materially adversely affected. In that event, the trading price
of our securities could decline and you could lose all or part of
your investment. This prospectus also contains forward-looking
statements that involve risks and uncertainties. Our actual results
could differ materially from those anticipated in the
forward-looking statements as a result of specific factors,
including the risks described below.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT STYLE="text-transform: uppercase;">Risks Associated with Our
Business</FONT></P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We are a newly formed early stage company with no operating history
and, accordingly, you have no basis on which to evaluate our
ability to achieve our business objective.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are a newly formed early stage company with no operating
results, and we will not commence operations until obtaining
funding through this offering. Because we lack an operating
history, you have no basis upon which to evaluate our ability to
achieve our business objective, which is to complete our initial
business combination with one or more target businesses. We have
not engaged in any substantive discussions and we have no plans,
arrangements or understandings with any prospective target business
concerning a business combination and may be unable to complete our
business combination. If we fail to complete our business
combination, we will never generate any operating revenues.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our independent registered public accounting firm&rsquo;s report
contains an explanatory paragraph that expresses substantial doubt
about our ability to continue as a &ldquo;going
concern.&rdquo;</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> As
of March 31, 2018, we had $338,828 in cash and a working capital deficiency of $501,172. Further, we have incurred and expect
to continue to incur significant costs in pursuit of our acquisition plans. Management&rsquo;s plans to address this need for
capital through this offering are discussed in the section of this prospectus titled &ldquo;Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations.&rdquo; Our plans to raise capital and to consummate our initial business
combination may not be successful. These factors, among others, raise substantial doubt about our ability to continue as a going
concern. The financial statements contained elsewhere in this prospectus do not include any adjustments that might result from
our inability to consummate this offering or our inability to continue as a going concern. </P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;"> <B><I>If
we are unable to consummate our initial business combination, our public stockholders may be forced to wait more than 18 months
before receiving distributions from the trust account.</I></B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will have until 18 months from the closing of this offering to consummate our initial business combination. We have no obligation
to return funds to investors prior to such date unless we consummate our initial business combination prior thereto and only then
in cases where investors have sought to convert their shares. Only after the expiration of this full time period will holders
of our common stock be entitled to distributions from the trust account if we are unable to complete our initial business combination.
Accordingly, investors&rsquo; funds may be unavailable to them until after such date and to liquidate your investment, public
security holders may be forced to sell their public shares, potentially at a loss. </P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our public stockholders may not be afforded an opportunity to vote
on our proposed business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will either (1) seek stockholder approval of our initial
business combination at a meeting called for such purpose at which
public stockholders may seek to convert their shares, regardless of
whether they vote for or against the proposed business combination,
into their pro rata share of the aggregate amount then on deposit
in the trust account (net of taxes payable), or (2) provide our
public stockholders with the opportunity to sell their shares to us
by means of a tender offer (and thereby avoid the need for a
stockholder vote) for an amount equal to their pro rata share of
the aggregate amount then on deposit in the trust account, in each
case subject to the limitations described elsewhere in this
prospectus. Accordingly, it is possible that we will consummate our
initial business combination even if holders of a majority of our
public shares do not approve of the business combination. The
decision as to whether we will seek stockholder approval of a
proposed business combination or will allow stockholders to sell
their shares to us in a tender offer will be made by us, solely in
our discretion, and will be based on a variety</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
21</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
of factors such as the timing of the transaction and whether the
terms of the transaction would otherwise require us to seek
stockholder approval. For instance, Nasdaq rules currently allow us
to engage in a tender offer in lieu of a stockholder meeting but
would still require us to obtain stockholder approval if we were
seeking to issue more than 20% of our outstanding shares to a
target business as consideration in any business combination.
Therefore, if we were structuring a business combination that
required us to issue more than 20% of our outstanding shares, we
would seek stockholder approval of such business combination
instead of conducting a tender offer.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
You will not be entitled to protections normally afforded to
investors of blank check companies.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Since the net proceeds of this offering are intended to be used to
complete our initial business combination with a target business
that has not been identified, we may be deemed to be a &ldquo;blank
check&rdquo; company under the United States securities laws.
However, since we will have net tangible assets in excess of
$5,000,001 upon the successful consummation of this offering and
will file a Current Report on Form 8-K, including an audited
balance sheet demonstrating this fact, we are exempt from rules
promulgated by the SEC to protect investors of blank check
companies such as Rule 419. Accordingly, investors will not be
afforded the benefits or protections of those rules which would,
for example, completely restrict the transferability of our
securities, require us to complete our initial business combination
within 18 months of the effective date of the initial registration
statement and restrict the use of interest earned on the funds held
in the trust account. Because we are not subject to Rule 419, our
units will be immediately tradable, we will be entitled to withdraw
amounts from the funds held in the trust account prior to the
completion of our initial business combination and we may have a
longer period of time to complete such a business combination than
we would if we were subject to such rule.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If we determine to amend certain agreements made by our management
team, many of the disclosures contained in this prospectus
regarding those agreements would no longer apply.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We could seek to amend certain agreements with our management team
disclosed in this prospectus without the approval of our
stockholders, although we have no current intention to do so. For
example, restrictions on our executives relating to the voting of
securities owned by them, the agreement of our management team to
remain with us until the closing of a business combination, the
obligation of our management team to not propose certain changes to
our organizational documents or the obligation of the management
team and its affiliates to not receive any compensation in
connection with a business combination could be modified without
obtaining stockholder approval. Although stockholders would not be
given the opportunity to redeem their shares in connection with
such changes, in no event would we be able to modify the redemption
or liquidation rights of our stockholders without permitting our
stockholders the right to redeem their shares in connection with
any such change. We will not agree to any such changes unless we
believed that such changes were in the best interests of our
stockholders (for example, if such a modification were necessary to
complete a business combination).</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If we deviate from the acquisition criteria or guidelines set forth
in this prospectus, investors in this offering may have rescission
rights or may bring an action for damages against us or we could be
subject to civil or criminal actions taken by governmental
authorities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we were to elect to deviate from the acquisition criteria or
guidelines set forth in this prospectus, each person who purchased
units in this offering and still held such securities upon learning
of the facts relating to the deviation may seek rescission of the
purchase of the units he or she acquired in the offering (under
which a successful claimant has the right to receive the total
amount paid for his or her securities pursuant to an allegedly
deficient prospectus, plus interest and less any income earned on
the securities, in exchange for surrender of the securities) or
bring an action for damages against us (compensation for loss on an
investment caused by alleged material misrepresentations or
omissions in the sale of a security). In such event, we could also
be subject to civil or criminal actions taken by governmental
authorities. For instance, the SEC can seek injunctions under
Section 20(b) of the Securities Act if it believes a violation
under the Securities Act has occurred or is imminent. The SEC can
also seek civil penalties under Sections 20(d) and 24 if a party
has violated the Securities Act or an injunctive action taken by
the SEC or if a party willfully, in a registration statement filed
under the Securities Act, makes any untrue statement of a material
fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading.
Furthermore, Section 20 allows the SEC to refer matters to the
attorney general to bring criminal penalties against an issuer.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
22</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may issue shares of our capital stock to complete our initial
business combination, which would reduce the equity interest of our
stockholders and likely cause a change in control of our
ownership.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our amended and restated certificate of incorporation currently
authorizes the issuance of up to 100,000,000 shares of common
stock, par value $0.001 per share, and 1,000,000 shares of
preferred stock, par value $0.001 per share. Immediately after this
offering and the purchase of the private units (assuming no
exercise of the underwriters&rsquo; over-allotment option), there
will be approximately 54,825,000 authorized but unissued shares of
common stock available for issuance (after appropriate reservation
for the issuance of the shares (i) underlying the public warrants
and private warrants issuable upon consummation of our initial
business combination, and (ii) underlying the unit purchase option
being issued to Chardan Capital Markets, LLC and/or its designees).
Although we have no commitment as of the date of this offering, we
may issue a substantial number of additional shares of common stock
or shares of preferred stock, or a combination of common stock and
preferred stock, to complete our initial business combination. The
issuance of additional shares of common stock or preferred
stock:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
may significantly reduce the equity interest of investors in this
offering;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
may subordinate the rights of holders of shares of common stock if
we issue shares of preferred stock with rights senior to those
afforded to our shares of common stock;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
may cause a change in control if a substantial number of shares of
common stock are issued, which may affect, among other things, our
ability to use our net operating loss carry forwards, if any, and
could result in the resignation or removal of our present officers
and directors; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
may adversely affect prevailing market prices for our shares of
common stock.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may issue notes or other debt securities, or otherwise incur
substantial debt, to complete a business combination, which may
adversely affect our leverage and financial condition and thus
negatively impact the value of our stockholders&rsquo; investment
in us.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although we have no commitments as of the date of this prospectus
to issue any notes or other debt securities, or to otherwise incur
outstanding debt, we may choose to incur substantial debt to
complete our business combination. However, the incurrence of debt
could have a variety of negative effects, including:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
default and foreclosure on our assets if our operating revenues
after our initial business combination are insufficient to repay
our debt obligations;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
acceleration of our obligations to repay the indebtedness even if
we make all principal and interest payments when due if we breach
certain covenants that require the maintenance of certain financial
ratios or reserves without a waiver or renegotiation of that
covenant;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our immediate payment of all principal and accrued interest, if
any, if the debt security is payable on demand;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our inability to obtain necessary additional financing if the debt
security contains covenants restricting our ability to obtain such
financing while the debt security is outstanding; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
limitations on our ability to borrow additional amounts for
expenses, capital expenditures, acquisitions, debt service
requirements, execution of our strategy and other purposes and
other disadvantages compared to our competitors who have less
debt.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may be limited to the funds held outside of the trust account to
fund our search for target businesses, to pay our tax obligations
and to complete our initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Of the net proceeds of this offering, $2,687,500 (or $1,506,250 if
the over-allotment option is exercised in full) is anticipated to
be available to us initially outside the trust account to fund our
working capital requirements. Especially if the over-allotment
option is exercised in full, we may not have sufficient funds
available with which to structure, negotiate or close our
initial</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
business combination. In such event, we would need to borrow funds
from our insiders, officers or directors to operate or may be
forced to liquidate. Our insiders, officers and directors are under
no obligation to loan us any funds. If we are unable to obtain the
funds necessary, we may be forced to cease searching for a target
business and may be unable to complete our initial business
combination.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may not have sufficient working capital to cover our operating
expenses.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Following the consummation of this offering, the amounts available
to us to pay our operating expenses will consist only of the
approximately $2,687,500 (or $1,506,250 if the over-allotment
option is exercised in full) initially held outside of the trust
account. Therefore, if our expenses exceed our estimates, we will
not have sufficient funds outside the trust account to cover our
expenses. In such event, we would need to borrow funds from our
insiders, officers or directors or from third parties to continue
to operate. However, our insiders, officers and directors and third
parties are under no obligation to loan us any funds. If we are
unable to obtain the necessary funds, we may be forced to cease
searching for a target business and liquidate without completing
our initial business combination.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Reimbursement of out-of-pocket expenses incurred by our insiders,
officers, directors or any of their affiliates in connection with
certain activities on our behalf, such as identifying and
investigating possible business targets and business combinations,
could reduce the funds available to us to consummate a business
combination. In addition, an indemnification claim by one or more
of our officers and directors in the event that any of them are
sued in their capacity as an officer or director could also reduce
the funds available to us outside of the trust account.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may reimburse our insiders, officers, directors or any of their
affiliates for out-of-pocket expenses incurred in connection with
certain activities on our behalf, such as identifying and
investigating possible business targets and business combinations.
There is no limit on the amount of out-of-pocket expenses
reimbursable by us; provided, that, to the extent such expenses
exceed the available proceeds not deposited in the trust account,
such expenses would not be reimbursed by us unless we consummate an
initial business combination. In addition, pursuant to our
certificate of incorporation and Delaware law, we may be required
to indemnify our officers and directors in the event that any of
them are sued in their capacity as an officer or director. We will
also enter into agreements with our officers and directors to
provide contractual indemnification in addition to the
indemnification provided for in our certificate of incorporation
and under Delaware law. In the event that we reimburse our
insiders, officers, directors or any of their affiliates for
out-of-pocket expenses prior to the consummation of a business
combination or are required to indemnify any of our officers or
directors pursuant to our certificate of incorporation, Delaware
law, or the indemnity agreements that we will enter into with them,
we would use funds available to us outside of the trust account for
our working capital requirements. Any reduction in the funds
available to us could have a material adverse effect on our ability
to locate and investigate prospective target businesses and to
structure, negotiate, conduct due diligence in connection with or
consummate our initial business combination.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If third parties bring claims against us, the proceeds held in the
trust account could be reduced and the per-share redemption price
received by stockholders may be less than approximately
$10.20.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our placing of funds in the trust account may not protect those
funds from third party claims against us. Although we will seek to
have all vendors and service providers we engage and prospective
target businesses we negotiate with execute agreements with us
waiving any right, title, interest or claim of any kind in or to
any monies held in the trust account for the benefit of our public
stockholders, they may not execute such agreements. Furthermore,
even if such entities execute such agreements with us, they may
seek recourse against the trust account. A court may not uphold the
validity of such agreements. Accordingly, the proceeds held in the
trust account could be subject to claims which could take priority
over those of our public stockholders. If we are unable to complete
an initial business combination within the required time period,
our insiders have agreed that they will be jointly and severally
liable to ensure that the proceeds in the trust account are not
reduced by the claims of target businesses or claims of vendors or
other entities that are owed money by us for services rendered or
contracted for or products sold to us, but only if such a vendor or
prospective target business does not execute such a waiver.
However, our insiders may not be able to meet such obligation as we
have not required our insider to retain any assets to provide for
their indemnification obligations, nor have we taken any further
steps to ensure that our insiders will be able to satisfy any
indemnification obligations that arise. Moreover, our insiders will
not be liable to our public stockholders if they should fail to
satisfy their obligations under this agreement and instead will
only be liable to us. Therefore, the per share redemption or
conversion amount received by public stockholders may be less than
approximately $10.20 due to such claims.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
24</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Additionally, if we are forced to file a bankruptcy case or an
involuntary bankruptcy case is filed against us which is not
dismissed, the proceeds held in the trust account could be subject
to applicable bankruptcy law, and may be included in our bankruptcy
estate and subject to the claims of third parties with priority
over the claims of our stockholders. To the extent any bankruptcy
claims deplete the trust account, the per share redemption or
conversion amount received by public stockholders may be less than
$10.20.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our stockholders may be held liable for claims by third parties
against us to the extent of distributions received by
them.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
we have not completed our initial business combination within 18 months from the closing of this offering, we will (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter,
redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account which redemption will
completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of our remaining holders of common stock and our board of directors, dissolve and liquidate, subject (in the case of (ii) and
(iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. We may not properly assess all claims that may be potentially brought against us. As such, our stockholders could potentially
be liable for any claims to the extent of distributions received by them (but no more) and any liability of our stockholders may
extend well beyond the third anniversary of the date of distribution. Accordingly, third parties may seek to recover from our
stockholders amounts owed to them by us. </P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If, after we distribute the proceeds in the trust account to our
public stockholders, we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not
dismissed, a bankruptcy court may seek to recover such proceeds,
and the members of our board of directors may be viewed as having
breached their fiduciary duties to our creditors, thereby exposing
the members of our board of directors and us to claims of punitive
damages.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If, after we distribute the proceeds in the trust account to our
public stockholders, we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not
dismissed, any distributions received by stockholders could be
viewed under applicable debtor/creditor and/or bankruptcy laws as
either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent
conveyance.&rdquo; As a result, a bankruptcy court could seek to
recover all amounts received by our stockholders. In addition, our
board of directors may be viewed as having breached its fiduciary
duty to our creditors and/or having acted in bad faith, thereby
exposing itself and us to claims of punitive damages, by paying
public stockholders from the trust account prior to addressing the
claims of creditors.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If, before distributing the proceeds in the trust account to our
public stockholders, we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not
dismissed, the claims of creditors in such proceeding may have
priority over the claims of our stockholders and the per-share
amount that would otherwise be received by our stockholders in
connection with our liquidation may be reduced.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If, before distributing the proceeds in the trust account to our
public stockholders, we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not
dismissed, the proceeds held in the trust account could be subject
to applicable bankruptcy law, and may be included in our bankruptcy
estate and subject to the claims of third parties with priority
over the claims of our stockholders. To the extent any bankruptcy
claims deplete the trust account, the per-share amount that would
otherwise be received by our stockholders in connection with our
liquidation may be reduced.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Holders of warrants will not have redemption rights.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we are unable to complete an initial business combination within
the required time period and we redeem the funds held in the trust
account, the warrants will expire and holders will not receive any
of the amounts held in the trust account in exchange for such
warrants.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Since we have not yet selected a particular industry or target
business with which to complete our initial business combination,
we are unable to currently ascertain the merits or risks of the
industry or business in which we may ultimately operate.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although we intend to focus our search on target businesses
operating in oil and gas or other natural resources companies in
Eastern Europe or interested in expanding into Eastern Europe, we
may consummate our initial business combination with a target
business in any industry or geographic region we choose and are not
limited to any particular industry, type of business or geographic
region. Accordingly, there is no current basis for you to evaluate
the possible merits or risks of the particular</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
25</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
industry in which we may ultimately operate or the target business
which we may ultimately consummate our initial business
combination. To the extent we complete our initial business
combination with a financially unstable company or an entity in its
development stage, we may be affected by numerous risks inherent in
the business operations of those entities. If we complete our
initial business combination with an entity in an industry
characterized by a high level of risk, we may be affected by the
currently unascertainable risks of that industry. We may not
properly ascertain or assess all of the significant risk factors.
An investment in our shares may not ultimately prove to be more
favorable to investors in this offering than a direct investment,
if an opportunity were available, in a target business.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
The requirement that our initial business combination occur with
one or more target businesses having an aggregate fair market value
equal to at least 80% of the value of the trust account at the time
of the execution of a definitive agreement for our initial business
combination may limit the type and number of companies that we may
complete such a business combination with.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to the Nasdaq listing rules, our initial business
combination must occur with one or more target businesses having an
aggregate fair market value equal to at least 80% of the value of
the trust account (excluding any deferred underwriter&rsquo;s fees
and taxes payable on the income earned on the trust account) at the
time of the execution of a definitive agreement for our initial
business combination. This restriction may limit the type and
number of companies that we may complete a business combination
with. If we are unable to locate a target business or businesses
that satisfy this fair market value test, we may be forced to
liquidate and you will only be entitled to receive your pro rata
portion of the funds in the trust account. If we are no longer
listed on Nasdaq, we will not be required to satisfy the 80%
test.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our management may not be able to maintain control of a target
business after our initial business combination. We cannot provide
assurance that, upon loss of control of a target business, new
management will possess the skills, qualifications or abilities
necessary to profitably operate such business.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may structure our initial business combination such that the
post-transaction company owns less than 100% of such interests or
assets of the target business in order to meet certain objectives
of the target management team or stockholders or for other reasons,
but we will only complete such business combination if the
post-transaction company owns 50% or more of the outstanding voting
securities of the target or otherwise owns a controlling interest
in the target sufficient for it not to be required to register as
an investment company under the Investment Company Act. Even if the
post-transaction company owns 50% or more of the voting securities
of the target, our stockholders prior to the business combination
may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in
the business combination transaction. For example, we could pursue
a transaction in which we issue a substantial number of new shares
in exchange for all of the outstanding capital stock of a target.
In this case, we would acquire a 100% controlling interest in the
target. However, as a result of the issuance of a substantial
number of new shares, our stockholders immediately prior to our
initial business combination could own less than a majority of our
outstanding shares subsequent to our initial business combination.
In addition, other minority stockholders may subsequently combine
their holdings resulting in a single person or group obtaining a
larger share of the company&rsquo;s stock than we initially
acquired. Accordingly, this may make it more likely that our
management will not be able to maintain our control of the target
business.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our ability to successfully effect our initial business combination
and to be successful thereafter will be totally dependent upon the
efforts of our key personnel, some of whom may join us following
our initial business combination. While we intend to closely
scrutinize any individuals we engage after our initial business
combination, our assessment of these individuals may not prove to
be correct.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our ability to successfully effect our initial business combination
is dependent upon the efforts of our key personnel. We believe that
our success depends on the continued service of our key personnel,
at least until we have consummated our initial business
combination. None of our officers are required to commit any
specified amount of time to our affairs (although we expect them to
devote approximately 10 hours per week to our business) and,
accordingly, they will have conflicts of interest in allocating
management time among various business activities, including
identifying potential business combinations and monitoring the
related due diligence. If our officers&rsquo; and directors&rsquo;
other business affairs require them to devote more substantial
amounts of time to their other business activities, it could limit
their ability to devote time to our affairs and could have a
negative impact on our ability to consummate our initial business
combination. In addition, we do not have employment agreements
with, or key-man insurance on the life of, any of our officers. The
unexpected loss of the services of our key personnel could have a
detrimental effect on us.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
26</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The role of our key personnel after our initial business
combination, however, remains to be determined. Although some of
our key personnel serve in senior management or advisory positions
following our initial business combination, it is likely that most,
if not all, of the management of the target business will remain in
place. These individuals may be unfamiliar with the requirements of
operating a public company which could cause us to have to expend
time and resources helping them become familiar with such
requirements. This could be expensive and time-consuming and could
lead to various regulatory issues which may adversely affect our
operations.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our officers and directors may not have significant experience or
knowledge regarding the jurisdiction or industry of the target
business we may seek to consummate our initial business combination
with.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may consummate a business combination with a target business in
any geographic location or industry we choose. Our officers and
directors may not have enough experience or sufficient knowledge
relating to the jurisdiction of the target or its industry to make
an informed decision regarding our initial business
combination.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our key personnel may negotiate employment or consulting agreements
with a target business in connection with a particular business
combination. These agreements may provide for them to receive
compensation following our initial business combination and as a
result, may cause them to have conflicts of interest in determining
whether a particular business combination is the most
advantageous.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our key personnel may be able to remain with the company after the
completion of our business combination only if they are able to
negotiate employment or consulting agreements in connection with
the business combination. Such negotiations would take place
simultaneously with the negotiation of the business combination and
could provide for such individuals to receive compensation in the
form of cash payments and/or our securities for services they would
render to us after the completion of the business combination. The
personal and financial interests of such individuals may influence
their motivation in identifying and selecting a target
business.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our insiders, officers, directors and their affiliates may be owed
reimbursement for out-of-pocket expenses which may cause them to
have conflicts of interest in determining whether a particular
business combination is most advantageous.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our insiders, officers, directors and their affiliates may incur
out-of-pocket expenses in connection with certain activities on our
behalf, such as identifying and investigating possible business
targets and combinations. We have no policy that would prohibit
these individuals and their affiliates from negotiating the
reimbursement of such expenses by a target business. As a result,
the personal and financial interests of such individuals may
influence their motivation in identifying and selecting a target
business.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Members of our management team may have affiliations with entities
engaged in business activities similar to those intended to be
conducted by us and accordingly, may have conflicts of interest in
determining to which entity a particular business opportunity
should be presented.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Members of our management team may have affiliations with
companies, including companies that are engaged in business
activities similar to those intended to be conducted by us.
Accordingly, they may participate in transactions and have
obligations that may be in conflict or competition with our
consummation of our initial business combination. As a result, a
potential target business may be presented by our management team
to another entity prior to its presentation to us and we may not be
afforded the opportunity to engage in a transaction with such
target business. For a more detailed description of the potential
conflicts of interest of our management, see the section titled
&ldquo;Management &mdash; Conflicts of Interest.&rdquo;</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may engage in a business combination with one or more target
businesses that have relationships with entities that may be
affiliated with our executive officers, directors or insiders,
which may raise potential conflicts of interest.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In light of the involvement of our insiders, officers, directors
and director nominees with other entities, we may decide to acquire
one or more businesses affiliated with our insiders, officers,
directors and director nominees. Our directors and director
nominees also serve as officers and board members for other
entities, including, without limitation, those described under
&ldquo;Management &mdash; Conflicts of Interest.&rdquo; Our
insiders, officers, directors and director nominees are not
currently aware of any specific opportunities for us to complete
our business combination with any entities with which they are
affiliated, and there have been no preliminary discussions
concerning a business combination with any such entity or entities.
Although we will not be specifically focusing on, or targeting, any
transaction with any affiliated entities, we would pursue such a
transaction if we determined that such affiliated entity met our
criteria for a business combination as set forth in &ldquo;Proposed
Business &mdash; Effecting</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
27</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our Initial Business Combination &mdash; Selection of a Target
Business and Structuring of Our Initial Business
Combination,&rdquo; such transaction was approved by a majority of
our disinterested and independent directors (if we have any at that
time), and we obtain an opinion from an independent investment
banking firm that the business combination is fair to our
unaffiliated stockholders from a financial point of view. Despite
our agreement to obtain an opinion from an independent investment
banking firm regarding the fairness to our company from a financial
point of view of a business combination with one or more domestic
or international businesses affiliated with our officers, directors
or insiders, potential conflicts of interest still may exist and,
as a result, the terms of the business combination may not be as
advantageous to our public stockholders as they would be absent any
conflicts of interest.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
The shares beneficially owned by our insiders, officers and
directors will not participate in a redemption and, therefore, our
insiders, officers and directors may have a conflict of interest in
determining whether a particular target business is appropriate for
our initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our insiders, officers and directors have waived their right to
convert their insider shares and private shares in connection with
a business combination and their redemption rights with respect to
their insider shares and private shares if we are unable to
consummate our initial business combination. Accordingly, these
securities will be worthless if we do not consummate our initial
business combination. Any warrants they hold, like those held by
the public, will also be worthless if we do not consummate an
initial business combination. The personal and financial interests
of our directors and officers may influence their motivation in
timely identifying and selecting a target business and completing a
business combination. Consequently, our directors&rsquo; and
officers&rsquo; discretion in identifying and selecting a suitable
target business may result in a conflict of interest when
determining whether the terms, conditions and timing of a
particular business combination are appropriate and in our
stockholders&rsquo; best interest.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If we are unable to consummate a business combination, any loans
made by our insiders, officers, directors or their affiliates would
not be repaid, resulting in a potential conflict of interest in
determining whether a potential transaction is in our
stockholders&rsquo; best interest.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In order to meet our working capital needs following the
consummation of this offering, our insiders, officers, directors or
their affiliates may, but are not obligated to, loan us funds, from
time to time or at any time, in whatever amount they deem
reasonable in their sole discretion. The loans would be
non-interest bearing and would be payable at the consummation of a
business combination. If we fail to consummate a business
combination within the required time period, the loans would not be
repaid. Consequently, our directors and officers may have a
conflict of interest in determining whether the terms, conditions
and timing of a particular business combination are appropriate and
in our stockholders&rsquo; best interest.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Nasdaq may delist our securities from quotation on its exchange
which could limit investors&rsquo; ability to make transactions in
our securities and subject us to additional trading
restrictions.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We anticipate that our securities will be listed on Nasdaq, a
national securities exchange, upon consummation of this offering.
Although after giving effect to this offering we expect to meet, on
a pro forma basis, the minimum initial listing standards set forth
in the Nasdaq listing standards, we cannot assure you that our
securities will be, or will continue to be, listed on Nasdaq in the
future or prior to our initial business combination. In order to
continue listing our securities on Nasdaq prior to our initial
business combination, we must maintain certain financial,
distribution and stock price levels. Generally, we must maintain a
minimum amount in stockholders&rsquo; equity (generally $5.0
million) and a minimum number of holders of our securities
(generally 300 public holders). Additionally, in connection with
our initial business combination, we will be required to
demonstrate compliance with Nasdaq&rsquo;s initial listing
requirements, which are more rigorous than Nasdaq&rsquo;s continued
listing requirements, in order to continue to maintain the listing
of our securities on Nasdaq. For instance, our stock price would
generally be required to be at least $4.00 per share and our
stockholders&rsquo; equity would generally be required to be at
least $5.0 million. We cannot assure you that we will be able to
meet those initial listing requirements at that time.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If Nasdaq delists our securities from trading on its exchange, we
could face significant material adverse consequences,
including:</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> a
limited availability of market quotations for our securities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reduced liquidity with respect to our securities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> a
determination that our shares are a &ldquo;penny stock,&rdquo;
which will require brokers trading in our shares to adhere to more
stringent rules, possibly resulting in a reduced level of trading
activity in the secondary trading market for our shares;</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
28</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> a
limited amount of news and analyst coverage for our company;
and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> a
decreased ability to issue additional securities or obtain
additional financing in the future.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may only be able to complete one business combination with the
proceeds of this offering, which will cause us to be solely
dependent on a single business which may have a limited number of
products or services.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
It is likely we will consummate our initial business combination
with a single target business, although we have the ability to
simultaneously consummate our initial business combination with
several target businesses. By consummating a business combination
with only a single entity, our lack of diversification may subject
us to numerous economic, competitive and regulatory developments.
Further, we would not be able to diversify our operations or
benefit from the possible spreading of risks or offsetting of
losses, unlike other entities which may have the resources to
complete several business combinations in different industries or
different areas of a single industry. Accordingly, the prospects
for our success may be:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
solely dependent upon the performance of a single business, or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
dependent upon the development or market acceptance of a single or
limited number of products, processes or services.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
This lack of diversification may subject us to numerous economic,
competitive and regulatory developments, any or all of which may
have a substantial adverse impact upon the particular industry in
which we may operate subsequent to our initial business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Alternatively, if we determine to simultaneously consummate our
initial business combination with several businesses and such
businesses are owned by different sellers, we will need for each of
such sellers to agree that our purchase of its business is
contingent on the simultaneous closings of the other business
combinations, which may make it more difficult for us, and delay
our ability, to complete the business combination. With multiple
business combinations, we could also face additional risks,
including additional burdens and costs with respect to possible
multiple negotiations and due diligence investigations (if there
are multiple sellers) and the additional risks associated with the
subsequent assimilation of the operations and services or products
of the target companies in a single operating business. If we are
unable to adequately address these risks, it could negatively
impact our profitability and results of operations.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
The ability of our public stockholders to exercise their conversion
rights may not allow us to effectuate the most desirable business
combination or optimize our capital structure.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If our initial business combination requires us to use
substantially all of our cash to pay the purchase price, because we
will not know how many public stockholders may exercise conversion
rights, we may either need to reserve part of the trust account for
possible payment upon such conversion, or we may need to arrange
third party financing to help fund our initial business
combination. In the event that the business combination involves
the issuance of our stock as consideration, we may be required to
issue a higher percentage of our stock to make up for a shortfall
in funds. Raising additional funds to cover any shortfall may
involve dilutive equity financing or incurring indebtedness at
higher than desirable levels. This may limit our ability to
effectuate the most attractive business combination available to
us.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT STYLE="letter-spacing: -.1pt;">We may be unable to consummate
an initial business combination if a target business requires that
we have a certain amount of cash at closing, in which case public
stockholders may have to remain stockholders of our company and
wait until our redemption of the public shares to receive a pro
rata share of the trust account or attempt to sell their shares in
the open market.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> A
potential target may make it a closing condition to our initial business combination that we have a certain amount of cash in
excess of the $5,000,001 of net tangible assets we are required to have pursuant to our organizational documents available at
the time of closing. If the number of our public stockholders electing to exercise their conversion rights has the effect of reducing
the amount of money available to us to consummate an initial business combination below such minimum amount required by the target
business and we are not able to locate an alternative source of funding, we will not be able to consummate such initial business
combination and we may not be able to locate another suitable target within the applicable time period, if at all. In that case,
public stockholders may have to remain stockholders of our company and wait the full 18 months in order to be able to receive
a portion of the trust account, or attempt to sell their shares in the open market prior to such time, in which case they may
receive less than they would have in a liquidation of the trust account. </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
29</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Public stockholders, together with any affiliates of theirs or any
other person with whom they are acting in concert or as a
&ldquo;group,&rdquo; will be restricted from seeking conversion
rights with respect to more than 20% of the shares of common stock
sold in this offering.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In connection with any meeting held to approve an initial business
combination, we will offer each public stockholder (but not our
insiders, officers or directors) the right to have his, her, or its
shares of common stock converted into cash. Notwithstanding the
foregoing, a public stockholder, together with any affiliate of his
or hers, or any other person with whom he or she is acting in
concert or as a &ldquo;group&rdquo; will be restricted from seeking
conversion rights with respect to more than 20% of the shares of
common stock sold in this offering. Generally, in this context, a
stockholder will be deemed to be acting in concert or as a group
with another stockholder when such stockholders agree to act
together for the purpose of acquiring, voting, holding or disposing
of our equity securities. Accordingly, if you purchase more than
20% of the shares of common stock sold in this offering and our
proposed business combination is approved, you will not be able to
seek conversion rights with respect to the full amount of your
shares and may be forced to hold such additional shares of common
stock or sell them in the open market. The value of such additional
shares may not appreciate over time following our initial business
combination, and the market price of our shares of common stock may
not exceed the per-share conversion price.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may require public stockholders who wish to convert their shares
of common stock in connection with a vote of stockholders on a
proposed business combination to comply with specific requirements
for conversion that may make it more difficult for them to exercise
their conversion rights prior to the deadline for exercising their
rights.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">In connection with any
stockholder meeting called to approve a proposed initial business
combination, each public stockholder will have the right,
regardless of whether he or she is voting for or against such
proposed business combination, to demand that we convert his or her
shares of common stock into a share of the trust account. We may
require public stockholders seeking to convert their shares in
connection with a stockholder vote on a proposed business
combination, whether they are a record holder or hold their shares
in &ldquo;street name,&rdquo; to either tender their certificates
to our transfer agent or to deliver their shares to the transfer
agent electronically using Depository Trust Company&rsquo;s DWAC
(Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s
option, at least two business days on the initial business
combination (a tender of shares is always required in connection
with a tender offer). In order to obtain a physical stock
certificate, a stockholder&rsquo;s broker and/or clearing broker,
DTC and our transfer agent will need to act to facilitate this
request. It is our understanding that stockholders should generally
allot at least two weeks to obtain physical certificates from the
transfer agent. However, because we do not have any control over
this process or over the brokers or DTC, it may take significantly
longer than two weeks to obtain a physical stock certificate. While
we have been advised that it takes a short time to deliver shares
through the DWAC System, this may not be the case. Under Delaware
law and our bylaws, we are required to provide at least 10 days
advance notice of any stockholder meeting, which would be the
minimum amount of time a public stockholder would have to determine
whether to exercise conversion rights. Accordingly, if it takes
longer than we anticipate for stockholders to deliver their shares,
stockholders who wish to convert may be unable to meet the deadline
for exercising their conversion rights and thus may be unable to
convert their shares.</FONT></P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If we require public stockholders who wish to convert their shares
of common stock to comply with the delivery requirements discussed
above for conversion, such converting stockholders may be unable to
sell their securities when they wish to in the event that the
proposed business combination is not approved.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we require public stockholders who wish to convert their shares
of common stock to comply with the delivery requirements discussed
above for conversion and such proposed business combination is not
consummated, we will promptly return such certificates to the
tendering public stockholders. Accordingly, investors who attempted
to convert their shares in such a circumstance will be unable to
sell their securities after the failed business combination until
we have returned their securities to them. The market price for our
shares of common stock may decline during this time and you may not
be able to sell your securities when you wish to, even while other
stockholders that did not seek conversion may be able to sell their
securities.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Because of our structure, other companies may have a competitive
advantage and we may not be able to consummate an attractive
business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We expect to encounter intense competition from entities other than
blank check companies having a business objective similar to ours,
including venture capital funds, leveraged buyout funds and
operating businesses competing for acquisitions. Many of these
entities are well established and have extensive experience in
identifying and effecting business combinations directly or through
affiliates. Many of these competitors possess greater technical,
human and other resources than we do and our</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
30</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
financial resources will be relatively limited when contrasted with
those of many of these competitors. Therefore, our ability to
compete in consummating our initial business combination with
certain sizable target businesses may be limited by our available
financial resources. This inherent competitive limitation gives
others an advantage in pursuing a business combination with certain
target businesses. Furthermore, seeking stockholder approval of our
initial business combination may delay the consummation of a
transaction. Additionally, our warrants, and the future dilution
they represent (entitling the holders to receive shares of our
common stock on exercise of the warrants), may not be viewed
favorably by certain target businesses. Any of the foregoing may
place us at a competitive disadvantage in successfully negotiating
our initial business combination.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our ability to consummate an attractive business combination may be
impacted by the market for initial public offerings.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our efforts to identify a prospective target business will not be
limited to any particular industry or geographic region, although
our focus will be oil and gas companies operating in Eastern
Europe. If the market for initial public offerings is limited, we
believe there will be a greater number of attractive target
businesses open to consummating an initial business combination
with us as a means to achieve publicly held status. Alternatively,
if the market for initial public offerings is robust, we believe
that there will be fewer attractive target businesses amenable to
consummating an initial business combination with us to become a
public reporting company. Accordingly, during periods with strong
public offering markets, it may be more difficult for us to
complete an initial business combination.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may be unable to obtain additional financing, if required, to
complete our initial business combination or to fund the operations
and growth of the target business, which could compel us to
restructure or abandon a particular business
combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Although we believe that the
net proceeds of this offering will be sufficient to allow us to
consummate a business combination, because we have not yet
identified any prospective target business, the capital
requirements for any particular transaction remain to be
determined. If the net proceeds of this offering prove to be
insufficient, either because of the size of the business
combination, the depletion of the available net proceeds in search
of a target business, or the obligation to convert into cash a
significant number of shares of common stock, we will be required
to seek additional financing. Such financing may not be available
on acceptable terms, if at all. To the extent that additional
financing proves to be unavailable when needed to consummate a
particular business combination, we would be compelled to either
restructure the transaction or abandon that particular business
combination and seek an alternative target business candidate. In
addition, if we consummate a business combination, we may require
additional financing to fund the operations or growth of the target
business. The failure to secure additional financing could have a
material adverse effect on the continued development or growth of
the target business. None of our officers, directors or
stockholders is required to provide any financing to us in
connection with or after our initial business
combination.</FONT></P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our insiders, officers and directors, will control a substantial
interest in us and thus may influence certain actions requiring a
stockholder vote.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Upon consummation of our offering and sale of the private units,
our insiders, officers and directors, will collectively
beneficially own approximately 24.0% of our issued and outstanding
shares of common stock (assuming they do not purchase any units in
this offering and assuming the over-allotment option has not been
exercised and an aggregate of 656,250 insider shares have been
forfeited as a result thereof). None of our insiders, officers,
directors, director nominees or their affiliates has committed to
purchase units in this offering or any units or shares from persons
in the open market or in private transactions. However, our
insiders, officers, directors or their affiliates could determine
in the future to make such purchases in the open market or in
private transactions, to the extent permitted by law, in order to
influence the vote. In connection with any vote for a proposed
business combination, our insiders, officers and directors have
agreed to vote the shares of common stock owned by them immediately
before this offering as well as the private shares and any shares
of common stock acquired in this offering or in the aftermarket in
favor of such proposed business combination, and therefore will
have a significant influence on the vote.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our board of directors is divided into three classes and,
therefore, our insiders will continue to exert control over us
until the closing of a business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
board of directors is and will be divided into three classes, each of which will generally serve for a term of three years with
only one class of directors being elected in each year. It is unlikely that there will be an annual meeting of stockholders to
elect new directors prior to the consummation of our initial business combination, in which case all of the current directors
will continue in office until at least the consummation of the business combination. Accordingly, you may not be able to exercise
your voting rights under corporate law for up to 18 months. If there is an annual meeting, as a consequence of our &ldquo;staggered&rdquo; </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
31</P>
<P CLASS="Textflush" STYLE=
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of directors, fewer than half of the board of directors will be considered for election and our insiders, because of their ownership
position, will have considerable influence regarding the outcome. Accordingly, our insiders will continue to exert control at
least until the consummation of our initial business combination. </P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may not hold an annual meeting of stockholders until after the
consummation of our initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In accordance with Nasdaq corporate governance requirements, we are
not required to hold an annual meeting until one year after our
first fiscal year end following our listing on Nasdaq. Under
Section 211(b) of the Delaware General Corporation Law, we are,
however, required to hold an annual meeting of stockholders for the
purposes of electing directors in accordance with our bylaws unless
such election is made by written consent in lieu of such a meeting.
It is unlikely that there will be an annual meeting of stockholders
to elect new directors prior to the consummation of our initial
business combination, and thus we may not be in compliance with
Section 211(b) of the Delaware General Corporation Law, which
requires an annual meeting. Therefore, if our stockholders want us
to hold an annual meeting prior to the consummation of our initial
business combination, they may attempt to force us to hold one by
submitting an application to the Delaware Court of Chancery in
accordance with Section 211(c) of the Delaware General Corporation
Law.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Our insiders paid an aggregate of approximately $33,700, or
approximately $0.007 per share, for the insider shares and our
insiders (and/or their designees) will pay $10.00 per unit for the
private units, for an average price of approximately $2.09 per
share (assuming the over-allotment option has not been exercised
and an aggregate of 656,250 insider shares have been forfeited as a
result thereof), and, accordingly, you will experience immediate
and substantial dilution from the purchase of our shares of common
stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: 0.05pt">The
difference between the public offering price per share and the pro forma net tangible book value per share of common stock after
this offering constitutes the dilution to the investors in this offering. Our insiders acquired the insider shares for approximately
$0.007 per share and our insiders (and/or their designees) will acquire the private shares for $10.00 per share, significantly
contributing to this dilution. Upon consummation of this offering, you and the other new investors will incur an immediate and
substantial dilution of approximately 91.9% or $9.19 per share (the difference between the pro forma net tangible book value per
share of $0.81, and the initial offering price of $10.00 per share), taking into account that the net tangible book value per
share prior to this offering was ($0.11). This is because investors in this offering will be contributing approximately 93.8%
of the total amount paid to us for our outstanding shares of common stock after this offering but will only own 76.0% of our outstanding
shares of common stock. Accordingly, the per-share purchase price you will be paying substantially exceeds our per share net tangible
book value.</FONT> </P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If our insiders exercise their registration rights, it may have an
adverse effect on the market price of our shares of common stock
and the existence of these rights may make it more difficult to
effect our initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .1pt;">Our insiders are entitled to
make a demand that we register the resale of the insider shares at
any time commencing three months prior to the date on which their
shares may be released from escrow. Additionally, the purchasers of
the private units and our insiders, officers, directors or their
affiliates are entitled to demand that we register the resale of
the private units (and underlying securities) and any units (and
underlying securities) our insiders, officers, directors or their
affiliates may be issued in payment of working capital loans made
to us commencing on the date that we consummate our initial
business combination. The presence of these additional shares of
common stock trading in the public market may have an adverse
effect on the market price of our securities. In addition, the
existence of these rights may make it more difficult to effectuate
our initial business combination or increase the cost of
consummating our initial business combination with the target
business, as the stockholders of the target business may be
discouraged from entering into a business combination with us or
will request a higher price for their securities because of the
potential effect the exercise of such rights may have on the
trading market for our shares of common stock.</FONT></P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may enter into agreements with consultants or financial advisers
that provide for the payment of fees upon the consummation of our
initial business combination, and, therefore, such consultants or
financial advisers may have conflicts of interest.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may enter into agreements with consultants or financial advisers
that provide for the payment of fees upon the consummation of our
initial business combination. If we pay consultants or financial
advisers fees that are tied to the consummation of our initial
business combination, they may have conflicts of interest when
providing services to us, and their interests in such fees may
influence their advice with respect to a potential business
combination. For example, if a consultant&rsquo;s or financial
advisor&rsquo;s</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
32</P>
<P CLASS="Textflush" STYLE=
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fee is based on the size of the transaction, then they may be
influenced to present us larger transactions that may have lower
growth opportunities or long-term value versus smaller transactions
that may have greater growth opportunities or provide greater value
to our stockholders. Similarly, consultants whose fees are based on
consummation of a business combination may be influenced to present
potential business combinations to us regardless of whether they
provide longer-term value for our stockholders. While we will
endeavor to structure agreements with consultants and financial
advisors to minimize the possibility and extent of these conflicts
of interest, we cannot assure you that we will be able to do so and
that we will not be impacted by the adverse influences they
create.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If we are deemed to be an investment company, we may be required to
institute burdensome compliance requirements and our activities may
be restricted, which may make it difficult for us to complete our
initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we are deemed to be an investment company under the Investment
Company Act, our activities may be restricted, including:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
restrictions on the nature of our investments; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
restrictions on the issuance of securities,</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
each of which may make it difficult for us to complete our business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, we may have imposed upon us certain burdensome
requirements, including:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
registration as an investment company;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
adoption of a specific form of corporate structure; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reporting, record keeping, voting, proxy and disclosure
requirements and other rules and regulations.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In order not to be regulated as an investment company under the
Investment Company Act, unless we can qualify for an exclusion, we
must ensure that we are engaged primarily in a business other than
investing, reinvesting or trading in securities and that our
activities do not include investing, reinvesting, owning, holding
or trading &ldquo;investment securities&rdquo; constituting more
than 40% of our total assets (exclusive of U.S. government
securities and cash items) on an unconsolidated basis. Our business
will be to identify and complete a business combination and
thereafter to operate the post-transaction business or assets for
the long term. We do not plan to buy businesses or assets with a
view to resale or profit from their resale. We do not plan to buy
unrelated businesses or assets or to be a passive investor.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We do not believe that our anticipated principal activities will
subject us to the Investment Company Act. To this end, the proceeds
held in the trust account may only be invested in United States
&ldquo;government securities&rdquo; within the meaning of Section
2(a)(16) of the Investment Company Act having a maturity of 180
days or less or in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act which
invest only in direct U.S. government treasury obligations.
Pursuant to the trust agreement, the trustee is not permitted to
invest in other securities or assets. By restricting the investment
of the proceeds to these instruments, and by having a business plan
targeted at acquiring and growing businesses for the long term
(rather than on buying and selling businesses in the manner of a
merchant bank or private equity fund), we intend to avoid being
deemed an &ldquo;investment company&rdquo; within the meaning of
the Investment Company Act. This offering is not intended for
persons who are seeking a return on investments in government
securities or investment securities. The trust account is intended
as a holding place for funds pending the earlier to occur of
either: (i) the completion of our primary business objective, which
is a business combination; or (ii) absent a business combination,
our return of the funds held in the trust account to our public
stockholders as part of our redemption of the public shares. If we
do not invest the proceeds as discussed above, we may be deemed to
be subject to the Investment Company Act. If we were deemed to be
subject to the Investment Company Act, compliance with these
additional regulatory burdens would require additional expenses for
which we have not allotted funds and may hinder our ability to
complete a business combination. If we are unable to complete our
initial business combination, our public stockholders may receive
only approximately $10.20 per share on the liquidation of our trust
account and our public warrants will expire worthless.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
33</P>
<P CLASS="Risk" STYLE=
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<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
The determination of the offering price of our units and the size
of this offering is more arbitrary than the pricing of securities
and size of an offering of an operating company in a particular
industry. You may have less assurance, therefore, that the offering
price of our units properly reflects the value of such units than
you would have in a typical offering of an operating
company.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prior to this offering there has been no public market for any of
our securities. The public offering price of the units and the
terms of the warrants were negotiated between us and the
underwriters. In determining the size of this offering, management
held customary organizational meetings with representatives of the
underwriters, both prior to our inception and thereafter, with
respect to the state of capital markets, generally, and the amount
the underwriters believed they reasonably could raise on our
behalf. Factors considered in determining the size of this
offering, prices and terms of the units, including the common stock
and warrants underlying the units, include:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the history of other similarly structured blank check
companies;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
prior offerings of those companies;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our prospects for consummating an initial business combination with
an operating business at attractive values;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our capital structure;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
securities exchange listing requirements;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
market demand;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
expected liquidity of our securities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
general conditions of the securities markets at the time of the
offering; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
other factors as were deemed relevant.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
However, although these factors were considered, the determination
of our offering price is more arbitrary than the pricing of
securities for an operating company in a particular industry since
we have no historical operations or financial results to compare
them to.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;"> <B><I>The
requirement that we complete our initial business combination within 18 from the closing of this offering may give potential target
businesses leverage over us in negotiating our initial business combination.</I></B> </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
have 18 months from the closing of this offering to complete our initial business combination. Any potential target business with
which we enter into negotiations concerning a business combination will be aware of this requirement. Consequently, such target
business may obtain leverage over us in negotiating a business combination, knowing that if we do not complete a business combination
with that particular target business, we may be unable to complete a business combination with any other target business. This
risk will increase as we get closer to the time limit referenced above. </P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We may not obtain a fairness opinion with respect to the target
business that we seek to consummate our initial business
combination with and therefore you may be relying solely on the
judgment of our board of directors in approving a proposed business
combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will only be required to obtain a fairness opinion with respect
to the target business that we seek to consummate our initial
business combination with if it is an entity that is affiliated
with any of our insiders, officers or directors. In all other
instances, we will have no obligation to obtain an opinion. If no
opinion is obtained, our stockholders will be relying on the
judgment of our board of directors, who will determine fair market
value based on standards generally accepted by the financial
community. Such standards used will be disclosed in our tender
offer documents or proxy solicitation materials, as applicable,
related to our initial business combination</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
34</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Resources could be wasted in researching business combinations that
are not completed, which could materially adversely affect
subsequent attempts to locate and acquire or merge with another
business. If we are unable to complete our initial business
combination, our public stockholders may receive only approximately
$10.20 per share on the liquidation of our trust account and our
public warrants will expire worthless.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We anticipate that the investigation of each specific target
business and the negotiation, drafting and execution of relevant
agreements, disclosure documents and other instruments will require
substantial management time and attention and substantial costs for
accountants, attorneys and others. If we decide not to complete a
specific initial business combination, the costs incurred up to
that point for the proposed transaction likely would not be
recoverable. Furthermore, if we reach an agreement relating to a
specific target business, we may fail to complete our initial
business combination for any number of reasons including those
beyond our control. Any such event will result in a loss to us of
the related costs incurred which could materially adversely affect
subsequent attempts to locate and acquire or merge with another
business. If we are unable to complete our initial business
combination, our public stockholders may receive only approximately
$10.20 per share on the liquidation of our trust account and our
public warrants will expire worthless.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Compliance with the Sarbanes-Oxley Act of 2002 will require
substantial financial and management resources and may increase the
time and costs of completing an initial business
combination.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Section 404 of the Sarbanes-Oxley Act of 2002, or the
Sarbanes-Oxley Act, requires that we evaluate and report on our
system of internal control and may require that we have such system
of internal control audited. If we fail to maintain the adequacy of
our internal control, we could be subject to regulatory scrutiny,
civil or criminal penalties and/or stockholder litigation. Any
inability to provide reliable financial reports could harm our
business. Section 404 of the Sarbanes-Oxley Act also requires that
our independent registered public accounting firm report on
management&rsquo;s evaluation of our system of internal control,
although as an &ldquo;emerging growth company&rdquo; as defined in
the JOBS Act, we may take advantage of an exemption to this
requirement. A target company may not be in compliance with the
provisions of the Sarbanes-Oxley Act regarding adequacy of their
internal control. The development of the internal control of any
such entity to achieve compliance with the Sarbanes-Oxley Act may
increase the time and costs necessary to complete any such initial
business combination.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
We are an emerging growth company within the meaning of the
Securities Act, and if we take advantage of certain exemptions from
disclosure requirements available to emerging growth companies,
this could make our securities less attractive to investors and may
make it more difficult to compare our performance with other public
companies.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The JOBS Act permits &ldquo;emerging growth companies&rdquo; like
us to take advantage of certain exemptions from various reporting
requirements applicable to other public companies that are not
emerging growth companies. As long as we qualify as an emerging
growth company, we would be permitted, and we intend to, omit the
auditor&rsquo;s attestation on internal control over financial
reporting that would otherwise be required by the Sarbanes-Oxley
Act, as described above. We also intend to take advantage of the
exemption provided under the JOBS Act from the requirements to
submit say-on-pay, say-on-frequency and say-on-golden parachute
votes to our stockholders and we will avail ourselves of reduced
executive compensation disclosure that is already available to
smaller reporting companies.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, Section 107 of the JOBS Act also provides that an
emerging growth company can take advantage of the exemption from
complying with new or revised accounting standards provided in
Section 7(a)(2)(B) of the Securities Act as long as we are an
emerging growth company. An emerging growth company can therefore
delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. We have
elected to take advantage of these benefits until we are no longer
an emerging growth company or until we affirmatively and
irrevocably opt out of this exemption. Our financial statements may
therefore not be comparable to those of companies that comply with
such new or revised accounting standards.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Following this offering, we will continue to be an emerging growth
company until the earliest to occur of (i) the last day of the
fiscal year during which we had total annual gross revenues of at
least $1.07 billion (as indexed for inflation), (ii) the last day
of the fiscal year following the fifth anniversary of the date of
the first sale of units under this registration statement, (iii)
the date on which we have, during the previous three-year period,
issued more than $1 billion in non-convertible debt, or (iv) the
date on which we are deemed to be a &ldquo;large accelerated
filer,&rdquo; as defined under the Exchange Act.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Until such time that we lose &ldquo;emerging growth company&rdquo;
status, it is unclear if investors will find our securities less
attractive because we may rely on these exemptions. If some
investors find our securities less attractive as a result, there
may be a less active trading market for our securities and our
stock prices may be more volatile and could cause our stock prices
to decline.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
35</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If we effect our initial business combination with a company
located outside of the United States, we would be subject to a
variety of additional risks that may negatively impact our
operations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may effect our initial business combination with a company
located outside of the United States. If we did, we would be
subject to any special considerations or risks associated with
companies operating in the target business&rsquo; home
jurisdiction, including any of the following:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
rules and regulations or currency conversion or corporate
withholding taxes on individuals;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
tariffs and trade barriers;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
regulations related to customs and import/export matters;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
longer payment cycles;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
tax issues, such as tax law changes and variations in tax laws as
compared to the United States;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
currency fluctuations and exchange controls;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
challenges in collecting accounts receivable;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
cultural and language differences;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
employment regulations;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
crime, strikes, riots, civil disturbances, terrorist attacks and
wars; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
deterioration of political relations with the United States.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may not be able to adequately address these additional risks. If
we are unable to do so, our operations may suffer.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
If we effect our initial business combination with a target
business located outside of the United States, the laws applicable
to such target business will likely govern all of our material
agreements and we may not be able to enforce our legal
rights.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we effect our initial business combination with a target
business located outside of the United States, the laws of the
country in which such target business is domiciled will govern
almost all of the material agreements relating to its operations.
The target business may not be able to enforce any of its material
agreements in such jurisdiction and appropriate remedies to enforce
its rights under such material agreements may not be available in
this new jurisdiction. The system of laws and the enforcement of
existing laws in such jurisdiction may not be as certain in
implementation and interpretation as in the United States. The
inability to enforce or obtain a remedy under any of our future
agreements could result in a significant loss of business, business
opportunities or capital. Additionally, if we consummate our
initial business combination with a company located outside of the
United States, it is likely that substantially all of our assets
would be located outside of the United States and some of our
officers and directors might reside outside of the United States.
As a result, it may not be possible for investors in the United
States to enforce their legal rights, to effect service of process
upon our directors or officers or to enforce judgments of United
States courts predicated upon civil liabilities and criminal
penalties of our directors and officers under Federal securities
laws.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Provisions in our certificate of incorporation and bylaws and
Delaware law may inhibit a takeover of us, which could limit the
price investors might be willing to pay in the future for our
common stock and could entrench management.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our certificate of incorporation contains provisions that may
discourage unsolicited takeover proposals that stockholders may
consider to be in their best interests. These provisions include a
staggered board of directors and the ability of the board of
directors to designate the terms of and issue new series of
preferred shares, which may make more difficult the removal of
management and may discourage transactions that otherwise could
involve payment of a premium over prevailing market prices for our
securities.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are also subject to anti-takeover provisions under Delaware law,
which could delay or prevent a change of control. Together these
provisions may make more difficult the removal of management and
may discourage transactions that otherwise could involve payment of
a premium over prevailing market prices for our securities.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
36</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Because we must furnish our stockholders with target business
financial statements prepared in accordance with U.S. generally
accepted accounting principles or international financial reporting
standards, we may lose the ability to complete an otherwise
advantageous initial business combination with some prospective
target businesses.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The federal proxy rules require that a proxy statement with respect
to a vote on a business combination meeting certain financial
significance tests include historical and/or pro forma financial
statement disclosure in periodic reports. These financial
statements may be required to be prepared in accordance with, or be
reconciled to, accounting principles generally accepted in the
United States of America, or GAAP, or international financial
reporting standards, or IFRS as issued by the International
Accounting Standards Board or the IASB, depending on the
circumstances and the historical financial statements may be
required to be audited in accordance with the standards of the
Public Company Accounting Oversight Board (United States), or
PCAOB. We will include the same financial statement disclosure in
connection with any tender offer documents we use, whether or not
they are required under the tender offer rules. These financial
statement requirements may limit the pool of potential target
businesses we may consummate our initial business combination with
because some targets may be unable to provide such statements in
time for us to disclose such statements in accordance with federal
proxy rules and complete our initial business combination within
the prescribed time frame.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
There is currently no market for our securities and a market for
our securities may not develop, which would adversely affect the
liquidity and price of our securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
There is currently no market for our securities. Stockholders
therefore have no access to information about prior market history
on which to base their investment decision. Following this
offering, the price of our securities may vary significantly due to
one or more potential business combinations and general market or
economic conditions. Furthermore, an active trading market for our
securities may never develop or, if developed, it may not be
sustained. You may be unable to sell your securities unless a
market can be established and sustained.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Changes in laws or regulations, or a failure to comply with any
laws and regulations, may adversely affect our business,
investments and results of operations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are subject to laws and regulations enacted by national,
regional and local governments. In particular, we will be required
to comply with certain SEC and other legal requirements. Compliance
with, and monitoring of, applicable laws and regulations may be
difficult, time consuming and costly. Those laws and regulations
and their interpretation and application may also change from time
to time and those changes could have a material adverse effect on
our business, investments and results of operations. In addition, a
failure to comply with applicable laws or regulations, as
interpreted and applied, could have a material adverse effect on
our business and results of operations.</P>
<P CLASS="Risk" STYLE=
"mso-style-name: Risk; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Investors may not appropriately allocate a tax basis to the
components of the unit.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Because investors in this offering will be investing in units
comprised of one share of common stock and one warrant, investors
will need to allocate a tax basis to each item in proportion to
their values at the time of the investment. We are not required to
provide any guidance as to the proper allocation of tax basis.
Failure to properly allocate a tax basis could result in adverse
tax consequences to an investor.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
37</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The statements contained in this prospectus that are not purely
historical are forward-looking statements. Our forward-looking
statements include, but are not limited to, statements regarding
our or our management&rsquo;s expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
&ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
&ldquo;continue,&rdquo; &ldquo;could,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plan,&rdquo;
&ldquo;possible,&rdquo; &ldquo;potential,&rdquo;
&ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;should,&rdquo;
&ldquo;would&rdquo; and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this prospectus may include, for example, statements
about our:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
ability to complete our initial business combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
success in retaining or recruiting, or changes required in, our
officers, key employees or directors following our initial business
combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
officers and directors allocating their time to other businesses
and potentially having conflicts of interest with our business or
in approving our initial business combination, as a result of which
they would then receive expense reimbursements;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
potential ability to obtain additional financing to complete our
initial business combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
pool of prospective target businesses;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the ability of our officers and directors to generate a number of
potential investment opportunities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
potential change in control if we acquire one or more target
businesses for stock;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the potential liquidity and trading of our securities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the lack of a market for our securities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
use of proceeds not held in the trust account or available to us
from interest income on the trust account balance; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
financial performance following this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The forward-looking statements contained in this prospectus are
based on our current expectations and beliefs concerning future
developments and their potential effects on us. Future developments
affecting us may not be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, those factors described under the heading &ldquo;Risk
Factors.&rdquo; Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove incorrect,
actual results may vary in material respects from those projected
in these forward-looking statements. We undertake no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
38</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">USE OF
PROCEEDS</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We estimate that the net proceeds of this offering, in addition to
the funds we will receive from the sale of the private units, will
be used as set forth in the following table:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.78%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Without<BR>
Over-Allotment<BR>
Option </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.98%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Over-Allotment
Option Exercised </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Gross
proceeds </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> From
offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 175,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 201,250,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> From
sale of private units </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
gross proceeds </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 186,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 212,750,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Offering
expenses<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Non-contingent
underwriting discount (2.5% of gross proceeds from offering) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,375,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,031,250 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Deferred
underwriting discount (2.5% of gross proceeds from offering) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,375,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,031,250 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Legal
fees and expenses </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Nasdaq
listing fee </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 80,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 80,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Printing
and engraving expenses </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 35,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 35,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Accounting
fees and expenses </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 70,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 70,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> SEC/FINRA
Expenses </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 130,562 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 130,562 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Miscellaneous </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 121,938 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 121,938 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
offering expenses </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 9,687,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Held
in the trust account<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 178,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 205,275,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Not
held in the trust account </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,687,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,506,250 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Use
of net proceeds not held in the trust account<FONT STYLE="font-size: 6pt"><SUP>(4)(5)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Legal,
accounting and other third party expenses attendant to the search for target businesses and to the due diligence investigation,
structuring and negotiation of our initial business combination </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3.72 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Due
diligence of prospective target businesses by officers, directors and sponsor </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3.72 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Legal
and accounting fees relating to SEC reporting obligations </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 75,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.79 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Payment
of administrative fee to VK Consulting, Inc. ($7,500 per month for up to 18 months), subject to deferral as described herein </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 135,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5.02 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Working
capital to cover miscellaneous expenses, D&amp;O insurance, general corporate purposes, liquidation obligations and reserves </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,277,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> 84.75 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Total</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>2,687,500</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.04%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>100.0</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> A portion of
the offering expenses, including the SEC registration fee, the
FINRA filing fee, the non-refundable portion of the Nasdaq listing
fee and a portion of the legal and audit fees, have been paid from
the funds we received as loans from our insiders described below.
These funds will be repaid out of the proceeds of this offering
available to us.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> No discounts
or commissions will be paid with respect to the purchase of the
private units.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> The funds
held in the trust account may, but need not, be used to pay our
expenses relating to completing our initial business combination,
including a deferred underwriting commission payable to Chardan
Capital Markets, LLC in an amount equal to 2.5% of the total gross
proceeds raised in the offering described below.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> In the event
that the over-allotment option is exercised in full, working
capital for miscellaneous expenses will be $1,073,750.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> These
expenses are estimates only. Our actual expenditures for some or
all of these items may differ from the estimates set forth herein.
For example, we may incur greater legal and accounting expenses
than our current estimates in connection with negotiating and
structuring our initial business combination based upon the level
of complexity of that business combination. We do not anticipate
any change in the categories of our intended use of proceeds.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
39</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Certain of our stockholders have committed that they will purchase
the private units (for an aggregate purchase price of $11,500,000)
from us on a private placement basis simultaneously with the
consummation of this offering. All of the proceeds we receive from
these purchases will be placed in the trust account described
below.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$178,500,000, or $205,275,000 if the over-allotment option is
exercised in full, of net proceeds of this offering and the sale of
the private units will be placed in a trust account in the United
States at Morgan Stanley Bank, N.A., maintained by Continental
Stock Transfer &amp; Trust Company, as trustee. The funds held in
the trust account will be invested only in United States government
treasury bills, bonds or notes having a maturity of 180 days or
less, or in money market funds meeting the applicable conditions
under Rule 2a-7 promulgated under the Investment Company Act of
1940 and that invest solely in U.S. treasuries, so that we are not
deemed to be an investment company under the Investment Company
Act. Except with respect to interest earned on the funds held in
the trust account that may be released to us to pay our income or
other tax obligations, the proceeds will not be released from the
trust account until the earlier of the completion of our initial
business combination or our redemption of 100% of the outstanding
public shares if we have not completed a business combination in
the required time period. The proceeds held in the trust account
may be used as consideration to pay the sellers of a target
business with which we complete our initial business combination to
the extent not used to pay converting stockholders. Any amounts not
paid as consideration to the sellers of the target business may be
used to finance operations of the target business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The payment to VK Consulting, Inc., a company owned by Vadim
Komissarov, one of our officers, of a monthly fee of $7,500 is for
general and administrative services including office space,
utilities and secretarial support. However, pursuant to the terms
of such agreement, we may delay payment of such monthly fee upon a
determination by our audit committee that we lack sufficient funds
held outside the trust to pay actual or anticipated expenses in
connection with our initial business combination. Any such unpaid
amount will accrue without interest and be due and payable no later
than the date of the consummation of our initial business
combination. This arrangement is being agreed to by VK Consulting,
Inc. for our benefit. We believe that the fee charged by VK
Consulting, Inc. is at least as favorable as we could have obtained
from an unaffiliated person. This arrangement will terminate upon
completion of our initial business combination or the distribution
of the trust account to our public stockholders. Other than the
$7,500 per month fee, no compensation of any kind (including
finder&rsquo;s fees, consulting fees or other similar compensation)
will be paid to our insiders, members of our management team or any
of our or their respective affiliates, for services rendered to us
prior to or in connection with the consummation of our initial
business combination (regardless of the type of transaction that it
is). However, such individuals will receive reimbursement for any
out-of-pocket expenses incurred by them in connection with
activities on our behalf, such as identifying potential target
businesses, performing business due diligence on suitable target
businesses and business combinations as well as traveling to and
from the offices, plants or similar locations of prospective target
businesses to examine their operations. Since the role of present
management after our initial business combination is uncertain, we
have no ability to determine what remuneration, if any, will be
paid to those persons after our initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Regardless of whether the over-allotment option is exercised in
full, the net proceeds from this offering available to us out of
trust for our working capital requirements in searching for our
initial business combination will be approximately $2,687,500 (or
$1,506,250 if the over-allotment option is exercised in full).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The allocation of the net proceeds available to us outside of the
trust account represents our best estimate of the intended uses of
these funds. In the event that our assumptions prove to be
inaccurate, we may reallocate some of such proceeds within the
above described categories. If our estimate of the costs of
undertaking due diligence and negotiating our initial business
combination is less than the actual amount necessary to do so, we
may be required to raise additional capital, the amount,
availability and cost of which is currently unascertainable. In
this event, we could seek such additional capital through loans or
additional investments from our insiders, members of our management
team or third parties, but our insiders, members of our management
team or third parties are not under any obligation to advance funds
to, or invest in, us.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will likely use substantially all of the net proceeds of this
offering, including the funds held in the trust account, in
connection with our initial business combination and to pay our
expenses relating thereto, including the deferred underwriting
commission payable to Chardan Capital Markets, LLC in an amount
equal to 2.5% of the total gross proceeds raised in the offering
upon consummation of our initial business combination. To the
extent that our capital stock is used in whole or in part as
consideration to effect our initial business combination, the
proceeds held in the trust account which are not used to consummate
a business combination will be disbursed to the combined company
and will, along with any other net proceeds not expended, be used
as working capital to finance the operations of the target
business. Such working capital funds could be used in a variety of
ways including continuing or expanding the target business&rsquo;
operations, for strategic acquisitions and for marketing, research
and development of existing or new products.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
40</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To the extent we are unable to consummate a business combination,
we will pay the costs of liquidation from our remaining assets
outside of the trust account. If such funds are insufficient, our
insiders have agreed to pay the funds necessary to complete such
liquidation (currently anticipated to be no more than $15,000) and
have agreed not to seek repayment of such expenses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In March 2016, VK Consulting, Inc. loaned us $425,000 to be used to
pay a portion of the expenses of this offering referenced in the
line items above for the SEC registration fee, FINRA filing fee,
the non-refundable portion of the Nasdaq listing fee and a portion
of the legal and accounting fees and expenses. The loans are
payable without interest on the consummation of a business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In October 2017, Edward S. Verona, one of our directors, loaned us
$100,000 to cover expenses related to this offering. The loan is
payable without interest on the earlier of (i) the consummation of
the this offering or (ii) the date on which the Company determines
not to proceed with this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In February 2018, (i) Atidan Ventures, LLC, one of our
stockholders, loaned to us $100,000 to cover expenses related to
this offering, and (ii) FLOCO Ventures, LLC, one of our
stockholders, loaned us $200,000 to cover expenses related to this
offering. The loans are payable without interest on the earlier of
(i) the consummation of this offering or (ii) the date on which the
Company determines not to proceed with this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
believe that, upon consummation of this offering, we will have sufficient available funds to operate for up to the next 18 months,
assuming that our initial business combination is not consummated during that time. However, if necessary, in order to meet our
working capital needs following the consummation of this offering, our insiders, officers and directors (and/or their designees)
may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their
sole discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial
business combination, without interest, or, at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon
consummation of our business combination into additional private units at a price of $10.00 per unit. Our stockholders have approved
the issuance of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the
time of the consummation of our initial business combination. If we do not complete a business combination, any loans and advances
from our insiders, officers and directors or their affiliates, will be repaid only from amounts remaining outside our trust account,
if any. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A public stockholder will be entitled to receive funds from the
trust account only in the event of (1) our redemption of 100% of
the outstanding public shares if we have not completed a business
combination in the required time period, (2) if that public
stockholder elects to convert public shares in connection with a
stockholder vote or (3) if that public stockholder sells shares to
us in any tender offer in connection with a proposed business
combination. In no other circumstances will a public stockholder
have any right or interest of any kind to or in the trust
account.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
41</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">DIVIDEND
POLICY</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have not paid any cash dividends on our shares of common stock
to date and do not intend to pay cash dividends prior to the
completion of our initial business combination. The payment of cash
dividends subsequent to the completion of our initial business
combination will be dependent upon our revenues and earnings, if
any, capital requirements and general financial condition
subsequent to completion of our initial business combination. The
payment of any dividends subsequent to our initial business
combination will be within the discretion of our board of directors
at such time. It is the present intention of our board of directors
to retain all earnings, if any, for use in our business operations
and, accordingly, our board of directors does not anticipate
declaring any dividends in the foreseeable future. In addition, our
board of directors is not currently contemplating and does not
anticipate declaring any stock dividends in the foreseeable future,
except if we increase the size of the offering, including pursuant
to Rule 462(b) under the Securities Act, in which case we will
effect a stock dividend immediately prior to the consummation of
the offering in such amount as to maintain our insiders&rsquo;
ownership at an aggregate of 20.0% of our issued and outstanding
shares of our common stock upon the consummation of this offering
(excluding ownership of the private units). Further, if we incur
any indebtedness in connection with our initial business
combination, our ability to declare dividends may be limited by
restrictive covenants we may agree to in connection therewith.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
42</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">DILUTION</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The difference between the public offering price per share
(assuming no value is attributed to the warrants included in the
units we are offering pursuant to this prospectus) and the pro
forma net tangible book value per share after this offering
constitutes the dilution to investors in this offering. Net
tangible book value per share is determined by dividing our net
tangible book value, which is our total tangible assets less total
liabilities (including the value of shares of common stock which
may be converted into cash), by the number of outstanding shares of
common stock.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> At
March 31, 2018, our net tangible book value was $(499,972), or approximately ($0.11) per share assuming the underwriters do not
exercise any portion of the over-allotment option and the forfeiture of 656,250 insider shares. After giving effect to the sale
of 17,500,000 (or 20,125,000 if the underwriters exercise their over-allotment option in full) shares of common stock included
in the units we are offering by this prospectus, and the deduction of underwriting discounts and estimated expenses of this offering,
and the sale of the private units, our pro forma net tangible book value at March 31, 2018 would have been $5,000,003 or $0.81
(or $0.71 if the underwriters exercise their over-allotment option in full) per share, representing an immediate increase in net
tangible book value of $0.92 (or $0.82 if the underwriters exercise their over-allotment option in full) per share to our insiders
and an immediate dilution of 91.9% (or 92.9% if the underwriters exercise their over-allotment option in full) per share or $9.19
(or $9.29 if the underwriters exercise their over-allotment option in full) to new investors not exercising their conversion rights.
For purposes of presentation, our pro forma net tangible book value after this offering is $171,839,165 (or $196,776,666 if the
underwriters exercise their over-allotment option in full) less than it otherwise would have been because if we effect our initial
business combination, the conversion rights of the public stockholders (but not our insiders) may result in the conversion or
tender of up to 16,846,977 (or 19,291,830 if the underwriters exercise their over-allotment option in full) shares sold in this
offering. </P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table illustrates the dilution to our public
stockholders on a per-share basis.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="28%" COLSPAN="7" VALIGN="bottom" STYLE=
"width: 28.36%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Assuming
Full Conversion </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="28%" COLSPAN="7" VALIGN="bottom" STYLE=
"width: 28.36%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Assuming
No Conversion </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Without<BR>
Over-<BR>
&nbsp;Allotment </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> With
Over-<BR>
Allotment<BR>
Option </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Without<BR>
Over-<BR>
&nbsp;Allotment </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> With
Over-<BR>
Allotment<BR>
Option </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Public
offering price </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.00 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.00 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.00 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.00 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
tangible book value before this offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.11 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.11 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.11 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (0.11 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Increase
attributable to new investors </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.92 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.82 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7.79 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7.78 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pro
forma net tangible book value after this offering and the sale of the private units </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.81 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 0.71 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7.68 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7.67 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Dilution
to new investors </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 9.19 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 9.29 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.32 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.33 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Percentage
of dilution to new investors </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 91.9 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 92.9 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 23.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.52%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 23.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table sets forth information with respect to our
insiders and the new investors:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="44%" COLSPAN="14" VALIGN="bottom" STYLE=
"width: 44.04%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Without
                                         Over-allotment</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" COLSPAN="13" VALIGN="bottom" STYLE=
"width: 43.7%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>With
                                         Over-allotment</B></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 16.94%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Shares
                                         Purchased</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="18%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 18.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Total
                                         Consideration</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 6.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Average
                                         Price per</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 16.6%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Shares
                                         Purchased</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="18%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 18.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Total
                                         Consideration</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 6.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Average
                                         Price per</B></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 7.96%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Number</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 7.62%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Percentage</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 9.32%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Amount</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 7.62%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Percentage</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 6.1%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Share</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.62%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Number</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 7.62%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Percentage</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 9.32%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Amount</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 7.62%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Percentage</B></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 6.1%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 7pt"><B>Share</B></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">Insider
                                         shares</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">4,375,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">19.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">33,654</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">0.01</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">0.008</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">5,031,250</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">19.13</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">33,654</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">0.02</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">0.007</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">Private
                                         shares</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">1,150,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">5.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">11,500,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">6.17</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">10.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">1,150,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">4.37</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">11,500,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">5.40</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">10.00</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">New
                                         investors</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.76%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">17,500,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">76.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">175,000,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">93.82</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">10.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.62%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">20,125,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">76.50</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">201,250,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">94.58</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">10.00</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.76%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">23,025,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.2%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;186,533,654</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.62%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">26,306,250</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">$</FONT></P>
</TD>
<TD WIDTH="8%" VALIGN="bottom" STYLE=
"width: 8.3%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">&nbsp;212,783,654</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.26%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 8pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 8pt; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Assumes over-allotment is not exercised and the forfeiture of an aggregate of 656,250 insider shares. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Represents
1,150,000 private shares underlying the private units issued
simultaneously with the consummation of this offering.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
43</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The pro forma net tangible book value per share after the offering
and the sale of the private units is calculated as follows:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="28%" COLSPAN="7" VALIGN="bottom" STYLE=
"width: 28.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Assuming
Full Conversion </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="28%" COLSPAN="7" VALIGN="bottom" STYLE=
"width: 28.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Assuming
No Conversion </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.4%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Without
Over-Allotment</B><FONT STYLE="font-size: 6pt"><SUP>(1)(2)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.4%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>With
Over-Allotment Option</B><FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.4%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Without
Over-Allotment</B><FONT STYLE="font-size: 6pt"><SUP>(1)(2)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.4%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>With
Over-Allotment Option</B><FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Numerator </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 9pt">Net
tangible book value</FONT> before the offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (499,972 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (499,972 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (499,972 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (499,972 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
proceeds from this offering and private placement of private units </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 176,812,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 201,750,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 176,812,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 201,750,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Plus:
Offering costs accrued for and paid in advance, excluded tangible book value before this offering</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 526,540 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 526,540 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 526,540 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 526,540 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Plus:
Proceeds from sale of unit purchase option to underwriters </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Less:
Proceeds held in the trust account subject to conversion/tender </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (171,839,165 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (196,776,666 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,000,003 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,000,002 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 176,839,168 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 201,776,668 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Denominator </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Shares
of common stock outstanding prior to this offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,375,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,031,250 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,375,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,031,250 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Shares
of common stock to be sold in this offering </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 17,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,125,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 17,500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,125,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Shares
of common stock to be sold in private placement </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,150,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,150,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,150,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,150,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Less:
Shares subject to conversion/tender </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (16,846,977 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (19,291,830 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,178,023 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7,014,420 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 23,025,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.16%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 26,306,250 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Reflects the
forfeiture of an aggregate of 656,250 insider shares.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Does not
include the units underlying the unit purchase option available to
the underwriters.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
44</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">CAPITALIZATION</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">The
following table sets forth our capitalization at March 31, 2018 and as adjusted to give effect to the sale of our units offered
by this prospectus and the private units and the application of the estimated net proceeds derived from the sale of such securities:</FONT> </P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="32%" COLSPAN="7" VALIGN="bottom" STYLE=
"width: 32.12%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>March
31, 2018</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Actual</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="16%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 16.74%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>As
Adjusted<SUP>(1)</SUP></B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Notes
payable to related parties<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 825,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 425,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Deferred
underwriting commissions payable </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,375,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Common
stock, $.001 par value; 0 and 16,846,977 shares which are subject to conversion/tender </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 171,839,165 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Stockholders&rsquo;
equity </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Preferred
stock, $.001 par value, 1,000,000 shares authorized; none issued and outstanding </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Common
stock, $.001 par value, 100,000,000 shares authorized; 5,031,250 shares issued and outstanding, actual (including 656,250 shares
subject to conversion); 6,178,023<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT> shares issued and outstanding (excluding 16,846,977
shares subject to possible conversion/tender), as adjusted </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,031 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6,178 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Additional
paid-in capital </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 28,623 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,000,911 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Accumulated
deficit </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (7,086 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (7,086 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
stockholders&rsquo; equity </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 26,568 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,000,003 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.34%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Total
capitalization </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 851,568 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.42%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 181,639,168 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Includes the $11,500,000 in aggregate we will receive from the sale of the private units. Assumes the over-allotment option
has not been exercised. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Notes payable to related parties of $825,000 are promissory notes issued to related parties. $425,000 will not be repaid
until after the closing of the business combination. </P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Assumes the over-allotment option has not been exercised and an aggregate of 656,250 insider shares have been forfeited
by our insiders as a result thereof. </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
45</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We were formed on March 17, 2016 for the purpose of entering into a
merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business
combination with one or more target businesses. Our efforts to
identify a prospective target business will not be limited to any
particular industry or geographic region, although we intend to
focus our search on target businesses operating in oil and gas or
other natural resources companies in Eastern Europe or interested
in expanding into Eastern Europe. We intend to utilize cash derived
from the proceeds of this offering and the private placement of the
private units, our securities, debt or a combination of cash,
securities and debt, in effecting our initial business combination.
The issuance of additional shares of common stock or preferred
stock in our initial business combination:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
may significantly dilute the equity interest of our investors in
this offering who would not have pre-emption rights in respect of
any such issuance;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
may subordinate the rights of holders of shares of common stock if
we issue shares of preferred stock with rights senior to those
afforded to our shares of common stock;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
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will likely cause a change in control if a substantial number of
our shares of common stock are issued, which may affect, among
other things, our ability to use our net operating loss carry
forwards, if any, and most likely will also result in the
resignation or removal of our present officers and directors;
and</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
may adversely affect prevailing market prices for our
securities.</P>
<P CLASS="Textflush" STYLE=
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Similarly, if we issue debt securities, it could result in:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
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default and foreclosure on our assets if our operating revenues
after our initial business combination are insufficient to pay our
debt obligations;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
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"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
acceleration of our obligations to repay the indebtedness even if
we have made all principal and interest payments when due if the
debt security contains covenants that required the maintenance of
certain financial ratios or reserves and we breach any such
covenant without a waiver or renegotiation of that covenant;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
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our immediate payment of all principal and accrued interest, if
any, if the debt security is payable on demand;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
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our inability to obtain additional financing, if necessary, if the
debt security contains covenants restricting our ability to obtain
additional financing while such security is outstanding; and</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
limitations on our ability to borrow additional amounts for
expenses, capital expenditures, acquisitions, debt service
requirements, execution of our strategy and other purposes and
other disadvantages compared to our competitors who have less
debt.</P>
<P CLASS="Textflush" STYLE=
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We have neither engaged in any operations nor generated any
revenues to date. Our entire activity since inception has been to
prepare for our proposed fundraising through an offering of our
equity securities.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Results of Operations
and Known Trends or Future Events</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have neither engaged in any operations nor generated any
revenues to date. Our only activities since inception have been
organizational activities and those necessary to prepare for this
offering. Following this offering, we will not generate any
operating revenues until after completion of our initial business
combination. We will generate non-operating income in the form of
interest income on cash and cash equivalents after this offering.
There has been no significant change in our financial or trading
position and no material adverse change has occurred since the date
of our audited financial statements. After this offering, we expect
to incur increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing
compliance), as well as for due diligence expenses. We expect our
expenses to increase substantially after the closing of this
offering.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
46</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Liquidity and Capital
Resources</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> As
indicated in the accompanying financial statements, at March 31, 2018, we had $338,828 in cash and a working capital deficit of
$501,172. Management&rsquo;s plans to address this uncertainty through this offering are discussed above. Our plans to raise capital
or to consummate our initial business combination may not be successful. These factors, among others, raise substantial doubt
about our ability to continue as a going concern. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Our
liquidity needs have been satisfied to date through receipt of approximately $33,700 from the sale of the insider shares and loans
from related parties in an aggregate amount of $825,000 that are more fully described below. Our deferred offering costs through
March 31, 2018 have been $526,540. We estimate that the net proceeds from (1) the sale of the units in this offering, after deducting
offering expenses of approximately $937,500 and underwriting discounts and commissions of $4,375,000 (or $5,031,250 if the over-allotment
option is exercised in full) and (2) the sale of the private units for an aggregate purchase price of $11,500,000, will be $176,812,500
(or $201,750,000 if the over-allotment option is exercised in full). $178,500,000 (or $205,275,000 if the over-allotment option
is exercised in full), which includes $4,375,000 of deferred underwriting commissions ($5,031,250 if the underwriter&rsquo;s over-allotment
option is exercised in full) will be held in the trust account. The remaining $2,687,500 (or $1,506,250 if the over-allotment
option is exercised in full) will not be held in the trust account.</FONT> </P>
<P CLASS="Textflush" STYLE=
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We intend to use substantially all of the net proceeds of this
offering, including the funds held in the trust account, in
connection with our initial business combination and to pay our
expenses relating thereto, including a deferred underwriting
commission payable to Chardan Capital Markets, LLC in an amount
equal to 2.5% of the total gross proceeds raised in the offering
upon consummation of our initial business combination. To the
extent that our capital stock is used in whole or in part as
consideration to effect our initial business combination, the
remaining proceeds held in the trust account as well as any other
net proceeds not expended will be used as working capital to
finance the operations of the target business. Such working capital
funds could be used in a variety of ways including continuing or
expanding the target business&rsquo; operations, for strategic
acquisitions and for marketing, research and development of
existing or new products. Such funds could also be used to repay
any operating expenses or finders&rsquo; fees which we had incurred
prior to the completion of our initial business combination if the
funds available to us outside of the trust account were
insufficient to cover such expenses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
believe that, upon consummation of this offering, the $2,687,500 (or $1,506,250 if the over-allotment option is exercised in full)
of net proceeds not held in the trust account, will be sufficient to allow us to operate for at least the next 18 months, assuming
that a business combination is not consummated during that time. Over this time period, we will be using these funds for identifying
and evaluating prospective business combination candidates, performing business due diligence on prospective target businesses,
traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents
and material agreements of prospective target businesses, selecting the target business to consummate our initial business combination
with and structuring, negotiating and consummating the business combination. We anticipate that we will incur approximately: </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
$100,000 of expenses for the search for target businesses and for
the legal, accounting and other third-party expenses attendant to
the due diligence investigations, structuring and negotiating of
our initial business combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
$100,000 of expenses for the due diligence and investigation of a
target business by our officers, directors and insiders;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
$75,000 of expenses in legal and accounting fees relating to our
SEC reporting obligations;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>$135,000 for the payment of the administrative fee to VK Consulting, Inc. (of $7,500 per month for up to 18 months), subject
to deferral as described herein; </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>$2,277,500 (or 1,096,250 if the over-allotment option is exercised in full) for general working capital that will be used
for miscellaneous expenses, liquidation obligations and reserves, including director and officer liability insurance premiums. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If our estimates of the costs of undertaking due diligence and
negotiating our initial business combination are less than the
actual amount necessary to do so, we may have insufficient funds
available to operate our business prior to our initial business
combination. Moreover, we may need to obtain additional financing
either to consummate our initial business combination or because we
become obligated to convert a significant number of our public
shares upon consummation of our initial business combination, in
which case we may issue additional securities or incur debt in
connection with such business combination.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
47</P>
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Subject to compliance with applicable securities laws, we would
only consummate such financing simultaneously with the consummation
of our initial business combination. Following our initial business
combination, if cash on hand is insufficient, we may need to obtain
additional financing in order to meet our obligations.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Related Party
Transactions</FONT></P>
<P CLASS="Textflush" STYLE=
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In December&nbsp; 2016, VK Consulting, Inc., a company owned by
Vadim Komissarov, one of our officers, loaned us $425,000 to cover
expenses related to this offering. The loan is payable without
interest at the closing of a business combination.</P>
<P CLASS="Textflush" STYLE=
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In October 2017, Edward S. Verona, one of our directors, loaned us
$100,000 to cover expenses related to this offering. The loan is
payable without interest on the earlier of (i) the consummation of
the this offering or (ii) the date on which the Company determines
not to proceed with this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In February 2018, (i) Atidan Ventures, LLC, one of our
stockholders, loaned to us $100,000 to cover expenses related to
this offering, and (ii) FLOCO Ventures, LLC, one of our
stockholders, loaned us $200,000 to cover expenses related to this
offering. The loans are payable without interest on the earlier of
(i) the consummation of this offering or (ii) the date on which the
Company determines not to proceed with this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are obligated, commencing on the date of this prospectus, to pay
VK Consulting, Inc., a company owned by Vadim Komissarov, one of
our officers, a monthly fee of $7,500 for general and
administrative services. However, pursuant to the terms of such
agreement, we may delay payment of such monthly fee upon a
determination by our audit committee that we lack sufficient funds
held outside the trust to pay actual or anticipated expenses in
connection with our initial business combination. Any such unpaid
amount will accrue without interest and be due and payable no later
than the date of the consummation of our initial business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Channingwick Limited, BGV Croup Limited. Lake Street Fund L.P.,
Mount Wilson Global Fund L.P., and FLOCO Ventures LLC, certain of
our stockholders, have committed that it will purchase an aggregate
of 1,150,000 private units at $10.00 per private unit (for a total
purchase price of $11,500,000) from us. These purchases will take
place on a private placement basis simultaneously with the
consummation of this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We do not believe we will need to raise additional funds following
this offering in order to meet the expenditures required for
operating our business. However, in order to finance transaction
costs in connection with an intended initial business combination,
our insiders, officers, directors or their affiliates may, but are
not obligated to, loan us funds as may be required. In the event
that the initial business combination does not close, we may use a
portion of the working capital held outside the trust account to
repay such loaned amounts, but no proceeds from our trust account
would be used for such repayment. Such loans would be evidenced by
promissory notes. The notes would either be paid upon consummation
of our initial business combination, without interest, or, at the
lender&rsquo;s discretion, up to $200,000 of the notes may be
converted upon consummation of our business combination into
additional private units at a price of $10.00 per unit. If we do
not complete a business combination, any other outstanding loans
from our insiders, officers and directors or their affiliates, will
be repaid only from amounts remaining outside our trust account, if
any. We believe the purchase price of these units will approximate
the fair value of such units when issued. However, if it is
determined that, at the time of issuance, the fair value of such
units exceeds the purchase price, we would record compensation
expense for the excess of the fair value of the units on the day of
issuance over the purchase price in accordance with ASC 718 &mdash;
Compensation &mdash; Stock Compensation.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Controls and
Procedures</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not currently required to maintain an effective system of
internal control as defined by Section 404 of the Sarbanes-Oxley
Act. We will be required to comply with the internal control
requirements of the Sarbanes-Oxley Act for the fiscal year ending
December 31, 2019. As of the date of this prospectus, we have not
completed an assessment, nor has our independent registered public
accounting firm tested our systems, of internal control. We expect
to assess the internal control of our target business or businesses
prior to the completion of our initial business combination and, if
necessary, to implement and test additional controls as we may
determine are necessary in order to state that we maintain an
effective system of internal control. A target business may not be
in compliance with the provisions of the Sarbanes-Oxley Act
regarding the adequacy of internal control. Target businesses we
may consider for our initial business combination may have internal
controls that need improvement in areas such as:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
staffing for financial, accounting and external reporting areas,
including segregation of duties;</P>
<P CLASS="LRH" STYLE=
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48</P>
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reconciliation of accounts;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
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"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
proper recording of expenses and liabilities in the period to which
they relate;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
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"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
evidence of internal review and approval of accounting
transactions;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
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"mso-style-name: bullet;"><FONT STYLE=
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documentation of processes, assumptions and conclusions underlying
significant estimates; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
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"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
documentation of accounting policies and procedures.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Because it will take time, management involvement and perhaps
outside resources to determine what internal control improvements
are necessary for us to meet regulatory requirements and market
expectations for our operation of a target business, we may incur
significant expense in meeting our public reporting
responsibilities, particularly in the areas of designing,
enhancing, or remediating internal and disclosure controls. Doing
so effectively may also take longer than we expect, thus increasing
our exposure to financial fraud or erroneous financing
reporting.</P>
<P CLASS="Textflush" STYLE=
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When required by Section 404 and once our management&rsquo;s report
on internal control is complete, we will retain our independent
registered public accounting firm to audit and render an opinion on
such report. This independent registered public accounting firm may
identify additional issues concerning a target business&rsquo;s
internal control while performing its audit of internal control
over financial reporting.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Quantitative and
Qualitative Disclosures about Market Risk</FONT></P>
<P CLASS="Textflush" STYLE=
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The net proceeds of this offering and the sale of the private units
held in the trust account will be invested in U.S. government
treasury bills with a maturity of 180 days or less or in money
market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act which invest only in direct U.S. government
treasury obligations. Due to the short-term nature of these
investments, we believe there will be no associated material
exposure to interest rate risk.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Off-Balance Sheet
Arrangements; Commitments and Contractual Obligations; Quarterly
Results</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> As
of March 31, 2018, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did
not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this prospectus as we
have conducted no operations to date. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">JOBS Act</FONT></P>
<P CLASS="Textflush" STYLE=
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On September 5, 2012, the JOBS Act was signed into law. The JOBS
Act contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We will
qualify as an &ldquo;emerging growth company&rdquo; and under the
JOBS Act will be allowed to comply with new or revised accounting
pronouncements based on the effective date for private (not
publicly traded) companies. We are electing to delay the adoption
of new or revised accounting standards, and as a result, we may not
comply with new or revised accounting standards on the relevant
dates on which adoption of such standards is required for
non-emerging growth companies. As a result, our financial
statements may not be comparable to companies that comply with new
or revised accounting pronouncements as of public company effective
dates.</P>
<P CLASS="Textflush" STYLE=
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Additionally, we are in the process of evaluating the benefits of
relying on the other reduced reporting requirements provided by the
JOBS Act. Subject to certain conditions set forth in the JOBS Act,
if, as an &ldquo;emerging growth company&rdquo;, we choose to rely
on such exemptions we may not be required to, among other things,
(i) provide an auditor&rsquo;s attestation report on our system of
internal control over financial reporting pursuant to Section 404,
(ii) provide all of the compensation disclosure that may be
required of non-emerging growth public companies under the
Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)
comply with any requirement that may be adopted by the PCAOB
regarding mandatory audit firm rotation or a supplement to the
auditor&rsquo;s report providing additional information about the
audit and the financial statements (auditor discussion and
analysis), and (iv) disclose certain executive compensation related
items such as the correlation between executive compensation and
performance and comparisons of the CEO&rsquo;s compensation to
median employee compensation. These exemptions will apply for a
period of five years following the completion of our initial public
offering or until we are no longer an &ldquo;emerging growth
company,&rdquo; whichever is earlier.</P>
<P CLASS="RRH" STYLE=
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49</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">PROPOSED
BUSINESS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Introduction</FONT></P>
<P CLASS="Textflush" STYLE=
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<FONT STYLE="letter-spacing: .05pt;">We are a blank check company
formed under the laws of the State of Delaware on March 17, 2016.
We were formed for the purpose of entering into a merger, share
exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination, with one or
more target businesses. To date, our efforts have been limited to
organizational activities as well as activities related to this
offering. Our efforts to identify a prospective target business
will not be limited to any particular industry or geographic
region, although we intend to focus our search on target businesses
operating in oil and gas or other natural resources companies in
Eastern Europe or interested in expanding into Eastern Europe. We
have not selected any target business for our initial business
combination and we have not (nor has anyone on our behalf),
directly or indirectly, engaged in any substantive discussions with
a target business with respect to a business combination
transaction with us.</FONT></P>
<P CLASS="Textflush" STYLE=
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As Europe is striving to achieve energy independence, we believe
that Eastern European oil and gas deposits, which are small and
technically difficult to access, will attract the interest of
investors and governments. We believe that historical exploration
data can be reassessed with new geological knowledge to determine
which reserves that were previously considered unrecoverable or
uneconomic can be profitably recovered.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Market
Overview</FONT></P>
<P CLASS="Textflush" STYLE=
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Europe has well developed industries and a large population,
although it experiences a deficit of energy resources. Until 2040,
European net imports of gas are projected to grow due to transition
away from coal and nuclear energy, and are currently in excess of
310 billion cubic meters of gas per annum.<SUP>4</SUP></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
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<IMG WIDTH="362" HEIGHT="223" SRC="image001.jpg" Alt=""></P>
<P CLASS="Textflush" STYLE=
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All of the European states except Norway and Romania are
energy-dependent. Traditionally, Europe relied on oil and gas
coming from four major sources: The Middle East, Russia, North
Africa and Norway. While the largest supplier for Western Europe is
currently Norway, almost all of the energy for Eastern Europe comes
from Russia (35% of all European consumption of natural gas is
delivered by Gazprom)<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">5</FONT>.</P>
<P CLASS="Textflush" STYLE=
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Russia&rsquo;s recent military and political offensive in Ukraine
has triggered an intense desire within the European Union to secure
energy independence. War in Ukraine is feared to be disruptive for
major gas pipelines from Russia to the European Union (2/3 of
Gazprom&rsquo;s total supply). In July 2017, U.S. President Donald
Trump stood beside his Polish counterpart, Andrzej Duda, in</P>
<HR SIZE="1" WIDTH="20%" NOSHADE STYLE="color: black;" ALIGN=
"left">
<P STYLE="margin: 0in 0in 0pt 20pt; padding: 0in; font: 10pt/normal TimesNewRomanPSStd-Regular; border-style: none; mso-style-name: Tablefootnote_f; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; text-autospace: none; color: black">
4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;https://www.unece.org/fileadmin/DAM/energy/se/pdfs/nat_gas/geg/geg4_March2017/Item_4_&ndash;_Szeles_<BR>
EU_demand_supplyWeb.pdf</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&nbsp;5&nbsp;&nbsp;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
</FONT>https://financialobserver.eu/recent-news/russian-gazproms-market-share-in-europe-rises-to-35-in-2017/</P>
<P CLASS="RRH" STYLE=
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50</P>
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Warsaw and promised to help wean the nation off Russian energy
imports, &ldquo;so that you can never be held hostage to a single
supplier.&rdquo;<SUP>6</SUP></P>
<P CLASS="Textflush" STYLE=
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Promising deposits are located within three regions: Western
(Germany, France, UK); Central (Poland, Lithuania, Western Ukraine,
Romania, Bulgaria, Slovakia, Hungary, Serbia); and Eastern (Eastern
Ukraine).<SUP>7</SUP> The Western region will be unlikely to be
developed within the foreseeable future because of political
reasons in host countries (with the exception of the UK, but its
potential is the smallest among three) and the Eastern region,
which currently produces more oil and gas than the other regions,
is located near the Russia-Ukraine border, which makes it
unattractive for additional near-term investment. That leaves the
Central region as the area of development on which we intend to
focus.</P>
<P CLASS="Textflush" STYLE=
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Two of the most promising countries in Europe for exploration and
development of oil and gas are Ukraine and Poland.</P>
<P CLASS="H3" ALIGN="center" STYLE=
"text-align: center; mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<U>Ukraine</U></P>
<P CLASS="Textflush" STYLE=
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Ukraine has three separate basins that have oil and gas deposits.
Although not widely known, Ukraine was a major gas producing region
in the Soviet Union until late 1970s, when new fields in Western
Siberia were developed. Production was cut not because of
depletion, but because of difficult reservoir characteristics and
military risks (the proximity to Western borders of USSR). After
Ukraine claimed its independence in 1991, there was virtually no
additional development.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<IMG WIDTH="589" HEIGHT="308" SRC="image002.jpg" Alt=""></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-size: 8.0pt;">Naftogaz of Ukraine:
http://www.naftogaz.com/www/3/nakweben.nsf/0/69CDD708EEFC16B4C22570D8003432CC/$file/small5.jpg</FONT></P>
<DIV CLASS="LRH" ALIGN="left" STYLE=
"margin-top: 6.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: left; margin: 10px 0px 10px 0px ; mso-style-name: LRH; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<HR SIZE="1" WIDTH="20%" NOSHADE STYLE="color: black;" ALIGN=
"left"></DIV>
<P CLASS="Tablefootnotef" STYLE="margin: 0in 0in 0pt 20pt; padding: 0in; font: 10pt/normal TimesNewRomanPSStd-Regular; border-style: none; mso-style-name: Tablefootnote_f; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; text-autospace: none; color: black">6<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;http://www.euronews.com/2018/02/09/trump-energy-dominance-policy-pits-washington-against-moscow</P>
<P STYLE="margin: 0in 0in 0pt 20pt; padding: 0in; font: 10pt/normal TimesNewRomanPSStd-Regular; border-style: none; mso-style-name: Tablefootnote_f; text-align: left; text-justify: inter-ideograph; text-indent: -0.25in; text-autospace: none; color: black">7<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>EIA/ARI
World Shale Gas and Shale Oil Report, https://www.eia.gov/conference/2013/pdf/presentations/<BR>
kuuskraa.pdf</P>
<P CLASS="LRH" STYLE=
"margin-top: 0in; margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
51</P>
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Ukraine&rsquo;s Eastern basin was a focus for Shell, but war with
Russia has disrupted exploration drilling in the area<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">8</FONT>.
Ukraine&rsquo;s Western basin was of interest to Chevron, but it
decided to shutdown its European explorations altogether, including
exploration in Romania and Ukraine, to focus on already discovered
offshore properties due to low energy prices<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">8</FONT>.
The Southern basin is located next to Odessa, and stretches from
onshore (primarily oil) to offshore (more gas) Black Sea locations.
Active exploration in the areas adjacent to Romania and Crimea are
carried by ExxonMobil, OMV, and Lukoil<FONT CLASS="superscript"
STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">9</FONT>.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 7.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<IMG WIDTH="221" HEIGHT="148" SRC="image003.jpg" Alt=""></P>
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New Ukrainian laws recently significantly decreased the tax rate
for royalty payments.<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">10</FONT>
As major oil and gas companies failed develop economic quantities
of oil, small companies have found their niches in both Eastern and
Western Ukraine, and many produce commercially, despite the
continuing crisis with Russia.</P>
<P CLASS="H3" ALIGN="center" STYLE=
"margin-top: 10.0pt; text-align: center; mso-style-name: H3; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<U>Poland</U></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chevron, ConocoPhillips, ExxonMobil and Marathon were all
developing assets in Poland until recently. Each of them has
decided not to pursue development because they did not feel that
they could be commercially successful. National oil &amp; gas
company PGNiG is still active and producing limited quantities of
hydrocarbons.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 7.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<IMG WIDTH="215" HEIGHT="216" SRC="image004.jpg" Alt=""></P>
<P CLASS="Textflush" STYLE=
"margin-top: 5.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe that the weak results of the first wells drilled by
major oil companies can be explained by, among other things, the
size and bureaucratic nature of large oil companies, which
increased their costs of producing oil and gas to such an extent
that it made the region uneconomic at current prices for oil and
gas.</P>
<P CLASS="H2" STYLE=
"margin-top: 8.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our Investment
strategy</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We want to take advantage of privately held Eastern European oil
and gas operating companies that have significant production volume
and positive cash flows, but little or no reserves. By acquiring a
company with undeveloped reserves and hiring companies that have
engineering and geological expertise to develop the reserves, we
believe that we will be able to create value for our investors.</P>
<DIV CLASS="RRH" ALIGN="left" STYLE=
"margin-top: 6.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: left; margin: 10px 0px 10px 0px ; mso-style-name: RRH; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<HR SIZE="1" WIDTH="20%" NOSHADE STYLE="color: black;" ALIGN=
"left"></DIV>

<P STYLE="margin: 0in 0in 0pt 20pt; padding: 0in; font: 10pt/normal TimesNewRomanPSStd-Regular; border-style: none; mso-style-name: Tablefootnote_f; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; text-autospace: none; color: black">8<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;&nbsp;Chevron and Shell pulling out of Ukraine &ndash; http://longtailpipe.com/2015/06/11/6415/</P>
<P STYLE="margin: 0in 0in 0pt 20pt; padding: 0in; font: 10pt/normal TimesNewRomanPSStd-Regular; border-style: none; mso-style-name: Tablefootnote_f; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; text-autospace: none; color: black">
<SUP></SUP>9<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> ExxonMobil, OMV
Petrom start Pelican South-1 Drilling &ndash;
https://www.offshoreenergytoday.com/<BR>
exxonmobil-omv-petrom-start-pelican-south-1-drilling/;
Lukoil discovers large gas field offshore<BR>
 Romania &ndash;
https://www.offshoreenergytoday.com/lukoil-discovers-large-gas-field-offshore-romania/;</P>
<P STYLE="margin: 0in 0in 0pt 20pt; padding: 0in; font: 10pt/normal TimesNewRomanPSStd-Regular; border-style: none; mso-style-name: Tablefootnote_f; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; text-autospace: none; color: black"><FONT STYLE="font-size: 8.5pt"></FONT>10&nbsp;&nbsp;&nbsp;&nbsp;http://www.cms-lawnow.com/ealerts/2015/12/ukraine-tax-rates-for-natural-gas-production-significantly-<BR>
decreased</P>
<P CLASS="RRH" STYLE=
"margin-top: 0in; margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
52</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We anticipate targeting companies with recoverable reserves in
Romania, Poland, Ukraine and other Eastern European countries. We
also intend to target companies with operations outside of Eastern
Europe that are interested in expanding in Eastern Europe.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our team</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our executive officers and directors have extensive experience in
starting and managing industrial businesses in Eastern Europe, in
particular in the energy sector. As a group, they combine Western
business practice experience and technical know-how with extensive
government and business networks that are crucial to success in the
region. Our officers and directors also have extensive experience
in identifying, negotiating with and conducting due diligence on
companies targeted for acquisition and consummating acquisitions of
energy companies. Our management team, however, does not have prior
experience in pursuing acquisitions on behalf of blank check
companies and past performance by our management team is not a
guarantee of success with respect to locating a target business to
acquire.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subsequent to the consummation of our initial business combination,
we believe that the strengths of our management team, particularly
their international experience and technical knowhow, will be
valuable to any business in Ukraine with which we consummate our
initial business combination, although the specific roles, if any,
they may have following our initial business combination cannot be
determined at this time.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Competitive
Strengths</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe our competitive strengths to be the following:</P>
<P CLASS="H4" STYLE=
"margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Status as a public
company</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe our structure will make us an attractive business
combination partner to target businesses. As an existing public
company, we offer a target business an alternative to the
traditional initial public offering through a merger or other
business combination. In this situation, the owners of the target
business would exchange their shares of stock in the target
business for shares of our stock or for a combination of shares of
our stock and cash, allowing us to tailor the consideration to the
specific needs of the sellers. We believe target businesses might
find this method a more certain and cost effective method to
becoming a public company than the typical initial public offering.
In a typical initial public offering, there are additional expenses
incurred in marketing, roadshow and public reporting efforts that
will likely not be present to the same extent in connection with a
business combination with us. Furthermore, once the business
combination is consummated, the target business will have
effectively become public, whereas an initial public offering is
always subject to the underwriters&rsquo; ability to complete the
offering, as well as general market conditions that could prevent
the offering from occurring. Once public, we believe the target
business would then have greater access to capital and an
additional means of providing management incentives consistent with
stockholders&rsquo; interests than it would have as a
privately-held company. It can offer further benefits by augmenting
a company&rsquo;s profile among potential new customers and vendors
and aid in attracting talented employees.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
While we believe that our status as a public company will make us
an attractive business partner, some potential target businesses
may view the inherent limitations in our status as a blank check
company, such as our lack of an operating history and our
requirements to seek stockholder approval of any proposed initial
business combination and provide holders of public shares the
opportunity to convert their shares into cash from the trust
account, as a deterrent and may prefer to effect a business
combination with a more established entity or with a private
company.</P>
<P CLASS="H4" STYLE=
"margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Transaction
flexibility</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We offer a target business a variety of options such as providing
the owners of a target business with shares in a public company and
a public means to sell such shares, providing cash for stock, and
providing capital for the potential growth and expansion of its
operations or strengthening its balance sheet by reducing its debt
ratio. Because we are able to consummate our initial business
combination using our cash, debt or equity securities, or a
combination of the foregoing, we have the flexibility to use the
most efficient combination that will allow us to tailor the
consideration to be paid to the target business to fit its needs
and desires. However, since we have no specific business
combination under consideration, we have not taken any steps to
secure third party financing and it may not be available to us.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
53</P>
<P CLASS="H2" STYLE=
"margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Competitive
Weaknesses</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We believe our competitive weaknesses to be the following:</P>
<P CLASS="H4" STYLE=
"margin-top: 8.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Limited Financial
Resources</FONT></P>
<P CLASS="NLm" STYLE=
"margin-top: 8.0pt; text-indent: 0in; mso-style-name: NL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our financial reserves will be relatively limited when contrasted
with those of venture capital firms, leveraged buyout firms and
operating businesses competing for acquisitions. In addition, our
financial resources could be reduced because of our obligation to
convert shares held by our public stockholders as well as any
tender offer we conduct.</P>
<P CLASS="H4" STYLE=
"margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Lack of experience
with blank check companies</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our management team is not experienced in pursuing business
combinations on behalf of blank check companies. Other blank check
companies may be sponsored and managed by individuals with prior
experience in completing business combinations between blank check
companies and target businesses. Our managements&rsquo; lack of
experience may not be viewed favorably by target businesses.</P>
<P CLASS="H4" STYLE=
"margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Limited technical and
human resources</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
As a blank check company, we have limited technical and human
resources. Many venture capital funds, leveraged buyout firms and
operating businesses possess greater technical and human resources
than we do and thus we may be at a disadvantage when competing with
them for target businesses.</P>
<P CLASS="H4" STYLE=
"margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Delay associated with
stockholder approval or tender offer</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may be required to seek stockholder approval of our initial
business combination. If we are not required to obtain stockholder
approval of an initial business combination, we will allow our
stockholders to sell their shares to us pursuant to a tender offer.
Both seeking stockholder approval and conducting a tender offer
will delay the consummation of our initial business combination.
Other companies competing with us for acquisition opportunities may
not be subject to similar requirement, or may be able to satisfy
such requirements more quickly than we can. As a result, we may be
at a disadvantage in competing for these opportunities.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Effecting Our Initial
Business Combination</FONT></P>
<P CLASS="H4" STYLE=
"margin-top: 6.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">General</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We are not presently engaged in, and we will not engage in, any
substantive commercial business for an indefinite period of time
following this offering. We intend to utilize cash derived from the
proceeds of this offering and the private placement of private
units, our capital stock, debt or a combination of these in
effecting our initial business combination. Although substantially
all of the net proceeds of this offering and the private placement
of private units are intended to be applied generally toward
effecting a business combination as described in this prospectus,
the proceeds are not otherwise being designated for any more
specific purposes. Accordingly, investors in this offering are
investing without first having an opportunity to evaluate the
specific merits or risks of any one or more business combinations.
Our initial business combination may involve the acquisition of, or
merger with, a company which does not need substantial additional
capital but which desires to establish a public trading market for
its shares. In the alternative, we may seek to consummate a
business combination with a company that may be financially
unstable or in its early stages of development or growth. While we
may seek to effect simultaneous business combinations with more
than one target business, we will probably have the ability, as a
result of our limited resources, to effect only a single business
combination.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">We Have Not
Identified a Target Business</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have not selected any target business for our initial business
combination and we have not (nor has anyone on our behalf),
directly or indirectly, engaged in any substantive discussions with
a target business with respect to a business combination
transaction with us. As a result, we may not be able to locate a
target business, and we may not be able to engage in a business
combination with a target business on favorable terms or at
all.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
54</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Sources of Target
Businesses</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
While we have not yet identified any initial business combination
candidates, we believe based on our management&rsquo;s business
knowledge and past experience that there are numerous business
combination candidates. We anticipate that target business
candidates will be brought to our attention from various
unaffiliated sources, including investment bankers, venture capital
funds, private equity funds, leveraged buyout funds, management
buyout funds and other members of the financial community. Target
businesses may be brought to our attention by such unaffiliated
sources as a result of being solicited by us through calls or
mailings. These sources may also introduce us to target businesses
in which they think we may be interested on an unsolicited basis,
since many of these sources will have read this prospectus and know
what types of businesses we are targeting. Our officers and
directors, as well as their affiliates, may also bring to our
attention target business candidates that they become aware of
through their business contacts as a result of formal or informal
inquiries or discussions they may have, as well as attending trade
shows or conventions. We may engage professional firms or other
individuals that specialize in business acquisitions or mergers in
the future, in which event we may pay a finder&rsquo;s fee,
consulting fee or other compensation to be determined in an
arm&rsquo;s length negotiation based on the terms of the
transaction. Except for the $7,500 per month administrative
services fee, in no event will our insiders or any of the members
of our management team be paid any finder&rsquo;s fee, consulting
fee or other compensation prior to, or for any services they render
in order to effectuate, the consummation of our initial business
combination (regardless of the type of transaction that it is). We
have no present intention to enter into a business combination with
a target business that is affiliated with any of our officers,
directors, director nominees or insiders. However, we are not
restricted from entering into any such transactions and may do so
if (1) such transaction is approved by a majority of our
disinterested and independent directors (if we have any at that
time) and (2) we obtain an opinion from an independent investment
banking firm that the business combination is fair to our
unaffiliated stockholders from a financial point of view. As of the
date of this prospectus, there are no affiliated entities that we
would consider as a business combination target.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Selection of a Target
Business and Structuring of Our Initial Business
Combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Subject to our management team&rsquo;s fiduciary duties and the
limitation that one or more target businesses have an aggregate
fair market value of at least 80% of the value of the trust account
(excluding any deferred underwriter&rsquo;s fees and taxes payable
on the income earned on the trust account) at the time of the
execution of a definitive agreement for our initial business
combination, as described below in more detail, our management will
have virtually unrestricted flexibility in identifying and
selecting a prospective target business. Therefore, the fair market
value of the target business will be calculated prior to any
conversions of our shares in connection with a business combination
and therefore will be a minimum of $140,000,000 (or $161,000,000 if
the over-allotment option is exercised in full) in order to satisfy
the 80% test. While the fair market value of the target business
must satisfy the 80% test, the consideration we pay the owners of
the target business may be a combination of cash (whether cash from
the trust account or cash from a debt or equity financing
transaction that closes concurrently with the business combination)
or our equity securities. The exact nature and amount of
consideration would be determined based on negotiations with the
target business, although we will attempt to primarily use our
equity as transaction consideration. There is no limitation on our
ability to raise funds privately or through loans in connection
with our initial business combination. We have not established any
specific attributes or criteria (financial or otherwise) for
prospective target businesses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Accordingly, there is no basis for investors in this offering to
evaluate the possible merits or risks of the target business with
which we may ultimately complete a business combination. To the
extent we effect our initial business combination with a
financially unstable company or an entity in its early stage of
development or growth, including entities without established
records of sales or earnings, we may be affected by numerous risks
inherent in the business and operations of financially unstable and
early stage or potential emerging growth companies. Although our
management will endeavor to evaluate the risks inherent in a
particular target business, we may not properly ascertain or assess
all significant risk factors. In evaluating a prospective target
business, our management may consider a variety of factors,
including one or more of the following:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
financial condition and results of operation;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
growth potential;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
brand recognition and potential;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
return on equity or invested capital;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
market capitalization or enterprise value;</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
55</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
experience and skill of management and availability of additional
personnel;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
capital requirements;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
competitive position;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
barriers to entry;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
stage of development of the products, processes or services;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
existing distribution and potential for expansion;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
degree of current or potential market acceptance of the products,
processes or services;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
proprietary aspects of products and the extent of intellectual
property or other protection for products or formulas;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
impact of regulation on the business;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
regulatory environment of the industry;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
costs associated with effecting the business combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
industry leadership, sustainability of market share and
attractiveness of market industries in which a target business
participates; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
macro competitive dynamics in the industry within which the company
competes.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
These criteria are not intended to be exhaustive. Our management
may not consider any of the above criteria in evaluating a
prospective target business. The retention of our officers and
directors following the completion of any business combination will
not be a material consideration in our evaluation of a prospective
target business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Any evaluation relating to
the merits of a particular business combination will be based, to
the extent relevant, on the above factors as well as other
considerations deemed relevant by our management in effecting a
business combination consistent with our business objective. In
evaluating a prospective target business, we will conduct an
extensive due diligence review which will encompass, among other
things, meetings with incumbent management and inspection of
facilities, as well as review of financial and other information
which is made available to us. This due diligence review will be
conducted either by our management or by unaffiliated third parties
we may engage, although we have no current intention to engage any
such third parties.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The time and costs required to select and evaluate a target
business and to structure and complete our initial business
combination remain to be determined. Any costs incurred with
respect to the identification and evaluation of a prospective
target business with which a business combination is not ultimately
completed will result in a loss to us and reduce the amount of
capital available to otherwise complete a business combination.</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Fair Market Value of
Target Business</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to Nasdaq listing rules, our initial business combination
must occur with one or more target businesses having an aggregate
fair market value equal to at least 80% of the value of the funds
in the trust account (excluding any deferred underwriter&rsquo;s
fees and taxes payable on the income earned on the trust account),
which we refer to as the 80% test, at the time of the execution of
a definitive agreement for our initial business combination,
although we may structure a business combination with one or more
target businesses whose fair market value significantly exceeds 80%
of the trust account balance. Therefore, the fair market value of
the target business will be calculated prior to any conversions of
our shares in connection with a business combination and therefore
will be a minimum of $140,000,000 (or $161,000,000 if the
over-allotment option is exercised in full) in order to satisfy the
80% test. While the fair market value of the target business must
satisfy the 80% test, the consideration we pay the owners of the
target business may be a combination of cash (whether cash from the
trust account or cash from a debt or equity financing transaction
that closes concurrently with the business combination) or our
equity securities.&nbsp; The exact nature and amount of
consideration would be determined based on negotiations with the
target business, although we will attempt to primarily use our
equity as transaction consideration. If we are no longer listed on
Nasdaq, we will not be required to satisfy the 80% test.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
56</P>
<P CLASS="Textflush" STYLE=
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We currently anticipate structuring a business combination to
acquire 100% of the equity interests or assets of the target
business or businesses. We may, however, structure a business
combination where we merge directly with the target business or
where we acquire less than 100% of such interests or assets of the
target business in order to meet certain objectives of the target
management team or stockholders or for other reasons, but we will
only complete such business combination if the post-transaction
company owns 50% or more of the outstanding voting securities of
the target or otherwise owns a controlling interest in the target
sufficient for it not to be required to register as an investment
company under the Investment Company Act. Even if the
post-transaction company owns 50% or more of the voting securities
of the target, our stockholders prior to the business combination
may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in
the business combination transaction. For example, we could pursue
a transaction in which we issue a substantial number of new shares
in exchange for all of the outstanding capital stock of a target.
In this case, we would acquire a 100% controlling interest in the
target. However, as a result of the issuance of a substantial
number of new shares, our stockholders immediately prior to our
initial business combination could own less than a majority of our
outstanding shares subsequent to our initial business combination.
If less than 100% of the equity interests or assets of a target
business or businesses are owned or acquired by the
post-transaction company, the portion of such business or
businesses that is owned or acquired is what will be valued for
purposes of the 80% test. In order to consummate such an
acquisition, we may issue a significant amount of our debt or
equity securities to the sellers of such businesses and/or seek to
raise additional funds through a private offering of debt or equity
securities. Since we have no specific business combination under
consideration, we have not entered into any such fund raising
arrangement and have no current intention of doing so. The fair
market value of the target will be determined by our board of
directors based upon one or more standards generally accepted by
the financial community (such as actual and potential sales,
earnings, cash flow and/or book value). If our board is not able to
independently determine that the target business has a sufficient
fair market value, we will obtain an opinion from an unaffiliated,
independent investment banking firm, or another independent entity
that commonly renders valuation opinions on the type of target
business we are seeking to acquire, with respect to the
satisfaction of such criteria. We will not be required to obtain an
opinion from an independent investment banking firm, or another
independent entity that commonly renders valuation opinions on the
type of target business we are seeking to acquire, as to the fair
market value if our board of directors independently determines
that the target business complies with the 80% threshold. However,
if we seek to consummate an initial business combination with an
entity that is affiliated with any of our officers, directors or
insiders and are therefore required to obtain an opinion from an
independent investment banking firm that the business combination
is fair to our unaffiliated stockholders from a financial point of
view, we may ask that banking firm to opine on whether the target
business met the 80% fair market value test. Nevertheless, we are
not required to do so and could determine not to do so without
consent of our stockholders.</P>
<P CLASS="H4" STYLE=
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Lack of Business
Diversification</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We expect to complete only a single business combination, although
this process may entail simultaneous business combinations with
several operating businesses. Therefore, at least initially, the
prospects for our success may be entirely dependent upon the future
performance of a single business operation. Unlike other entities
which may have the resources to complete several business
combinations of entities operating in multiple industries or
multiple areas of a single industry, it is probable that we will
not have the resources to diversify our operations or benefit from
the possible spreading of risks or offsetting of losses. By
consummating our initial business combination with only a single
entity, our lack of diversification may:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
subject us to negative economic, competitive and regulatory
developments, any or all of which may have a substantial adverse
impact upon the particular industry in which we may operate
subsequent to our initial business combination, and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
result in our dependency upon the performance of a single operating
business or the development or market acceptance of a single or
limited number of products, processes or services.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we determine to simultaneously consummate our initial business
combination with several businesses and such businesses are owned
by different sellers, we will need for each of such sellers to
agree that our purchase of its business is contingent on the
simultaneous closings of the other combinations, which may make it
more difficult for us, and delay our ability, to complete the
business combination. With a business combination with several
businesses, we could also face additional risks, including
additional burdens and costs with respect to possible multiple
negotiations and due diligence investigations and the additional
risks associated with the subsequent assimilation of the operations
and services or products of the target companies in a single
operating business.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
57</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Limited Ability to
Evaluate the Target Business&rsquo; Management Team</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Although we intend to scrutinize the management team of a
prospective target business when evaluating the desirability of
effecting our initial business combination, our assessment of the
target business&rsquo; management team may not prove to be correct.
In addition, the future management team may not have the necessary
skills, qualifications or abilities to manage a public company.
Furthermore, the future role of our officers and directors, if any,
in the target business following our initial business combination
remains to be determined. While it is possible that some of our key
personnel will remain associated in senior management or advisory
positions with us following our initial business combination, it is
unlikely that they will devote their full time efforts to our
affairs subsequent to our initial business combination. Moreover,
they would only be able to remain with the company after the
consummation of our initial business combination if they are able
to negotiate employment or consulting agreements in connection with
the business combination. Such negotiations would take place
simultaneously with the negotiation of the business combination and
could provide for them to receive compensation in the form of cash
payments and/or our securities for services they would render to
the company after the consummation of the business combination.
While the personal and financial interests of our key personnel may
influence their motivation in identifying and selecting a target
business, their ability to remain with the company after the
consummation of our initial business combination will not be the
determining factor in our decision as to whether or not we will
proceed with any potential business combination. Additionally, our
officers and directors may not have significant experience or
knowledge relating to the operations of the particular target
business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Following our initial business combination, we may seek to recruit
additional managers to supplement the incumbent management of the
target business. We may not have the ability to recruit additional
managers, or that any such additional managers we do recruit will
have the requisite skills, knowledge or experience necessary to
enhance the incumbent management.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Stockholder Approval of
Business Combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In connection with any proposed business combination, we will
either (1) seek stockholder approval of our initial business
combination at a meeting called for such purpose at which public
stockholders (but not our insiders, officers or directors) may seek
to convert their shares of common stock, regardless of whether they
vote for or against the proposed business combination, into a
portion of the aggregate amount then on deposit in the trust
account, or (2) provide our stockholders with the opportunity to
sell their shares to us by means of a tender offer (and therefore
avoid the need for a stockholder vote) for an amount equal to their
pro rata share of the aggregate amount then on deposit in the trust
account, in each case subject to the limitations described herein.
If we determine to engage in a tender offer, such tender offer will
be structured so that each stockholder may tender all of his, her
or its shares rather than some pro rata portion of his, her or its
shares. The decision as to whether we will seek stockholder
approval of a proposed business combination or whether we will
allow stockholders to sell their shares to us in a tender offer
will be made by us, solely in our discretion, and will be based on
a variety of factors such as the timing of the transaction and
whether the terms of the transaction would otherwise require us to
seek stockholder approval. We anticipate that our business
combination could be completed by way of a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization
or other similar transaction. Stockholder approval will not be
required under Delaware law if the business combination is
structured as an acquisition of assets of the target company, a
share exchange with target company stockholders or a purchase of
stock of the target company; however, Nasdaq rules would require us
to obtain stockholder approval if we seek to issue shares
representing 20% or more of our outstanding shares as consideration
in a business combination. A merger of our company into a target
company would require stockholder approval under Delaware law. A
merger of a target company into our company would not require
stockholder approval unless the merger results in a change to our
certificate of incorporation, or if the shares issued in connection
with the merger exceed 20% of our outstanding shares prior to the
merger. A merger of a target company with a subsidiary of our
company would not require stockholder approval unless the merger
results in a change in our certificate of incorporation; however,
Nasdaq rules would require us to obtain stockholder approval of
such a transaction if we week to issue shares representing 20% or
more of our outstanding shares as consideration.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If a stockholder vote is not required and we do not decide to hold
a stockholder vote for business or other legal reasons, we will
provide our stockholders with an opportunity to tender their shares
to us pursuant to a tender offer pursuant to Rule 13e-4 and
Regulation 14E of the Exchange Act, which regulate issuer tender
offers, and we will file tender offer documents with the SEC which
will contain substantially the same financial and other information
about the initial business combination as is required under the
SEC&rsquo;s proxy rules.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event we allow stockholders to tender their shares pursuant
to the tender offer rules, our tender offer will remain open for at
least 20 business days, in accordance with Rule 14e-1(a) under the
Exchange Act, and we will not be permitted to</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
58</P>
<P CLASS="Textflush" STYLE=
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complete our initial business combination until the expiration of
the tender offer period. In addition, the tender offer will be
conditioned on public stockholders not tendering more than a
specified number of public shares, which number will be based on
the requirement that we may not purchase public shares in an amount
that would cause our net tangible assets to be less than $5,000,001
(so that we are not subject to the SEC&rsquo;s &ldquo;penny
stock&rdquo; rules) or any greater net tangible asset or cash
requirement which may be contained in the agreement relating to our
initial business combination. If public stockholders tender more
shares than we have offered to purchase, we will withdraw the
tender offer and not complete the initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If, however, stockholder approval of the transaction is required by
law or Nasdaq requirements, or we decide to obtain stockholder
approval for business or other legal reasons, we will:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
permit stockholders to convert their shares in conjunction with a
proxy solicitation pursuant to Regulation 14A of the Exchange Act,
which regulates the solicitation of proxies, and not pursuant to
the tender offer rules, and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
file proxy materials with the SEC.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In the event that we seek stockholder approval of our initial
business combination, we will distribute proxy materials and, in
connection therewith, provide stockholders with the conversion
rights described above upon completion of the initial business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> We
will consummate our initial business combination only if public stockholders do not exercise conversion rights in an amount that
would cause our net tangible assets to be less than $5,000,001 and a majority of the outstanding shares of common stock voted
are voted in favor of the business combination. As a result, if stockholders owning approximately 96.3% (or approximately 95.9%
if the over-allotment option is exercised in full) or more of the shares of common stock sold in this offering exercise conversion
rights, the business combination will not be consummated. However, the actual percentages will only be able to be determined once
a target business is located and we can assess all of the assets and liabilities of the combined company (which would include
the fee payable to Chardan Capital Markets, LLC in an amount equal to 2.5% of the total gross proceeds raised in the offering
as described elsewhere in this prospectus, any out-of-pocket expenses incurred by our insiders, officers, directors or their affiliates
in connection with certain activities on our behalf, such as identifying and investigating possible business targets and business
combinations that have not been repaid at that time, as well as any other liabilities of ours and the liabilities of the target
business) upon consummation of the proposed business combination, subject to the requirement that we must have at least $5,000,001
of net tangible assets upon closing of such business combination. As a result, the actual percentages of shares that can be converted
may be significantly lower than our estimates. We chose our net tangible asset threshold of $5,000,001 to ensure that we would
avoid being subject to Rule 419 promulgated under the Securities Act. However, if we seek to consummate an initial business combination
with a target business that imposes any type of working capital closing condition or requires us to have a minimum amount of funds
available from the trust account upon consummation of such initial business combination, our net tangible asset threshold may
limit our ability to consummate such initial business combination (as we may be required to have a lesser number of shares converted)
and may force us to seek third party financing which may not be available on terms acceptable to us or at all. Alternatively,
we may not be able to consummate a business combination unless the number of shares of common stock seeking conversion rights
is significantly less than the 96.3% (or 95.9% if the over-allotment option is exercised in full) indicated above. As a result,
we may not be able to consummate such initial business combination and we may not be able to locate another suitable target within
the applicable time period, if at all. Public stockholders may therefore have to wait 18 months from the closing of this offering
in order to be able to receive a portion of the trust account. </P>
<P CLASS="Textflush" STYLE=
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Our insiders, officers and directors have agreed (1) to vote any
shares of common stock owned by them in favor of any proposed
business combination, (2) not to convert any shares of common stock
into the right to receive cash from the trust account in connection
with a stockholder vote to approve a proposed initial business
combination or a vote to amend the provisions of our certificate of
incorporation relating to stockholders&rsquo; rights or
pre-business combination activity and (3) not sell any shares of
common stock in any tender in connection with a proposed initial
business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Depending on how a business combination was structured, any
stockholder approval requirement could be satisfied by obtaining
the approval of either (i) a majority of the shares of our common
stock that were voted at the meeting (assuming a quorum was present
at the meeting), or (ii) a majority of the outstanding shares of
our common stock. Because our insiders, officers and directors will
collectively beneficially own approximately 24.0% of our issued and
outstanding shares of common stock (assuming they do not purchase
any units in this offering and assuming the over-allotment option
has not been exercised and an aggregate of 656,250 insider shares
have been forfeited as a result thereof) upon consummation of this
offering and the sale of the private units, a minimum of
approximately 231,251 public shares, or 1.3% of the outstanding
shares of our common stock</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
59</P>
<P CLASS="Textflush" STYLE=
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(if the approval requirement was a majority of shares voted and the
minimum number of shares required for a quorum attended the
meeting), would need to be voted in favor a business combination in
order for it to be approved.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
None of our insiders or their affiliates has indicated any
intention to purchase units or shares of common stock from persons
in the open market or in private transactions. However, if we seek
stockholder approval of a business combination and if we hold a
meeting to approve a proposed business combination and a
significant number of stockholders vote, or indicate an intention
to vote, against such proposed business combination, we or our
insiders or their affiliates could make such purchases in the open
market or in private transactions in order to influence the vote.
However, they have no current commitments, plans or intentions to
engage in such transactions and have not formulated any terms or
conditions for any such transactions. No funds from the trust
account can be released from the trust account prior to the
consummation of a business combination to make such purchases
(although such purchases could be made using funds available to us
after the closing of a business combination). We do not currently
anticipate that such purchases, if any, would constitute a tender
offer subject to the tender offer rules under the Exchange Act or a
going-private transaction subject to the going-private rules under
the Exchange Act; however, if the purchasers determine at the time
of any such purchases that the purchases are subject to such rules,
the purchasers will comply with such rules. Notwithstanding the
foregoing, we or our insiders or their affiliates will not make
purchases of shares of common stock if the purchases would violate
Sections 9(a)(2) or 10(b) of the Exchange Act or Regulation M,
which are rules that prohibit manipulation of a company&rsquo;s
stock, and we and they will comply with Rule 10b-18 under the
Exchange Act in connection with any open-market purchases. If
purchases cannot be made without violating applicable law, no such
purchases will be made. The purpose of such purchases would be to
(i) vote such shares in favor of the business combination and
thereby increase the likelihood of obtaining stockholder approval
of the business combination or (ii) to satisfy a closing condition
in an agreement with a target that requires us to have a minimum
net worth or a certain amount of cash at the closing of our
business combination, where it appears that such requirement would
otherwise not be met. This may result in the completion of our
business combination that may not otherwise have been possible. In
addition, if such purchases are made, the public
&ldquo;float&rdquo; of our common stock may be reduced and the
number of beneficial holders of our securities may be reduced,
which may make it difficult to maintain or obtain the quotation,
listing or trading of our securities on a national securities
exchange. Our insiders anticipate that they may identify the
stockholders with whom our insiders or their affiliates may pursue
privately negotiated purchases by either the stockholders
contacting us directly or by our receipt of redemption requests
submitted by stockholders following our mailing of proxy materials
in connection with our initial business combination. To the extent
that our insiders or their affiliates enter into a private
purchase, they would identify and contact only potential selling
stockholders who have expressed their election to redeem their
shares for a pro rata share of the trust account or vote against
the business combination.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Conversion
Rights</FONT></P>
<P CLASS="Textflush" STYLE=
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At any meeting called to approve an initial business combination,
any public stockholder, whether voting for or against such proposed
business combination, will be entitled to demand that his or her
shares of common stock be converted for a full pro rata portion of
the amount then in the trust account (initially $10.20 per share),
plus any pro rata interest earned on the funds held in the trust
account and not previously released to us or necessary to pay our
taxes. Alternatively, we may provide our public stockholders with
the opportunity to sell their shares of our common stock to us
through a tender offer (and thereby avoid the need for a
stockholder vote) for an amount equal to their pro rata share of
the aggregate amount then on deposit in the trust account, net of
taxes payable.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notwithstanding the foregoing, a public stockholder, together with
any affiliate of his or hers, or any other person with whom he or
she is acting in concert or as a &ldquo;group&rdquo; (as defined in
Section 13(d)(3) of the Exchange Act) will be restricted from
seeking conversion rights with respect to 20% or more of the shares
of common stock sold in this offering. Such a public stockholder
would still be entitled to vote against a proposed business
combination with respect to all shares of common stock owned by him
or her, or his or her affiliates. We believe this restriction will
prevent stockholders from accumulating large blocks of shares
before the vote held to approve a proposed business combination and
attempt to use the conversion right as a means to force us or our
management to purchase their shares at a significant premium to the
then current market price. By not allowing a stockholder to convert
more than 20% of the shares of common stock sold in this offering,
we believe we have limited the ability of a small group of
stockholders to unreasonably attempt to block a transaction which
is favored by our other public stockholders.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">None of our insiders,
officers or directors will have the right to receive cash from the
trust account in connection with a stockholder vote to approve a
proposed initial business combination or a vote to amend the
provisions of our certificate of incorporation relating to
stockholders&rsquo; rights or pre-business combination activity
with respect to any shares of common stock owned by them, directly
or indirectly, whether acquired prior to this offering or purchased
by them in this offering or in the aftermarket.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
60</P>
<P CLASS="Textflush" STYLE=
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<FONT STYLE="letter-spacing: -.05pt;">We may also require public
stockholders who wish to convert, whether they are a record holder
or hold their shares in &ldquo;street name,&rdquo; to either tender
their certificates to our transfer agent at any time through the
vote on the business combination or to deliver their shares to the
transfer agent electronically using Depository Trust
Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at
the holder&rsquo;s option. The proxy solicitation materials that we
will furnish to stockholders in connection with the vote for any
proposed business combination will indicate whether we are
requiring stockholders to satisfy such delivery requirements.
Accordingly, a stockholder would have from the time the stockholder
received our proxy statement through the vote on the business
combination to deliver his or her shares if he or she wishes to
seek to exercise his or her conversion rights. Under Delaware law
and our bylaws, we are required to provide at least 10 days advance
notice of any stockholder meeting, which would be the minimum
amount of time a public stockholder would have to determine whether
to exercise conversion rights.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
There is a nominal cost associated with the above-referenced
delivery process and the act of certificating the shares or
delivering them through the DWAC System. The transfer agent will
typically charge the tendering broker $45.00 and it would be up to
the broker whether or not to pass this cost on to the holder.
However, this fee would be incurred regardless of whether or not we
require holders to deliver their shares prior to the vote on the
business combination in order to exercise conversion rights. This
is because a holder would need to deliver shares to exercise
conversion rights regardless of the timing of when such delivery
must be effectuated. However, in the event we require stockholders
to deliver their shares prior to the vote on the proposed business
combination and the proposed business combination is not
consummated, this may result in an increased cost to
stockholders.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The foregoing is different from the procedures used by many blank
check companies. Traditionally, in order to perfect conversion
rights in connection with a blank check company&rsquo;s business
combination, the company would distribute proxy materials for the
stockholders&rsquo; vote on an initial business combination, and a
holder could simply vote against a proposed business combination
and check a box on the proxy card indicating such holder was
seeking to exercise his or her conversion rights. After the
business combination was approved, the company would contact such
stockholder to arrange for him or her to deliver his or her
certificate to verify ownership. As a result, the stockholder then
had an &ldquo;option window&rdquo; after the consummation of the
business combination during which he or she could monitor the price
of the company&rsquo;s stock in the market. If the price rose above
the conversion price, he or she could sell his or her shares in the
open market before actually delivering his or her shares to the
company for cancellation. As a result, the conversion rights, to
which stockholders were aware they needed to commit before the
stockholder meeting, would become a &ldquo;continuing&rdquo; right
surviving past the consummation of the business combination until
the holder delivered its certificate. The requirement for physical
or electronic delivery prior to the meeting ensures that a
holder&rsquo;s election to convert his or her shares is irrevocable
once the business combination is approved.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any request to convert such shares once made, may be withdrawn at
any time up to the vote on the proposed business combination.
Furthermore, if a holder of a public share delivered his or her
certificate in connection with an election of their conversion and
subsequently decides prior to the vote on the proposed business
combination not to elect to exercise such rights, he or she may
simply request that the transfer agent return the certificate
(physically or electronically).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the initial business combination is not approved or completed
for any reason, then our public stockholders who elected to
exercise their conversion rights would not be entitled to convert
their shares for the applicable pro rata share of the trust
account. In such case, we will promptly return any shares delivered
by public holders.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Liquidation if No
Business Combination</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
we do not complete a business combination within 18 months from the closing of this offering, we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter,
redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and
(iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. At such time, the warrants will expire and holders of warrants will receive nothing upon a liquidation with respect to such
warrants, and the warrants will be worthless. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Under the Delaware General Corporation Law, stockholders may be
held liable for claims by third parties against a corporation to
the extent of distributions received by them in a dissolution. The
pro rata portion of our trust account distributed to our public
stockholders upon the redemption of 100% of our outstanding public
shares in the event we do not complete our initial business
combination within the required time period may be considered a
liquidation distribution under Delaware law. If the corporation
complies with certain procedures set forth in Section 280 of the
Delaware General Corporation Law intended to ensure that it makes
reasonable provision for all claims against it, including a 60-day
notice period during which any third-party claims can be brought
against the corporation, a 90-day period during which the
corporation may reject any claims brought,</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
61</P>
<P CLASS="Textflush" STYLE=
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and an additional 150-day waiting period before any redemptions are
made to stockholders, any liability of stockholders with respect to
a redemption is limited to the lesser of such stockholder&rsquo;s
pro rata share of the claim or the amount distributed to the
stockholder, and any liability of the stockholder would be barred
after the third anniversary of the dissolution.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Furthermore, if the pro rata portion of our trust account
distributed to our public stockholders upon the redemption of 100%
of our public shares in the event we do not complete our initial
business combination within the required time period is not
considered a liquidation distribution under Delaware law and such
redemption distribution is deemed to be unlawful, then pursuant to
Section 174 of the Delaware General Corporation Law, the statute of
limitations for claims of creditors could then be six years after
the unlawful redemption distribution, instead of three years, as in
the case of a liquidation distribution. It is our intention to
redeem our public shares as soon as reasonably possible following
the 18<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
or 21<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">st</FONT>
month from the closing of this offering and, therefore, we do not
intend to comply with the above procedures. As such, our
stockholders could potentially be liable for any claims to the
extent of distributions received by them (but no more) and any
liability of our stockholders may extend well beyond the third
anniversary of such date.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Because we will not be complying with Section 280 of the Delaware
General Corporation Law, Section 281(b) of the Delaware General
Corporation Law requires us to adopt a plan, based on facts known
to us at such time that will provide for our payment of all
existing and pending claims or claims that may be potentially
brought against us within the subsequent 10 years. However, because
we are a blank check company, rather than an operating company, and
our operations will be limited to seeking to complete an initial
business combination, the only likely claims to arise would be from
our vendors (such as lawyers, investment bankers, etc.) or
prospective target businesses.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will seek to have all third parties (including any vendors or
other entities we engage after this offering) and any prospective
target businesses enter into valid and enforceable agreements with
us waiving any right, title, interest or claim of any kind they may
have in or to any monies held in the trust account. The
underwriters in this offering will execute such a waiver agreement.
As a result, the claims that could be made against us will be
limited, thereby lessening the likelihood that any claim would
result in any liability extending to the trust. We therefore
believe that any necessary provision for creditors will be reduced
and should not have a significant impact on our ability to
distribute the funds in the trust account to our public
stockholders. Nevertheless, there is no guarantee that vendors,
service providers and prospective target businesses will execute
such agreements. In the event that a potential contracted party was
to refuse to execute such a waiver, we will execute an agreement
with that entity only if our management first determines that we
would be unable to obtain, on a reasonable basis, substantially
similar services or opportunities from another entity willing to
execute such a waiver. Examples of instances where we may engage a
third party that refused to execute a waiver would be the
engagement of a third party consultant who cannot sign such an
agreement due to regulatory restrictions, such as our auditors who
are unable to sign due to independence requirements, or whose
particular expertise or skills are believed by management to be
superior to those of other consultants that would agree to execute
a waiver or a situation in which management does not believe it
would be able to find a provider of required services willing to
provide the waiver. There is also no guarantee that, even if they
execute such agreements with us, they will not seek recourse
against the trust account. Our insiders have agreed that they will
be jointly and severally liable to us if and to the extent any
claims by a vendor for services rendered or products sold to us, or
a prospective target business with which we have discussed entering
into a transaction agreement, reduce the amount of funds in the
trust account to below $10.20 per public share, except as to any
claims by a third party who executed a valid and enforceable
agreement with us waiving any right, title, interest or claim of
any kind they may have in or to any monies held in the trust
account and except as to any claims under our indemnity of the
underwriters of this offering against certain liabilities,
including liabilities under the Securities Act. Our board of
directors has evaluated our insiders&rsquo; financial net worth and
believes they will be able to satisfy any indemnification
obligations that may arise. However, our insiders may not be able
to satisfy their indemnification obligations, as we have not
required our insiders to retain any assets to provide for their
indemnification obligations, nor have we taken any further steps to
ensure that they will be able to satisfy any indemnification
obligations that arise. Moreover, our insiders will not be liable
to our public stockholders and instead will only have liability to
us. As a result, if we liquidate, the per-share distribution from
the trust account could be less than approximately $10.20 due to
claims or potential claims of creditors. We will distribute to all
of our public stockholders, in proportion to their respective
equity interests, an aggregate sum equal to the amount then held in
the trust account, inclusive of any interest not previously
released to us, (subject to our obligations under Delaware law to
provide for claims of creditors as described below).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we are unable to consummate an initial business combination and
are forced to redeem 100% of our outstanding public shares for a
portion of the funds held in the trust account, we anticipate
notifying the trustee of the trust account to begin liquidating
such assets promptly after such date and anticipate it will take no
more than 10 business days to effectuate the redemption of our
public shares. Our insiders have waived their rights to participate
in any redemption with respect to their insider shares.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
62</P>
<P CLASS="Textflush" STYLE=
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We will pay the costs of any subsequent liquidation from our
remaining assets outside of the trust account. If such funds are
insufficient, our insiders have agreed to pay the funds necessary
to complete such liquidation (currently anticipated to be no more
than approximately $15,000) and have agreed not to seek repayment
of such expenses. Each holder of public shares will receive a full
pro rata portion of the amount then in the trust account, plus any
pro rata interest earned on the funds held in the trust account and
not previously released to us or necessary to pay our taxes. The
proceeds deposited in the trust account could, however, become
subject to claims of our creditors that are in preference to the
claims of public stockholders.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our public stockholders shall be entitled to receive funds from the
trust account only in the event of our failure to complete our
initial business combination in the required time period or if the
stockholders seek to have us convert their respective shares of
common stock upon a business combination which is actually
completed by us. In no other circumstances shall a stockholder have
any right or interest of any kind to or in the trust account.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we are forced to file a bankruptcy case or an involuntary
bankruptcy case is filed against us which is not dismissed, the
proceeds held in the trust account could be subject to applicable
bankruptcy law, and may be included in our bankruptcy estate and
subject to the claims of third parties with priority over the
claims of our stockholders. To the extent any bankruptcy claims
deplete the trust account, the per share redemption or conversion
amount received by public stockholders may be less than $10.20.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If, after we distribute the proceeds in the trust account to our
public stockholders, we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not
dismissed, any distributions received by stockholders could be
viewed under applicable debtor/creditor and/or bankruptcy laws as
either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent
conveyance.&rdquo; As a result, a bankruptcy court could seek to
recover all amounts received by our stockholders. In addition, our
board of directors may be viewed as having breached its fiduciary
duty to our creditors and/or having acted in bad faith, thereby
exposing itself and us to claims of punitive damages, by paying
public stockholders from the trust account prior to addressing the
claims of creditors. Claims may be brought against us for these
reasons.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Certificate of
Incorporation</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our certificate of incorporation contains certain requirements and
restrictions relating to this offering that will apply to us until
the consummation of our initial business combination. If we hold a
stockholder vote to amend any provisions of our certificate of
incorporation relating to stockholder&rsquo;s rights or
pre-business combination activity (including the substance or
timing within which we have to complete a business combination), we
will provide our public stockholders with the opportunity to redeem
their shares of common stock upon approval of any such amendment at
a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest earned on
the funds held in the trust account and not previously released to
us to pay our franchise and income taxes, divided by the number of
then outstanding public shares, in connection with any such vote.
Our insiders have agreed to waive any conversion rights with
respect to any insider shares, private shares and any public shares
they may hold in connection with any vote to amend our certificate
of incorporation. Specifically, our certificate of incorporation
provides, among other things, that:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
prior to the consummation of our initial business combination, we
shall either (1) seek stockholder approval of our initial business
combination at a meeting called for such purpose at which public
stockholders may seek to convert their shares of common stock,
regardless of whether they vote for or against the proposed
business combination, into a portion of the aggregate amount then
on deposit in the trust account, net of taxes payable, or (2)
provide our stockholders with the opportunity to sell their shares
to us by means of a tender offer (and thereby avoid the need for a
stockholder vote) for an amount equal to their pro rata share of
the aggregate amount then on deposit in the trust account, net of
taxes payable, in each case subject to the limitations described
herein;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> we
will consummate our initial business combination only if public
stockholders do not exercise conversion rights in an amount that
would cause our net tangible assets to be less than $5,000,001 and
a majority of the outstanding shares of common stock voted are
voted in favor of the business combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if our initial business combination is not consummated within 18 months of the closing of this offering, then our existence
will terminate and we will distribute all amounts in the trust account to all of our public holders of shares of common stock; </P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
upon the consummation of this offering, $178,500,000, or
$205,275,000 if the over-allotment option is exercised in full,
shall be placed into the trust account;</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
63</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> we
may not consummate any other business combination, merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar transaction prior to our initial business combination;
and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
prior to our initial business combination, we may not issue
additional shares of capital stock that would entitle the holders
thereof to (i) receive funds from the trust account or (ii) vote on
any initial business combination.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Potential Revisions to
Agreements with Insiders</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Each of our insiders has entered into letter agreements with us
pursuant to which each of them has agreed to do certain things
relating to us and our activities prior to a business combination.
We could seek to amend these letter agreements without the approval
of stockholders, although we have no intention to do so. In
particular:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Restrictions relating to liquidating the trust account if we failed
to consummate a business combination in the time-frames specified
above could be amended, but only if we allowed all stockholders to
redeem their shares in connection with such amendment;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Restrictions relating to our insiders being required to vote in
favor of a business combination or against any amendments to our
organizational documents could be amended to allow our insiders to
vote on a transaction as they wished;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The requirement of members of the management team to remain our
officer or director until the closing of a business combination
could be amended to allow persons to resign from their positions
with us if, for example, the current management team was having
difficulty locating a target business and another management team
had a potential target business;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The restrictions on transfer of our securities could be amended to
allow transfer to third parties who were not members of our
original management team;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The obligation of our management team to not propose amendments to
our organizational documents could be amended to allow them to
propose such changes to our stockholders;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The obligation of insiders to not receive any compensation in
connection with a business combination could be modified in order
to allow them to receive such compensation;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The requirement to obtain a valuation for any target business
affiliated with our insiders, in the event it was too expensive to
do so.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Except as specified above, stockholders would not be required to be
given the opportunity to redeem their shares in connection with
such changes. Such changes could result in:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our having an extended period of time to consummate a business
combination (although with less in trust as a certain number of our
stockholders would certainly redeem their shares in connection with
any such extension);</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our insiders being able to vote against a business combination or
in favor of changes to our organizational documents;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our operations being controlled by a new management team that our
stockholders did not elect to invest with;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our insiders receiving compensation in connection with a business
combination; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our insiders closing a transaction with one of their affiliates
without receiving an independent valuation of such business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will not agree to any such changes unless we believed that such
changes were in the best interests of our stockholders (for
example, if we believed such a modification were necessary to
complete a business combination). Each of our officers and
directors have fiduciary obligations to us requiring that they act
in our best interests and the best interests of our
stockholders.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
64</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Competition</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In identifying, evaluating and selecting a target business, we may
encounter intense competition from other entities having a business
objective similar to ours. Many of these entities are well
established and have extensive experience identifying and effecting
business combinations directly or through affiliates. Many of these
competitors possess greater technical, human and other resources
than us and our financial resources will be relatively limited when
contrasted with those of many of these competitors. While we
believe there may be numerous potential target businesses that we
could complete a business combination with utilizing the net
proceeds of this offering, our ability to compete in completing a
business combination with certain sizable target businesses may be
limited by our available financial resources.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following also may not be viewed favorably by certain target
businesses:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our obligation to seek stockholder approval of our initial business
combination or engage in a tender offer may delay the completion of
a transaction;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our obligation to convert shares of common stock held by our public
stockholders may reduce the resources available to us for our
initial business combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our outstanding warrants and unit purchase options, and the
potential future dilution they represent;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our obligation to pay the deferred underwriting commission to
Chardan Capital Markets, LLC upon consummation of our initial
business combination;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our obligation to either repay working capital loans that may be
made to us by our insiders, officers, directors or their
affiliates;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our obligation to register the resale of the insider shares, as
well as the private units (and underlying securities) and any
shares issued to our insiders, officers, directors or their
affiliates upon conversion of working capital loans; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the impact on the target business&rsquo; assets as a result of
unknown liabilities under the securities laws or otherwise
depending on developments involving us prior to the consummation of
a business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any of these factors may place us at a competitive disadvantage in
successfully negotiating our initial business combination. Our
management believes, however, that our status as a public entity
and potential access to the United States public equity markets may
give us a competitive advantage over privately-held entities having
a similar business objective as ours in connection with an initial
business combination with a target business with significant growth
potential on favorable terms.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If we succeed in effecting our initial business combination, there
will be, in all likelihood, intense competition from competitors of
the target business. Subsequent to our initial business
combination, we may not have the resources or ability to compete
effectively.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Facilities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We currently maintain our principal executive offices at 77 Water
St, Fl 8, New York, NY 10005. The cost for this space is included
in the $7,500 per-month fee (subject to deferral as described
herein) payable to VK Consulting, Inc., a company owned by Vadim
Komissarov, one of our officers, for office space, utilities and
secretarial services. Our agreement with VK Consulting, Inc.
provides that commencing on the date that our securities are first
listed on the Nasdaq Capital Market and until we consummate a
business combination, such office space, as well as utilities and
secretarial services, will be made available to us as may be
required from time to time. We believe that the fee charged by VK
Consulting, Inc. is at least as favorable as we could have obtained
from an unaffiliated person. We consider our current office space,
combined with the other office space otherwise available to our
executive officers, adequate for our current operations.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Employees</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">We have two executive
officers. These individuals are not obligated to devote any
specific number of hours to our matters and intend to devote only
as much time as they deem necessary to our affairs. The amount of
time they will devote in any time period will vary based on whether
a target business has been selected for the business combination
and the stage of the business combination process the company is
in. Accordingly, once a suitable target business to consummate
our</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
65</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: .05pt;">initial business combination
with has been located, management will spend more time
investigating such target business and negotiating and processing
the business combination (and consequently spend more time on our
affairs) than had been spent prior to locating a suitable target
business. We presently expect our executive officers to devote an
average of approximately 10 hours per week to our business. We do
not intend to have any full time employees prior to the
consummation of our initial business combination.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Periodic Reporting and
Audited Financial Statements</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">We have registered our units,
common stock and warrants under the Exchange Act and have reporting
obligations, including the requirement that we file annual,
quarterly and current reports with the SEC. In accordance with the
requirements of the Exchange Act, our annual report will contain
financial statements audited and reported on by our independent
registered public accountants.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will provide stockholders with audited financial statements of
the prospective target business as part of any proxy solicitation
materials or tender offer documents sent to stockholders to assist
them in assessing the target business. These financial statements
will need to be prepared in accordance with or reconciled to United
States GAAP or IFRS as issued by the IASB. A particular target
business identified by us as a potential business combination
candidate may not have the necessary financial statements. To the
extent that this requirement cannot be met, we may not be able to
consummate our initial business combination with the proposed
target business.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may be required by the Sarbanes-Oxley Act to have our internal
control over financial reporting audited for the fiscal year ending
December 31, 2019. A target company may not be in compliance with
the provisions of the Sarbanes-Oxley Act regarding the adequacy of
their internal control over financial reporting. The development of
the internal control over financial reporting of any such entity to
achieve compliance with the Sarbanes-Oxley Act may increase the
time and costs necessary to complete any such initial business
combination.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Legal
Proceedings</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
There is no material litigation, arbitration, governmental
proceeding or any other legal proceeding currently pending or known
to be contemplated against us or any members of our management team
in their capacity as such, and we and the members of our management
team have not been subject to any such proceeding in the 10 years
preceding the date of this prospectus.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
66</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Comparison to Offerings
of Blank Check Companies Subject to Rule 419</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table compares the terms of this offering to the
terms of an offering by a blank check company subject to the
provisions of Rule 419. This comparison assumes that the gross
proceeds, underwriting commissions and underwriting expenses of our
offering would be identical to those of an offering undertaken by a
company subject to Rule 419, and that the underwriters will not
exercise their over-allotment option. None of the provisions of
Rule 419 apply to our offering.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Terms of the Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Terms Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Escrow of offering proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">$178,500,000 of the net offering proceeds and
proceeds from the sale of the private units will be deposited into
a trust account in the United States at Morgan Stanley Bank, N.A.,
maintained by Continental Stock Transfer &amp; Trust Company,
acting as trustee.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">$148,781,250 of the offering proceeds would be
required to be deposited into either an escrow account with an
insured depositary institution or in a separate bank account
established by a broker-dealer in which the broker-dealer acts as
trustee for persons having the beneficial interests in the
account.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investment of net proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">$178,500,000 of net offering proceeds and
proceeds from the sale of the private units held in the trust
account will be invested only in U.S. government treasury bills,
bonds or notes with a maturity of 180 days or less or in money
market funds meeting the applicable conditions under Rule 2a-7
under the Investment Company Act which invest only in direct U.S.
government treasury obligations.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Proceeds could be invested only in specified
securities such as a money market fund meeting conditions of the
Investment Company Act or in securities that are direct obligations
of, or obligations guaranteed as to principal or interest by, the
United States.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Limitation on fair value or net assets of target
business</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our initial business combination must occur with
one or more target businesses that together have an aggregate fair
market value of at least 80% of the value of the trust account
(excluding any deferred underwriter&rsquo;s fees and taxes payable
on the income earned on the trust account) at the time of the
agreement to enter into the initial business
combination.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The fair value or net assets of a target
business must represent at least 80% of the maximum offering
proceeds.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Trading of securities issued</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The units may commence trading on or promptly
after the date of this prospectus. The common stock and warrants
comprising the units will begin to trade separately on the
90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
day after the date of this prospectus unless Chardan Capital
Markets, LLC informs us of its decision to allow earlier separate
trading (based upon its assessment of the relative strengths of the
securities markets and small capitalization companies in general,
and the trading pattern of, and demand for, our securities in
particular), provided we have filed with the SEC a Current Report
on Form 8-K, which includes an audited balance sheet reflecting our
receipt of the proceeds of this offering.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">No trading of the units or the underlying common
stock and warrants would be permitted until the completion of a
business combination. During this period, the securities would be
held in the escrow or trust account.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Exercise of the warrants</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The warrants cannot be exercised until the later
of 30 days after the completion of our initial business combination
or 12 months from the closing of this offering.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The warrants could be exercised prior to the
completion of a business combination, but securities received and
cash paid in connection with the exercise would be deposited in the
escrow or trust account.</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
67</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Terms of the Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Terms Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Election to remain an investor</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.05pt;">We will either
(i) give our stockholders the opportunity to vote on the business
combination or (ii) provide our public stockholders with the
opportunity to sell their shares of our common stock for cash equal
to their pro rata share of the aggregate amount then on deposit in
the trust account, less taxes. If we hold a meeting to approve a
proposed business combination, we will send each stockholder a
proxy statement containing information required by the SEC.
Alternatively, if we do not hold a meeting and instead conduct a
tender offer, we will conduct such tender offer in accordance with
the tender offer rules of the SEC and file tender offer documents
with the SEC which will contain substantially the same financial
and other information about the initial business combination as we
would have included in a proxy statement. Under Delaware law and
our bylaws, we must provide at least 10 days advance notice of any
meeting of stockholders. Accordingly, this is the minimum amount of
time we would need to provide holders to determine whether to
exercise their rights to convert their shares into cash or to
remain an investor in our company.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;">A prospectus
containing information pertaining to the business combination
required by the SEC would be sent to each investor. Each investor
would be given the opportunity to notify the company in writing,
within a period of no less than 20 business days and no more than
45 business days from the effective date of a post-effective
amendment to the company&rsquo;s registration statement, to decide
if he, she or it elects to remain a stockholder of the company or
require the return of his, her or its investment. If the company
has not received the notification by the end of the 45<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
business day, funds and interest or dividends, if any, held in the
trust or escrow account are automatically returned to the
stockholder. Unless a sufficient number of investors elect to
remain investors, all funds on deposit in the escrow account must
be returned to all of the investors and none of the securities are
issued.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Business
combination deadline </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.15pt">Pursuant
to our certificate of incorporation, if we are unable to complete our initial business combination within 18 months from the closing
of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem 100% of the outstanding public shares which redemption will completely
extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above)
to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
an acquisition has not been completed within 18 months after the effective date of the company&rsquo;s registration statement,
funds held in the trust or escrow account are returned to investors. </P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Interest earned on the funds in the trust
account</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">There can be released to us, from time to time,
any interest earned on the funds in the trust account that we may
need to pay our tax obligations.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Interest on funds in escrow account would be
held for the sole benefit of investors, unless and only after the
funds held in escrow were released to us in connection with our
completion of a business combination.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="13%" VALIGN="top" STYLE=
"width: 13.66%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Release of funds</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.3%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Except for interest earned on the funds in the
trust account that may be released to us to pay our tax obligations
the proceeds held in the trust account will not be released until
the earlier of the completion of our initial business combination
and our liquidation upon failure to effect our initial business
combination within the allotted time.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="35%" VALIGN="top" STYLE=
"width: 35.96%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The proceeds held in the escrow account are not
released until the earlier of the completion of a business
combination or the failure to effect a business combination within
the allotted time.</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
68</P>
<P CLASS="H1" STYLE=
"margin-top: 10.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">MANAGEMENT</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Directors and Executive
Officers</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our current directors, director nominees and executive officers are
as follows:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Age</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Position</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Ilya Ponomarev</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
42</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chief Executive Officer and Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edward S. Verona</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
63</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Non-Executive Chairman and Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Oleksii Tymofiev</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
40</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chief Operating Officer</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vadim Komissarov</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
46</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">President, Chief Financial Officer and
Director</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Michael Wilson</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
52</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Secretary and Treasurer</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Thomas Gallagher</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
69</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="53%" VALIGN="bottom" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="bottom" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Gennadii Butkevych</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
59</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
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Director</P>
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</TABLE>
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Ilya Ponomarev</FONT>
has served as our director since our inception and has been our
Chief Exective Officer since February 15, 2018. From December 2007
to the present, Hon. Ponomarev served an opposition member of
Russian Parliament &mdash; State Duma representing Novosibirsk
&mdash; the capital of Siberia, and is chairing Innovations and
Venture Capital (formerly Hi-Tech development) subcommittee.
Although he was a member of parliament until 2016, after his lone
vote against the war between Russia and Ukraine, he was not
permitted to return to Russia after traveling to the United States.
In April 2015, the Russian parliament lifted Mr. Ponomarev&rsquo;s
diplomatic immunity and allowed a prosecutor to bring charges of
misappropriation of funds belonging to Skolkovo Foundation against
Mr. Ponomarev, in what was widely reported as a politically
motivated prosecution. The case remains open and Mr. Ponomarev
would be subject to arrest if he returned to Russia. Earlier Ilya
Ponomarev held various positions in government offices and private
companies, including Vice president of Yukos Oil Company, a large
Russian oil and gas company, and prior to that Director for CIS
Business Development and Marketing for Schlumberger Oilfield
Services. Ilya Ponomarev holds BSc in Physics from Moscow State
University and Master of Public Administration from Russian State
Social University. He is an author of a number of research papers
and magazine articles about new economy development, energy,
regional policies, education and international relations. We
believe that Mr. Ponomarev is qualified to serve as a member of our
Board of Directors because his understanding of new technologies in
oil &amp; gas field and his international network of political and
business leaders.</P>
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Edward S.
Verona</FONT> has served as our director and Chairman of the Board
since April 29, 2016. Mr. Verona has been a Senior Director of
McLarty Associates, an international affairs advisory business
since June 2014. Prior to joining McLarty, Mr. Verona served for
five years as President of the US-Russia Business Council (USRBC),
where he led the Council&rsquo;s efforts to provide government
relations services to American and Russian companies and facilitate
American entry into the Russian market. Before joining USRBC, Mr.
Verona spent many years in the energy sector and in the U.S.
Foreign Service, posted in former Soviet states and in Latin
America. He was Executive Director of the Moscow-based Petroleum
Advisory Forum from December 1996 to August 1998. From August 1998
to August 2003 he held various positions with Texaco and
ChevronTexaco, including Head of Representation for Texaco in
Russia and Kazakhstan and Vice President for Government and Public
Affairs for Latin America, based in Caracas, Venezuela.
Subsequently, he served as Vice President of ExxonMobil Russia from
June 2006 to August 2008, with responsibility for government and
public affairs. Mr. Verona began his energy sector career working
for Shell Oil Company in New York City, and first worked on energy
issues in Russia in 1996 as Executive Director of the Moscow-based
Petroleum Advisory. He has served as Chairman of the Kazakhstan
Petroleum Association and as Chief Representative of Barrick Gold
in Russia. Prior to joining Texaco, Mr. Verona served for seven
years in the US Foreign Service as Economic Officer in Mexico City,
Brasilia, and Moscow. In 1980, he joined mining and oil &amp; gas
equipment manufacturer Ingersoll-Rand as Special Representative
posted in Bolivia, Ecuador, and Miami. Mr. Verona graduated from
the University of Arizona with a Bachelor&rsquo;s degree in
Political Science, and he received a Master&rsquo;s of
International Management from the American Graduate School of
Global Management (Thunderbird). He speaks Russian, Spanish, and
Portuguese. We believe that Mr. Verona is qualified to serve as a
member of our Board of Directors because of his experience in the
oil &amp; gas industry, his in-depth, hands-on knowledge of Eastern
European business environments, and his prominent international
government affairs roles.</P>
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Oleksii
Tymofiev</FONT> has served as our Chief Operating Officer since
February 15, 2018. He was our Chief Executive Officer from April
29, 2016 until February 15, 2018. Since August 2015, Mr. Tymofiev
has been the Chief Executive Officer at Ukrteploenergo Ltd., where
he has been responsible for the development and implementation of a
turnaround strategy at the company, which is an owner-operator of
heat-and-power plants in the Ukraine with over 4,000 employees and
$200 million in revenue in 2015. From March 2010 until August 2015
he served in a variety of positions with PJSC Smart Holding, an
investment company,</P>
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69</P>
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most recently as general director. Prior to Smart-Holding Group,
Mr. Timofieiev was Executive Board Member and Head of Investments
and Equity Department at Naftogaz of Ukraine NJSC, the state
holding company operating in the field of oil and gas production
and transportation. Mr. Timofieiev joined Neftogaz after her served
as Head of Legal department at another state oil &amp; gas
enterprise PJSC Ukrgazvydobuvannya, largest gas production company
of Ukraine. Mr. Timofieiev holds Ph.D. in Law from Frunze
Simferopol State University (1998) and International Economic
Relations degree from Karazin Kharkiv National University
(2010).</P>
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Vadim
Komissarov</FONT> has served as our President since our inception.
Mr. Komissarov was appointed our Chief Financial Officer and to the
Board of Directors on April 29, 2016. Prior to April 29, 2016, Mr.
Komissarov served as our Secretary and Treasurer. In March 2015,
Mr. Komissarov founded VK Consulting, Inc., a financial advisory
services firm for which he is a director. Prior to that, from
August 2014 until April 2015, Mr. Komissarov was an advisor to UMW
Technology and UMW corporation Sdn Bhd. From September 2009 until
March 2014 he was the co-founder and head of investment banking
from Globex Capital, an investment banking and financial advisory
firm. Mr. Komissarov started his investment banking career in New
York working for international banks, including Merrill Lynch and
Bank of New York, handling private equity transactions and ADR
programs for Eastern European clients. Mr. Komissarov holds an MBA
degree from NYU&rsquo;s Stern School of Business. We believe that
Mr. Komissarov is qualified to serve as a member of our Board of
Directors because of his expertise in international investment
banking, mergers and acquisition experience in Eastern Europe and
CIS countries, and his appointments on the Board of Directors of
prominent Eastern European financial institutions.</P>
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Michael Wilson</FONT>
has served as our Secretary and Treasurer since April 29, 2016. Mr.
Wilson has been self employed as a consultant since September 2015.
Prior to that, from February 2014 until July 2015, Mr. Wilson was
responsible for finance and back-office operations in the capacity
of Chief Operating Officer of the Trout Group LLC, an investor
relations and broker-dealer group. From March 2012 until December
2013, Mr. Wilson was engaged as principal to restructure the
finances and operations of Pompei A.D. LLC, an international
branding and strategy firm with Fortune 500 clients. From September
2009 until November 2011, Mr. Wilson served as the Managing
Director for VEB Capital Americas, Inc. and President &mdash; US
Office for Globex Capital. Previously, he served for nearly 3 years
as a Senior Managing Director for a private family equity
investment group DEH Family Holdings that had business ranging from
Real-Estate to Technology. For 8 years prior to that, Mr. Wilson
served as the Vice President of Strategy and Market Development for
Active International, a leading alternative asset trading company
at which he developed funding structures around non-monetary
transactions and established the firm&rsquo;s activities in South
Korea and Russia.&nbsp; Prior to that, he served as Chief Financial
Officer of Entersoft, an OLTP monitoring software company. Mr.
Wilson started his career in accounting at Coopers &amp; Lybrand
after completing a dual concentration in Finance and Accounting
from Northeastern University. Mr. Wilson completed his graduate
work in Finance and International business at NYU&rsquo;s Stern
Graduate School of Business.</P>
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Thomas
Gallagher</FONT> has served as our director since April 29, 2016.
Since 2009 Mr. Gallagher has been the Chairman of Exchequer Capital
GmbH, a wealth advisory firm. Mr. Gallagher serves as a directors
of a number of private companies, as well as serving as an Advisor
to the Chairman, Eurasian Bank, Kazakhstan on Private Banking, and
to the Chairman, SkyBridge Capital AG in Z&uuml;rich, Switzerland.
He was the Head of Alternative Investments, Valartis Asset
Management from February 2008 to September 2008. Prior to that
since 2003 he worked for Moore Capital Management as Director of
European Wealth Management in Alstra Capital Management, and a
Director of the Fund Investment Group. From 2000&ndash;2003 he was
the founder in Oak Hill Platinum Partners, doing financial &amp;
institutional fundraising and products consulting. Earlier in his
career he worked as legislation Counsel in Joint Committee on
Taxation of The Congress of the United States and later worked at
Counsel in Davis Polk &amp; Wardwell; Milbank, Tweed, Hadley &amp;
McCloy; Gallagher &amp; Blitz; Chadborne &amp; Parke; and
O&rsquo;Connor &amp; Hannan. Mr. Gallagher has LL.M., Yale Law
School, J.D., Magna Cum Laude, Loyola Law School (N.O.), A.B.,
Villanova University. We believe that Mr. Gallagher is qualified to
serve as a member of our Board of Directors because of his
experience in fund management, his international investment risk
management expertise, and his relationships with prominent business
leaders in Eastern Europe and CIS countries..</P>
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<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Gennadii
Butkevych</FONT> has served as our director since February 15,
2018. Mr. Butkevych founded Agrotechbusines LLC in 1999 and has
grown from a single grocery kiosk to one of the largest chain of
discount supermarkets in Ukraine. In 2013 Mr. Butkevych co-founded
ATB Corporation and Agrotechbusines LLC was merged into the new
entity, becoming ATB-Market Company, and for which Mr. Butkevych
serves as Director. ATB currently has 920 locations in over 230
cities and towns in Ukraine. Orphanage No. 1 of Dnepr city has been
sponsored by ATB Corporation since January 14, 2014. Mr. Butkevych
founded and is the honorary Chairman of the &ldquo;Dnepr
Open&rdquo; amateur tennis tournament. As the owner of the Equides
Equestrian Club &mdash; the home of frequent inter-regional and
international events &mdash; Mr. Butkevych sponsors the Ukrainian
horse riding national youth sports team. Mr. Butkevych is a
graduate of Dnipropetrovsk Engineer and Architecture
Institute&nbsp; and holds an MS degree in Engineering. We believe
that Mr. Butkevych is qualified to serve as a member of our Board
of Directors because</P>
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70</P>
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of his track record of building successful businesses from the
ground up, high ethical standards, community involvement, and his
connections to business people in Eastern Europe.</P>
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Number and Terms of
Office of Officers and Directors</FONT></P>
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Upon consummation of this offering, our board of directors will
have five members, three of whom will be deemed
&ldquo;independent&rdquo; under SEC and Nasdaq rules. Our board of
directors will be divided into three classes with only one class of
directors being elected in each year and each class serving a
three-year term. The term of office of the first class of
directors, consisting of Vadim Komissarov and Thomas Gallagher,
will expire at our first annual meeting of stockholders. The term
of office of the second class of directors, consisting of Edward S.
Verona and Gennadii Butkevych, will expire at the second annual
meeting. The term of office of the third class of directors,
consisting of Ilya Ponomarev, will expire at our third annual
meeting of stockholders. We may not hold an annual meeting of
stockholders until after we consummate our initial business
combination.</P>
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Our officers are appointed by the board of directors and serve at
the discretion of the board of directors, rather than for specific
terms of office. Our board of directors is authorized to appoint
persons to the offices set forth in our bylaws as it deems
appropriate. Our bylaws provide that our officers may consist of a
chairman of the board, vice chairman of the board, chief executive
officer, president, chief financial officer, vice president(s),
secretary, treasurer and such other officers as may be determined
by the board of directors.</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Executive
Compensation</FONT></P>
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No executive officer has received any cash compensation for
services rendered to us. Commencing on the date of this prospectus
through the completion of our initial business combination with a
target business, we will pay to VK Consulting, Inc., a company
owned by Vadim Komissarov, one of our officers, a fee of $7,500 per
month for providing us with office space and certain office and
secretarial services. However, pursuant to the terms of such
agreement, we may delay payment of such monthly fee upon a
determination by our audit committee that we lack sufficient funds
held outside the trust to pay actual or anticipated expenses in
connection with our initial business combination. Any such unpaid
amount will accrue without interest and be due and payable no later
than the date of the consummation of our initial business
combination. Other than the $7,500 per month administrative fee, no
compensation or fees of any kind, including finder&rsquo;s fees,
consulting fees and other similar fees, will be paid to our
insiders or any of the members of our management team, for services
rendered prior to or in connection with the consummation of our
initial business combination (regardless of the type of transaction
that it is). However, such individuals will receive reimbursement
for any out-of-pocket expenses incurred by them in connection with
activities on our behalf, such as identifying potential target
businesses, performing business due diligence on suitable target
businesses and business combinations as well as traveling to and
from the offices, plants or similar locations of prospective target
businesses to examine their operations. There is no limit on the
amount of out-of-pocket expenses reimbursable by us; provided,
however, that to the extent such expenses exceed the available
proceeds not deposited in the trust account and the interest income
earned on the amounts held in the trust account, such expenses
would not be reimbursed by us unless we consummate an initial
business combination.</P>
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<FONT STYLE="letter-spacing: -.05pt;">After our initial business
combination, members of our management team who remain with us may
be paid consulting, management or other fees from the combined
company with any and all amounts being fully disclosed to
stockholders, to the extent then known, in the proxy solicitation
materials furnished to our stockholders. It is unlikely the amount
of such compensation will be known at the time of a stockholder
meeting held to consider our initial business combination, as it
will be up to the directors of the post-combination business to
determine executive and director compensation. In this event, such
compensation will be publicly disclosed at the time of its
determination in a Current Report on Form 8-K, as required by the
SEC.</FONT></P>
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Director
Independence</FONT></P>
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Nasdaq listing standards require that within one year of the
listing of our securities on the Nasdaq Capital Market we have at
least three independent directors and that a majority of our board
of directors be independent. An &ldquo;independent director&rdquo;
is defined generally as a person other than an officer or employee
of the company or its subsidiaries or any other individual having a
relationship which in the opinion of the company&rsquo;s board of
directors, would interfere with the director&rsquo;s exercise of
independent judgment in carrying out the responsibilities of a
director. Our Board of Directors had determined that Thomas
Gallagher, Edward S. Verona and Gennadii Butkevych are
&ldquo;independent director&rdquo; as defined in the Nasdaq listing
standards and applicable SEC rules. Our independent directors will
have regularly scheduled meetings at which only independent
directors are present.</P>
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71</P>
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We will only enter into a business combination if it is approved by
a majority of our independent directors. Additionally, we will only
enter into transactions with our officers and directors and their
respective affiliates that are on terms no less favorable to us
than could be obtained from independent parties. Any related-party
transactions must be approved by our audit committee and a majority
of disinterested directors.</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Audit
Committee</FONT></P>
<P CLASS="Textflush" STYLE=
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Effective as of the date of this prospectus, we will establish an
audit committee of the board of directors, which will consist of
Thomas Gallagher, Edward S. Verona and Gennadii Butkevych, each of
whom is an independent director. Thomas Gallagher will serve as
chairman of the audit committee. The audit committee&rsquo;s
duties, which are specified in our Audit Committee Charter,
include, but are not limited to:</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reviewing and discussing with management and the independent
auditor the annual audited financial statements, and recommending
to the board whether the audited financial statements should be
included in our Form 10-K;</P>
<P CLASS="BLm" STYLE=
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<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
discussing with management and the independent auditor significant
financial reporting issues and judgments made in connection with
the preparation of our financial statements;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
discussing with management major risk assessment and risk
management policies;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
monitoring the independence of the independent auditor;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
verifying the rotation of the lead (or coordinating) audit partner
having primary responsibility for the audit and the audit partner
responsible for reviewing the audit as required by law;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reviewing and approving all related-party transactions;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
inquiring and discussing with management our compliance with
applicable laws and regulations;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
pre-approving all audit services and permitted non-audit services
to be performed by our independent auditor, including the fees and
terms of the services to be performed;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
appointing or replacing the independent auditor;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
determining the compensation and oversight of the work of the
independent auditor (including resolution of disagreements between
management and the independent auditor regarding financial
reporting) for the purpose of preparing or issuing an audit report
or related work;</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
establishing procedures for the receipt, retention and treatment of
complaints received by us regarding accounting, internal accounting
controls or reports which raise material issues regarding our
financial statements or accounting policies; and</P>
<P CLASS="BLm" STYLE=
"margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
approving reimbursement of expenses incurred by our management team
in identifying potential target businesses.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Financial Experts on
Audit Committee</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The audit committee will at all times be composed exclusively of
&ldquo;independent directors&rdquo; who are &ldquo;financially
literate&rdquo; as defined under the Nasdaq listing standards. The
Nasdaq listing standards define &ldquo;financially literate&rdquo;
as being able to read and understand fundamental financial
statements, including a company&rsquo;s balance sheet, income
statement and cash flow statement.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, we must certify to Nasdaq that the committee has, and
will continue to have, at least one member who has past employment
experience in finance or accounting, requisite professional
certification in accounting, or other comparable experience or
background that results in the individual&rsquo;s financial
sophistication. The board of directors has determined that Thomas
Gallagher qualifies as an &ldquo;audit committee financial
expert,&rdquo; as defined under rules and regulations of the
SEC.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Compensation
Committee</FONT></P>
<P CLASS="Textflush" STYLE=
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Upon the effectiveness of the registration statement of which this
prospectus forms a part, we will establish a compensation committee
of the board of directors consisting of Thomas Gallagher, Edward S.
Verona and Gennadii Butkevych, each of</P>
<P CLASS="RRH" STYLE=
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72</P>
<P CLASS="Textflush" STYLE=
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whom is an independent director. Edward S. Verona will serve as
chairman of the compensation committee. We will adopt a
compensation committee charter, which will detail the principal
functions of the compensation committee, including:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reviewing and approving on an annual basis the corporate goals and
objectives relevant to our President and Chief Executive
Officer&rsquo;s compensation, evaluating our President and Chief
Executive Officer&rsquo;s performance in light of such goals and
objectives and determining and approving the remuneration (if any)
of our President and Chief Executive Officer based on such
evaluation;</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reviewing and approving the compensation of all of our other
executive officers;</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reviewing our executive compensation policies and plans;</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
implementing and administering our incentive compensation
equity-based remuneration plans;</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
assisting management in complying with our proxy statement and
annual report disclosure requirements;</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
approving all special perquisites, special cash payments and other
special compensation and benefit arrangements for our executive
officers and employees;</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
producing a report on executive compensation to be included in our
annual proxy statement; and</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
reviewing, evaluating and recommending changes, if appropriate, to
the remuneration for directors.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The charter will also provide that the compensation committee may,
in its sole discretion, retain or obtain the advice of a
compensation consultant, legal counsel or other adviser and will be
directly responsible for the appointment, compensation and
oversight of the work of any such adviser. However, before engaging
or receiving advice from a compensation consultant, external legal
counsel or any other adviser, the compensation committee will
consider the independence of each such adviser, including the
factors required by NASDAQ and the SEC.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Director
Nominations</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We do not have a standing nominating committee, though we intend to
form a corporate governance and nominating committee as and when
required to do so by law or NASDAQ rules. In accordance with Rule
5605(e)(2) of the NASDAQ rules, a majority of the independent
directors may recommend a director nominee for selection by the
board of directors. The board of directors believes that the
independent directors can satisfactorily carry out the
responsibility of properly selecting or approving director nominees
without the formation of a standing nominating committee. Thomas
Gallagher, Edward S. Verona and Gennadii Butkevych will participate
in the consideration and recommendation of director nominees. In
accordance with Rule 5605(e)(1)(A) of the NASDAQ rules, all such
directors are independent. As there is no standing nominating
committee, we do not have a nominating committee charter in
place.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The board of directors will also consider director candidates
recommended for nomination by our stockholders during such times as
they are seeking proposed nominees to stand for election at the
next annual meeting of stockholders (or, if applicable, a special
meeting of stockholders). Our stockholders that wish to nominate a
director for election to the Board should follow the procedures set
forth in our bylaws.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have not formally established any specific, minimum
qualifications that must be met or skills that are necessary for
directors to possess. In general, in identifying and evaluating
nominees for director, the board of directors considers educational
background, diversity of professional experience, knowledge of our
business, integrity, professional reputation, independence, wisdom,
and the ability to represent the best interests of our
stockholders.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Compensation Committee
Interlocks and Insider Participation</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We may not have a compensation committee in place prior to the
completion of our initial business combination. Any executive
compensation matters that arise prior to the time we have a
compensation committee in place will be determined by our
independent directors. None of our directors who currently serve as
members of our compensation committee is, or has at any time in the
past been, one of our officers or employees. None of our executive
officers currently serves, or in the past year has served, as a
member of the compensation committee of any other entity that has
one or more executive officers serving on our board of directors.
None of our executive officers currently serves, or in the past
year has served, as a member of the board of directors of any other
entity that has one or more executive officers serving on our
compensation committee.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
73</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Code of
Ethics</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Effective upon consummation of this offering, we will adopt a code
of ethics that applies to all of our executive officers, directors
and employees. The code of ethics codifies the business and ethical
principles that govern all aspects of our business.</P>
<P CLASS="H2" STYLE=
"margin-top: 11.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Conflicts of
Interest</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Investors should be aware of the following potential conflicts of
interest:</P>
<P CLASS="BLm" STYLE=
"margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
None of our officers and directors is required to commit their full
time to our affairs and, accordingly, they may have conflicts of
interest in allocating their time among various business
activities.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> In
the course of their other business activities, our officers and
directors may become aware of investment and business opportunities
which may be appropriate for presentation to our company as well as
the other entities with which they are affiliated. Our officers and
directors may have conflicts of interest in determining to which
entity a particular business opportunity should be presented.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Our officers and directors may in the future become affiliated with
entities, including other blank check companies, engaged in
business activities similar to those intended to be conducted by
our company.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Unless we consummate our initial business combination, our
officers, directors and insiders will not receive reimbursement for
any out-of-pocket expenses incurred by them to the extent that such
expenses exceed the amount of available proceeds not deposited in
the trust account.</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
The insider shares beneficially owned by our officers and directors
will be released from escrow only if our initial business
combination is successfully completed. Additionally, if we are
unable to complete an initial business combination within the
required time frame, our officers and directors will not be
entitled to receive any amounts held in the trust account with
respect to any of their insider shares or private units.
Furthermore, our insiders (an<FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">d/o</FONT>r their designees) have agreed
that the private units will not be sold or transferred by them
until after we have completed our initial business combination. For
the foregoing reasons, our board may have a conflict of interest in
determining whether a particular target business is an appropriate
business with which to effect our initial business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In general, officers and directors of a corporation incorporated
under the laws of the State of Delaware are required to present
business opportunities to a corporation if:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the corporation could financially undertake the opportunity;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the opportunity is within the corporation&rsquo;s line of business;
and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> it
would not be fair to the corporation and its stockholders for the
opportunity not to be brought to the attention of the
corporation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="letter-spacing: -0.05pt">Accordingly,
as a result of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting
business opportunities meeting the above-listed criteria to multiple entities. Furthermore, our certificate of incorporation provides
that the doctrine of corporate opportunity will not apply with respect to any of our officers or directors in circumstances where
the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have. In order to
minimize potential conflicts of interest which may arise from multiple affiliations, our officers and directors (other than our
independent directors) have agreed to present to us for our consideration, prior to presentation to any other person or entity,
any suitable opportunity to acquire a target business, until the earlier of: (1) our consummation of an initial business combination
and (2) 18 months from the date of this prospectus. This agreement is, however, subject to any pre-existing fiduciary and contractual
obligations such officer or director may from time to time have to another entity. Accordingly, if any of them becomes aware of
a business combination opportunity which is suitable for an entity to which he or she has pre-existing fiduciary or contractual
obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity
to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the pre-existing
fiduciary duties or contractual obligations of our officers and directors will materially undermine our ability to complete our
business combination because in most cases the affiliated companies are closely held entities controlled by the officer or director
or the nature of the affiliated company&rsquo;s business is such that it is unlikely that a conflict will arise.</FONT> </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
74</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table summarizes the current material pre-existing
fiduciary or contractual obligations of our officers, directors and
director nominees:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="24%" VALIGN="bottom" STYLE=
"width: 24.52%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name of Individual</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="bottom" STYLE=
"width: 21.34%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name of Affiliated Company</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="bottom" STYLE=
"width: 32.34%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Entity&rsquo;s Business</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="17%" VALIGN="bottom" STYLE=
"width: 17.26%; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Affiliation</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vadim Komissarov</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
VK Consulting, Inc.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Financial Advisory Services</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edward S. Verona</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
McLarty Associates</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">International Affairs Advisory
Services</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Senior Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Thomas Gallagher</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Exchequer Capital GmbH</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Wealth Advisory Services</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chairman</P>
</TD>
</TR>
<TR>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.52%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Gennadii Butkevych</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="21%" VALIGN="top" STYLE=
"width: 21.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ATB Corporation</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="32%" VALIGN="top" STYLE=
"width: 32.34%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Groceries production and retail, sports &amp;
recreation</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.26%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Director</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our insiders, officers and directors, have agreed to vote any
shares of common stock held by them in favor of our initial
business combination. In addition, they have agreed to waive their
respective rights to receive any amounts held in the trust account
with respect to their insider shares and private shares if we are
unable to complete our initial business combination within the
required time frame. If they purchase shares of common stock in
this offering or in the open market, however, they would be
entitled to receive their pro rata share of the amounts held in the
trust account if we are unable to complete our initial business
combination within the required time frame, but have agreed not to
convert such shares in connection with the consummation of our
initial business combination.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
All ongoing and future transactions between us and any of our
officers and directors or their respective affiliates will be on
terms believed by us to be no less favorable to us than are
available from unaffiliated third parties. Such transactions will
require prior approval by our audit committee and a majority of our
uninterested &ldquo;independent&rdquo; directors, or the members of
our board who do not have an interest in the transaction, in either
case who had access, at our expense, to our attorneys or
independent legal counsel. We will not enter into any such
transaction unless our audit committee and a majority of our
disinterested &ldquo;independent&rdquo; directors determine that
the terms of such transaction are no less favorable to us than
those that would be available to us with respect to such a
transaction from unaffiliated third parties.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To further minimize conflicts of interest, we have agreed not to
consummate our initial business combination with an entity that is
affiliated with any of our officers, directors or insiders, unless
we have obtained (i) an opinion from an independent investment
banking firm that the business combination is fair to our
unaffiliated stockholders from a financial point of view and (ii)
the approval of a majority of our disinterested and independent
directors (if we have any at that time). In no event will our
insiders or any of the members of our management team be paid any
finder&rsquo;s fee, consulting fee or other similar compensation
prior to, or for any services they render in order to effectuate,
the consummation of our initial business combination (regardless of
the type of transaction that it is).</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Limitation on Liability
and Indemnification of Directors and Officers</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our certificate of incorporation provides that our directors and
officers will be indemnified by us to the fullest extent authorized
by Delaware law as it now exists or may in the future be amended.
In addition, our certificate of incorporation provides that our
directors will not be personally liable for monetary damages to us
for breaches of their fiduciary duty as directors, unless they
violated their duty of loyalty to us or our stockholders, acted in
bad faith, knowingly or intentionally violated the law, authorized
unlawful payments of dividends, unlawful stock purchases or
unlawful redemptions, or derived an improper personal benefit from
their actions as directors. Notwithstanding the foregoing, as set
forth in our certificate of incorporation, such indemnification
will not extend to any claims our insiders may make to us to cover
any loss that they may sustain as a result of their agreement to
pay debts and obligations to target businesses or vendors or other
entities that are owed money by us for services rendered or
contracted for or products sold to us as described elsewhere in
this prospectus.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our bylaws also will permit us to secure insurance on behalf of any
officer, director or employee for any liability arising out of his
or her actions, regardless of whether Delaware law would permit
indemnification. We will purchase a policy of directors&rsquo; and
officers&rsquo; liability insurance that insures our directors and
officers against the cost of defense, settlement or payment of a
judgment in some circumstances and insures us against our
obligations to indemnify the directors and officers.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
These provisions may discourage stockholders from bringing a
lawsuit against our directors for breach of their fiduciary duty.
These provisions also may have the effect of reducing the
likelihood of derivative litigation against directors and officers,
even though such an action, if successful, might otherwise benefit
us and our stockholders. Furthermore, a stockholder&rsquo;s
investment may be adversely affected to the extent we pay the costs
of settlement and damage awards against directors and officers
pursuant</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
75</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
to these provisions. We believe that these provisions, the
insurance and the indemnity agreements are necessary to attract and
retain talented and experienced directors and officers.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to our directors, officers and
controlling persons pursuant to the foregoing provisions, or
otherwise, we have been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
76</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">PRINCIPAL
STOCKHOLDERS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table sets forth information regarding the beneficial
ownership of our shares of common stock as of the date of this
prospectus and upon completion of the sale of our shares of common
stock included in the units offered by this prospectus (assuming
none of the individuals listed purchase units in this offering),
by:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
each person known by us to be the beneficial owner of more than 5%
of our outstanding shares of common stock;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
each of our officers, directors and director nominees; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
all of our officers, directors and director nominees as a
group.</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Amounts shown in the &ldquo;After Offering&rdquo; column are
calculated assuming no exercise of the over-allotment option and,
therefore, the forfeiture of an aggregate of 656,250 shares of
common stock held by our insiders. Unless otherwise indicated, we
believe that all persons named in the table have sole voting and
investment power with respect to all shares of common stock
beneficially owned by them.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="28%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 28.36%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Prior
to Offering and<BR>
Private Placement </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="29%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 29.7%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> After
Offering </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Name
and Address of Beneficial Owner<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.46%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Amount
and Nature of Beneficial Ownership of Common Stock </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.42%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Approximate
Percentage of Outstanding Shares of Common Stock </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.8%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Amount
and Nature of Beneficial Ownership of<BR>
Common Stock<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.4%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Approximate
Percentage of Outstanding Shares of Common Stock </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Oleksii
Tymofiev </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Vadim
Komissarov<FONT STYLE="font-size: 6pt"><SUP>(3)(20)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 115,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 115,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Michael
Wilson </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Ilya
Ponomarev<FONT STYLE="font-size: 6pt"><SUP>(20)(21)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2,389,160 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 6pt"><SUP>(4)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 47.4 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,732,910 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-size: 6pt"><SUP>(4)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7.5 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Edward
S. Verona </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Dmitry
Nekrasov </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 45,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 45,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Woodborough
Investments, Ltd. </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Eastpower
O&Uuml;<FONT STYLE="font-size: 6pt"><SUP>(6)(20)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,712,300 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 34.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,242,793 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5.4 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Fivestar
O&Uuml;<FONT STYLE="font-size: 6pt"><SUP>(6)(21)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 679,860 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 13.5 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 493,117 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.1 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Viktoriia
Tushishvili<FONT STYLE="font-size: 6pt"><SUP>(7)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 723,240 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 14.4 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 723,240 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3.1 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> MultiLux
O&Uuml;<FONT STYLE="font-size: 6pt"><SUP>(8)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 600,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11.9 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 600,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.6 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Viktoria
Finance O&Uuml;<FONT STYLE="font-size: 6pt"><SUP>(8)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 60,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 60,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Brandleader
O&Uuml;<FONT STYLE="font-size: 6pt"><SUP>(8)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 52,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 52,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Marat
Rosenberg </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Thomas
Gallagher<FONT STYLE="font-size: 6pt"><SUP>(9)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 503,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,003,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Channingwick
Limited<FONT STYLE="font-size: 6pt"><SUP>(10)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Gennadii
Butkevych<FONT STYLE="font-size: 6pt"><SUP>(11)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> BGV
Group<FONT STYLE="font-size: 6pt"><SUP>(12)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 500,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 10.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,000,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Lake
Street Fund L.P.<FONT STYLE="font-size: 6pt"><SUP>(13)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 55,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.1 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 110,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Mount
Wilson Global Fund L.P.<FONT STYLE="font-size: 6pt"><SUP>(13)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 30,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Kevin
Nanke<FONT STYLE="font-size: 6pt"><SUP>(14)(21)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 235,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4.7 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 315,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.4 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> FLOCO
Ventures LLC<FONT STYLE="font-size: 6pt"><SUP>(15)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 120,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> KN
Consulting, Inc.<FONT STYLE="font-size: 6pt"><SUP>(15)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 135,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.7 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 215,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Shlomo
Ben Nasser<FONT STYLE="font-size: 6pt"><SUP>(21)(22)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Atidan
Ventures, LLC<FONT STYLE="font-size: 6pt"><SUP>(23)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 20,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Timur
Alasania </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="38%" VALIGN="bottom" STYLE=
"width: 38.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Suncroft
Company S.A.<FONT STYLE="font-size: 6pt"><SUP>(16)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 58,350 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.2 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 58,350 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.78%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
77</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="28%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 28.38%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Prior
to Offering and<BR>
Private Placement </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="29%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 29.46%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> After
Offering </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.16%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Name
and Address of Beneficial Owner<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Amount
and Nature of Beneficial Ownership of Common Stock </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Approximate
Percentage of Outstanding Shares of Common Stock </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.56%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Amount
and Nature of Beneficial Ownership of<BR>
Common Stock<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.4%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Approximate
Percentage of Outstanding Shares of Common Stock </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Fabiner
Ltd.<FONT STYLE="font-size: 6pt"><SUP>(17)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Patimat
Akhmedova<FONT STYLE="font-size: 6pt"><SUP>(18)(21)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 300,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 6.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 300,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.16%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Noretor
O&Uuml;<FONT STYLE="font-size: 6pt"><SUP>(19)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 2.0 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> * </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.76%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> All
directors, director nominees and executive officers as a group (6 individuals) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,534,660 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 70.3 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,878,410 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 16.8 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.76%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> % </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
*<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Less than
1%.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Unless
otherwise indicated, the business address of each of the
individuals is 77 Water St, Fl 8, New York, NY 10005.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Does not
include beneficial ownership of any shares of common stock
underlying outstanding warrants as such shares are not issuable
within 60 days of the date of this prospectus.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Includes the
100,000 shares underlying the private units held by Woodborough
Investments, Ltd. over which Vadim Komissarov has voting and
dispositive power.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Represents
shares owned by Eastpower O&Uuml; and Fivestar O&Uuml;.&nbsp; Ilya
Ponomarev is the sole director of both Eastpower O&Uuml; and
Fivestar O&Uuml;.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Vadim
Komissarov has voting and dispositive power over such shares.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(6)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Ilya
Ponomarev is the sole director of both Eastpower O&Uuml; and
Fivestar O&Uuml;.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(7)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Includes
600,000 shares owned by MultiLux O&Uuml;,
60,000 shares owned by Viktoria Finance O<FONT LANG=
"EN-GB">&Uuml;</FONT>, and 52,000 shares owned by Brandleader
O&Uuml;.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(8)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Viktoriia
Tushishvili has voting and dispositive power over the shares owned
by MultiLux O&Uuml;, Viktoria Finance
O&Uuml;, and Brandleader O<FONT LANG=
"EN-GB">&Uuml;</FONT>.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(9)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Includes
500,000 shares owned by Channingwick Limited.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(10) Thomas Gallagher has voting and dispositive power over the
shares owned by Channingwick Limited.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(11) Includes 500,000 shares owned by BGV Group.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(12) Gennadii Butkeyych has voting and dispositive power over the
shares owned by BGV Group.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(13) Scott Hood has voting and dispositive power over the shares
owned by Lake Street Fund L.P. and Mount Wilson Global Fund
L.P.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(14) Consists of 100,000 shares owned by FLOCO Ventures LLC and
135,000 shares owned by KN Consulting, Inc.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(15) Kevin Nanke has voting and dispositive power over the shares
owned by FLOCO Ventures LLC and KN Consulting, Inc.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(16) Christakis Konnaris has voting and dispositive power over the
shares owned by Suncroft Company S.A.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(17) Marina Georgiou has voting and dispositive power over the
shares owned by Fabiner Ltd.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(18) Includes 100,000 shares owned by Noretor O<FONT LANG=
"EN-GB">&Uuml;</FONT>.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(19) Patimat Akhmedova has voting and dispositive power over the
shares owned by Noretor O&Uuml;.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(20) Eastpower O&Uuml;, of which Ilya
Ponomarev is the sole director, has granted an option to Vadim
Komissarov to acquire 209,860 shares at a price of $10.00 per
share, following the closing of our initial public offering.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(21) Fivestar O&Uuml;, of which Ilya
Ponomarev is the sole director, has granted an option to (i) Marat
Rosenberg to acquire 309,860 shares at a price of $10.00 per share,
following the closing of our initial public offering, (ii) FLOCO
Ventures LLC to acquire 20,000 shares at a price of $10.00 per
share, following the closing of our initial public offering, and
(iii) Shlomo Ben Nasser to acquire 10,000 shares at a price of
$10.00 per share, following the closing of our initial public
offering.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(22) Includes 20,000 shares owned by Atidan Ventures, LLC.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(23) Shlomo Ben Nasser has voting and dispositive power over the
shares owned by Atidan Ventures, LLC.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Immediately after this offering, our insiders will beneficially own
approximately 24.0% of the then issued and outstanding shares of
common stock (assuming they do not purchase any units offered by
this prospectus). Because of the ownership block held by our
insiders, such individuals may be able to effectively exercise
influence over all matters requiring approval by our stockholders,
including the election of directors and approval of significant
corporate transactions other than approval of our initial business
combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the underwriters do not exercise all or a portion of the
over-allotment option, an aggregate of up to 656,250 insider shares
will be forfeited in amounts as determined amongst the holders of
such insider shares and not proportional to their ownership</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
78</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
percentages in our shares of common stock. Only a number of shares
necessary to maintain our insiders&rsquo; collective 20.0%
ownership interest (excluding the private units) in our shares of
common stock after giving effect to the offering and the exercise,
if any, of the underwriters&rsquo; over-allotment option will be
forfeited.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
All of the insider shares outstanding prior to the date of this
prospectus will be placed in escrow with Continental Stock Transfer
&amp; Trust Company, as escrow agent. Subject to certain limited
exceptions, 50% of these shares will not be transferred, assigned,
sold or released from escrow until the earlier of six months after
the date of the consummation of our initial business combination
and the date the closing price of our common stock equals or
exceeds $12.50 per share (as adjusted for stock splits, stock
dividends, reorganizations and recapitalizations) for any 20
trading days within any 30-trading day period commencing after our
initial business combination and the remaining 50% of the insider
shares will not be transferred, assigned, sold or released from
escrow until six months after the date of the consummation of our
initial business combination or earlier in either case if,
subsequent to our initial business combination, we complete a
liquidation, merger, stock exchange or other similar transaction
which results in all of our stockholders having the right to
exchange their shares of common stock for cash, securities or other
property. Up to 656,250 of the insider shares may also be released
from escrow earlier than this date for cancellation if the
over-allotment option is not exercised in full as described
above.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
During the escrow period, the holders of these shares will not be
able to sell or transfer their securities except (1) transfers
among the insiders, to our officers, directors, advisors and
employees, (2) transfers to an insider&rsquo;s affiliates or its
members upon its liquidation, (3) transfers to relatives and trusts
for estate planning purposes, (4) transfers by virtue of the laws
of descent and distribution upon death, (5) transfers pursuant to a
qualified domestic relations order, (6) private sales made at
prices no greater than the price at which the securities were
originally purchased or (7) transfers to us for cancellation in
connection with the consummation of an initial business
combination, in each case (except for clause 7) where the
transferee agrees to the terms of the escrow agreement and
forfeiture, as the case may be, as well as the other applicable
restrictions and agreements of the holders of the insider shares.
If dividends are declared and payable in shares of common stock,
such dividends will also be placed in escrow. If we are unable to
effect a business combination and liquidate, there will be no
liquidation distribution with respect to the insider shares.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Our
insiders (and/or their designees) have committed that they will purchase the private units (for an aggregate purchase price of
$11,500,000) from us in amounts as determined amongst the parties and not proportional to their ownership percentages in our shares
of common stock. These purchases will take place on a private placement basis simultaneously with the consummation of this offering.
The private units are identical to the units sold in this offering. However, the holders have agreed (A) to vote their insider
shares, private shares and any public shares acquired in or after this offering in favor of any proposed business combination,
(B) not to propose, or vote in favor of, an amendment to our certificate of incorporation that would affect the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
from the closing of this offering, unless we provide our public stockholders with the opportunity to redeem their shares of common
stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
our franchise and income taxes, divided by the number of then outstanding public shares, (C) not to convert any shares (including
the insider shares) into the right to receive cash from the trust account in connection with a stockholder vote to approve our
proposed initial business combination (or sell any shares they hold to us in a tender offer in connection with a proposed initial
business combination) or a vote to amend the provisions of our certificate of incorporation relating to the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
from the closing of this offering and (D) that the insider shares shall not be entitled to be redeemed for a pro rata portion
of the funds held in the trust account if a business combination is not consummated. Additionally, our insiders (and/or their
designees) have agreed not to transfer, assign or sell any of the private units or underlying securities (except to the same permitted
transferees as the insider shares and provided the transferees agree to the same terms and restrictions as the permitted transferees
of the insider shares must agree to, each as described above) until the completion of our initial business combination. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In order to meet our working capital needs following the
consummation of this offering, our insiders, officers and directors
may, but are not obligated to, loan us funds, from time to time or
at any time, in whatever amount they deem reasonable in their sole
discretion. Each loan would be evidenced by a promissory note. The
notes would either be paid upon consummation of our initial
business combination, without interest, or, at the lender&rsquo;s
discretion, up to $200,000 of the notes may be converted upon
consummation of our business combination into additional private
units at a price of $10.00 per unit. Our stockholders have approved
the issuance of the private units upon conversion of such notes, to
the extent the holder wishes to so convert such notes at the time
of the consummation of our initial business combination. If we do
not complete a business combination, any</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
79</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
outstanding loans from our insiders, officers and directors or
their affiliates, will be repaid only from amounts remaining
outside our trust account, if any.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our executive officers and directors are deemed to be our
&ldquo;promoters,&rdquo; as that term is defined under the federal
securities laws.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
80</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">CERTAIN
TRANSACTIONS</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In March 2016, we sold an aggregate of 3,737,500 shares of our
common stock for $25,000, or approximately $.007 per share, to VK
Consulting, Inc., which is controlled by Vadim Komissarov. On April
11, 2016, VK Consulting, Inc. sold the number of our shares of
common stock indicated in the table below to persons indicated at a
price of $0.007 per share:</P>
<DIV ALIGN="center">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name</P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Number of Shares</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edward S. Verona</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Ilya Ponomarev</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,308,125</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Oleksii Tymofiev</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Patimat Akhmedova</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
200,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Thomas J. Gallagher</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Timur Alasania</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
186,875</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vadim Komissarov</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
186,875</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Viktor Topolov</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3,000</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On March 1, 2017, VK Consulting, Inc. sold the number of our shares
of common stock indicated in the table below to persons indicated
at a price of $0.007 per share:</P>
<DIV ALIGN="center">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name</P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Number of Shares</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Eastpower O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,700,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Fivestar O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
143,625</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On March 1, 2017, Ilya Ponomarev sold the number of our shares of
common stock indicated in the table below to persons indicated at a
price of $0.007 per share:</P>
<DIV ALIGN="center">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name</P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Number of Shares</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Fivestar O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,308,125</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On March 1, 2017, Timur Alasaniya sold the number of our shares of
common stock indicated in the table below to persons indicated at a
price of $0.007 per share:</P>
<DIV ALIGN="center">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name</P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Number of Shares</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Fivestar O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
186,875</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On March 1, 2017, Vadim Komissarov sold the number of our shares of
common stock indicated in the table below to persons indicated at a
price of $0.007 per share:</P>
<DIV ALIGN="center">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Name</P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Number of Shares</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Fivestar O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
150,375</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dmitry Nekrasov</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
35,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Michael Wilson</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1,500</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On February 15, 2018, we sold an additional 1,293,750 shares of our
common stock for $8,653.85, or approximately $.007 per share, to
Eastpower O&Uuml;, which is controlled by Ilya Ponomarev.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
81</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On February 15, 2018, Eastpower O&Uuml; sold the number of our
shares of common stock indicated in the table below to persons
indicated at a price of $0.007 per share:</P>
<DIV ALIGN="center">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Name</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number of Shares</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Woodborough Investments</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
100,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vadim Komissarov</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Viktoriia Tushishvili</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11,240</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Viktoria Finance O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
60,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Channingwick Limited</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
500,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
BVG Group</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
500,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Suncroft Company S.A.</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
58,350</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
On February 15, 2018, Fivestar O&Uuml; sold the number of our
shares of common stock indicated in the table below to persons
indicated at a price of $0.007 per share:</P>
<DIV ALIGN="center">
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Name</FONT></FONT></P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Number of&nbsp; Shares</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Brandleader O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
52,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
MultiLux O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
600,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Lake Street Fund LP</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
55,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Mount Wilson Global Fund LP</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
FLOCO Ventures LLC</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
100,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
KN Consulting Inc.</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
135,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Atidan Ventures LLC</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Edward S. Verona</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
17,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dmitry Nekrasov</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
45,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Timur Alasania</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Noretor O&Uuml;</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
100,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Fabiner Ltd.</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="240" VALIGN="bottom" STYLE=
"width: 2.5in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Marat Rosenberg</P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="96" VALIGN="bottom" STYLE=
"width: 1.0in; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15,000</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> On
May 7, 2018, Viktor Topolov sold 3,000 shares of our common stock to Eastpower O&Uuml; at a price of $0.007 per share: </P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the underwriters do not exercise all or a portion of their
over-allotment option, our insiders will forfeit up to an aggregate
of 656,250 insider shares in proportion to the portion of the
over-allotment option that was not exercised. If such shares are
forfeited, we will record the forfeited shares as treasury stock
and simultaneously retire the shares. Upon receipt, such forfeited
shares would then be immediately cancelled which would result in
the retirement of the treasury shares and a corresponding charge to
additional paid-in capital.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the underwriters determine the size of the offering should be
increased (including pursuant to Rule 462(b) under the Securities
Act) or decreased, a share dividend or a contribution back to
capital, as applicable, would be effectuated in order to maintain
our insiders&rsquo; ownership at a percentage of the number of
shares of common stock to be sold in this offering. Our insiders
may purchase from us at a price of $10.00 per unit the number of
private units that is necessary to maintain in the trust account an
amount equal to $10.20 per share sold to the public in this
offering.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Channingwick
Limited, BGV Croup Limited. Lake Street Fund L.P., Mount Wilson Global Fund L.P., and FLOCO Ventures LLC, certain of our stockholders,
will purchase, pursuant to written purchase agreements with us, 1,150,000 private units for a total purchase price of $11,500,000,
from us. These purchases will take place on a private placement basis simultaneously with the consummation of this offering. The
purchase price for the private units, including those that may be purchased if the over-allotment option is exercised, will be
delivered to Continental Stock Transfer &amp; Trust Company, who will also be acting as escrow agent in connection with the private
sale of private units, at least 24 hours prior to the date of this prospectus to hold in a non-interest bearing account until
we consummate this offering. Continental Stock Transfer &amp; Trust Company will deposit the purchase price into the trust account
simultaneously with the consummation of the offering or the over-allotment option, as the case may be. The private units are identical
to the units sold in this offering. However, the holders have agreed (A) to vote their private shares and any public shares acquired
in or after this offering in favor of any proposed business combination, (B) not to </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
82</P>
<P CLASS="Textflush" STYLE=
"margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> propose,
or vote in favor of, an amendment to our certificate of incorporation that would affect the substance or timing of our obligation
to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of
this offering, unless we provide our public stockholders with the opportunity to redeem their shares of common stock upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income
taxes, divided by the number of then outstanding public shares, (C) not to convert any shares (including the private shares) into
the right to receive cash from the trust account in connection with a stockholder vote to approve our proposed initial business
combination (or sell any shares they hold to us in a tender offer in connection with a proposed initial business combination)
or a vote to amend the provisions of our certificate of incorporation relating to the substance or timing of our obligation to
redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this
offering and (D) that the private shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the
trust account if a business combination is not consummated. Additionally, our insiders (and/or their designees) have agreed not
to transfer, assign or sell any of the private units or underlying securities (except to the same permitted transferees as the
insider shares and provided the transferees agree to the same terms and restrictions as the permitted transferees of the insider
shares must agree to, each as described above) until the completion of our initial business combination. </P>
<P CLASS="Textflush" STYLE=
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In order to meet our working capital needs following the
consummation of this offering, our insiders, officers and directors
may, but are not obligated to, loan us funds, from time to time or
at any time, in whatever amount they deem reasonable in their sole
discretion. Each loan would be evidenced by a promissory note. The
notes would either be paid upon consummation of our initial
business combination, without interest, or, at the lender&rsquo;s
discretion, up to $200,000 of the notes may be converted upon
consummation of our business combination into additional private
units at a price of $10.00 per unit. Our stockholders have approved
the issuance of the private units upon conversion of such notes, to
the extent the holder wishes to so convert such notes at the time
of the consummation of our initial business combination. If we do
not complete a business combination, any outstanding loans from our
insiders, officers and directors or their affiliates, will be
repaid only from amounts remaining outside our trust account, if
any.</P>
<P CLASS="Textflush" STYLE=
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The holders of our insider shares issued and outstanding on the
date of this prospectus, as well as the holders of the private
units (and underlying securities) and any shares our insiders,
officers, directors or their affiliates may be issued in payment of
working capital loans made to us, will be entitled to registration
rights pursuant to an agreement to be signed prior to or on the
effective date of this offering. The holders of a majority of these
securities are entitled to make up to two demands that we register
such securities. The holders of the majority of the insider shares
can elect to exercise these registration rights at any time
commencing three months prior to the date on which these shares of
common stock are to be released from escrow. The holders of a
majority of the private units or shares issued in payment of
working capital loans made to us can elect to exercise these
registration rights at any time after we consummate a business
combination. In addition, the holders have certain
&ldquo;piggy-back&rdquo; registration rights with respect to
registration statements filed subsequent to our consummation of our
initial business combination. We will bear the expenses incurred in
connection with the filing of any such registration statements.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
VK Consulting, Inc., a company owned by Vadim Komissarov, one of
our officers, has agreed that, commencing on the date of this
prospectus through the earlier of our consummation of our initial
business combination or our liquidation, it will make available to
us certain general and administrative services, including office
space, utilities and administrative support, as we may require from
time to time. We have agreed to pay VK Consulting, Inc. $7,500 per
month for these services. However, pursuant to the terms of such
agreement, we may delay payment of such monthly fee upon a
determination by our audit committee that we lack sufficient funds
held outside the trust to pay actual or anticipated expenses in
connection with our initial business combination. Any such unpaid
amount will accrue without interest and be due and payable no later
than the date of the consummation of our initial business
combination. We believe that the fee charged by our sponsor is at
least as favorable as we could have obtained from an unaffiliated
person.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In December 2016, VK Consulting, Inc., a company owned by Vadim
Komissarov, one of our officers, loaned us $425,000 to cover
expenses related to this offering. The loan is payable without
interest at the closing of a business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In October 2017, Edward S. Verona, one of our directors, loaned us
$100,000 to cover expenses related to this offering. The loan is
payable without interest on the earlier of (i) the consummation of
the this offering or (ii) the date on which the Company determines
not to proceed with this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In February 2018, (i) Atidan Ventures, LLC, one of our
stockholders, loaned to us $100,000 to cover expenses related to
this offering, and (ii) FLOCO Ventures, LLC, one of our
stockholders, loaned us $200,000 to cover expenses related to this
offering.</P>
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"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
83</P>
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The loans are payable without interest on the earlier of (i) the
consummation of this offering or (ii) the date on which the Company
determines not to proceed with this offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Other than the fees described above, no compensation or fees of any
kind, including finder&rsquo;s fees, consulting fees or other
similar compensation, will be paid to our insiders or any of the
members of our management team, for services rendered to us prior
to, or in connection with the consummation of our initial business
combination (regardless of the type of transaction that it is).
However, such individuals will receive reimbursement for any
out-of-pocket expenses incurred by them in connection with
activities on our behalf, such as identifying potential target
businesses, performing business due diligence on suitable target
businesses and business combinations as well as traveling to and
from the offices, plants or similar locations of prospective target
businesses to examine their operations. There is no limit on the
amount of out-of-pocket expenses reimbursable by us; provided,
however, that to the extent such expenses exceed the available
proceeds not deposited in the trust account and the interest income
earned on the amounts held in the trust account, such expenses
would not be reimbursed by us unless we consummate an initial
business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
After our initial business combination, members of our management
team who remain with us may be paid consulting, board, management
or other fees from the combined company with any and all amounts
being fully disclosed to stockholders, to the extent then known, in
the proxy solicitation materials furnished to our stockholders. It
is unlikely the amount of such compensation will be known at the
time of a stockholder meeting held to consider our initial business
combination, as it will be up to the directors of the
post-combination business to determine executive and director
compensation. In this event, such compensation will be publicly
disclosed at the time of its determination in a Current Report on
Form 8-K, as required by the SEC.</P>
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All ongoing and future transactions between us and any of our
officers and directors or their respective affiliates will be on
terms believed by us to be no less favorable to us than are
available from unaffiliated third parties. Such transactions will
require prior approval by our audit committee and a majority of our
uninterested independent directors, in either case who had access,
at our expense, to our attorneys or independent legal counsel. We
will not enter into any such transaction unless our audit committee
and a majority of our disinterested independent directors determine
that the terms of such transaction are no less favorable to us than
those that would be available to us with respect to such a
transaction from unaffiliated third parties.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Related Party
Policy</FONT></P>
<P CLASS="Textflush" STYLE=
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Our Code of Ethics requires us to avoid, wherever possible, all
related party transactions that could result in actual or potential
conflicts of interests, except under guidelines approved by the
board of directors (or the audit committee). Related-party
transactions are defined as transactions in which (1) the aggregate
amount involved will or may be expected to exceed $100,000 in any
calendar year, (2) we or any of our subsidiaries is a participant,
and (3) any (a) executive officer, director or nominee for election
as a director, (b) greater than 5% beneficial owner of our shares
of common stock, or (c) immediate family member, of the persons
referred to in clauses (a) and (b), has or will have a direct or
indirect material interest (other than solely as a result of being
a director or a less than 10% beneficial owner of another entity).
A conflict of interest situation can arise when a person takes
actions or has interests that may make it difficult to perform his
or her work objectively and effectively. Conflicts of interest may
also arise if a person, or a member of his or her family, receives
improper personal benefits as a result of his or her position.</P>
<P CLASS="Textflush" STYLE=
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We also require each of our directors and executive officers to
annually complete a directors&rsquo; and officers&rsquo;
questionnaire that elicits information about related party
transactions.</P>
<P CLASS="Textflush" STYLE=
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These procedures are intended to determine whether any such related
party transaction impairs the independence of a director or
presents a conflict of interest on the part of a director, employee
or officer.</P>
<P CLASS="Textflush" STYLE=
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To further minimize conflicts of interest, we have agreed not to
consummate our initial business combination with an entity that is
affiliated with any of our insiders, officers or directors unless
we have obtained an opinion from an independent investment banking
firm and the approval of a majority of our disinterested and
independent directors (if we have any at that time) that the
business combination is fair to our unaffiliated stockholders from
a financial point of view. In no event will our insiders, or any of
the members of our management team be paid any finder&rsquo;s fee,
consulting fee or other similar compensation prior to, or for any
services they render in order to effectuate, the consummation of
our initial business combination (regardless of the type of
transaction that it is).</P>
<P CLASS="RRH" STYLE=
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84</P>
<P CLASS="H1" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">DESCRIPTION OF
SECURITIES</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">General</FONT></P>
<P CLASS="Textflush" STYLE=
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As of the effective date of the registration statement of which
this prospectus forms a part, our certificate of incorporation will
authorize the issuance of 100,000,000 shares of common stock, par
value $0.001, and 1,000,000 shares of preferred stock, par value
$0.001. As of the date of this prospectus, 5,031,250 shares of
common stock are outstanding, held by 28 stockholders of record. No
shares of preferred stock are currently outstanding. The following
description summarizes all of the material terms of our securities.
Because it is only a summary, it may not contain all the
information that is important to you. For a complete description
you should refer to our certificate of incorporation and bylaws,
which are filed as exhibits to the registration statement of which
this prospectus is a part.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Units</FONT></P>
<P CLASS="Textflush" STYLE=
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Each unit has an offering price of $10.00 and consists of one share
of common stock and one warrant. Each warrant entitles the holder
thereof to purchase one share of our common stock at a price of
$11.50 per share, subject to adjustment as described in this
prospectus.</P>
<P CLASS="Textflush" STYLE=
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The common stock and warrants comprising the units will begin
separate trading on the 90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
day after the date of this prospectus unless Chardan Capital
Markets, LLC determines that an earlier date is acceptable (based
upon, among other things, its assessment of the relative strengths
of the securities markets and small capitalization companies in
general, and the trading pattern of, and demand for, our securities
in particular), subject to our having filed the Current Report on
Form 8-K described below and having issued a press release
announcing when such separate trading will begin. Once the shares
of common stock and warrants commence separate trading, holders
will have the option to continue to hold units or separate their
units into the component pieces. Holders will need to have their
brokers contact our transfer agent in order to separate the units
into shares of common stock and warrants.</P>
<P CLASS="Textflush" STYLE=
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In no event will the common stock and warrants be traded separately
until we have filed with the SEC a Current Report on Form 8-K which
includes an audited balance sheet reflecting our receipt of the
gross proceeds of this offering. We will file a Current Report on
Form 8-K which includes this audited balance sheet upon the
completion of this offering, which is anticipated to take place
three business days after the date of this prospectus. If the
underwriters&rsquo; over-allotment option is exercised following
the initial filing of such Current Report on Form 8-K, a second or
amended Current Report on Form 8-K will be filed to provide updated
financial information to reflect the exercise of the
underwriters&rsquo; over-allotment option.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Common Stock</FONT></P>
<P CLASS="Textflush" STYLE=
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Our holders of record of our common stock are entitled to one vote
for each share held on all matters to be voted on by stockholders.
In connection with any vote held to approve our initial business
combination, our insiders, officers and directors, have agreed to
vote their respective shares of common stock owned by them
immediately prior to this offering, including both the insider
shares and the private shares, and any shares acquired in this
offering or following this offering in the open market, in favor of
the proposed business combination.</P>
<P CLASS="Textflush" STYLE=
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We will consummate our initial business combination only if public
stockholders do not exercise conversion rights in an amount that
would cause our net tangible assets to be less than $5,000,001 and
a majority of the outstanding shares of common stock voted are
voted in favor of the business combination.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our board of directors is divided into three classes, each of which
will generally serve for a term of three years with only one class
of directors being elected in each year. There is no cumulative
voting with respect to the election of directors, with the result
that the holders of more than 50% of the shares eligible to vote
for the election of directors can elect all of the directors.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to our certificate of incorporation, if we do not consummate our initial business combination within 18 months from the closing
of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem 100% of the outstanding public shares, which redemption will completely
extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above)
to </P>
<P CLASS="LRH" STYLE=
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85</P>
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obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our insiders have
agreed to waive their rights to share in any distribution with respect to their insider shares and private shares. </P>
<P CLASS="Textflush" STYLE=
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Our stockholders have no conversion, preemptive or other
subscription rights and there are no sinking fund or redemption
provisions applicable to the shares of common stock, except that
public stockholders have the right to sell their shares to us in
any tender offer or have their shares of common stock converted to
cash equal to their pro rata share of the trust account if they
vote on the proposed business combination and the business
combination is completed. If we hold a stockholder vote to amend
any provisions of our certificate of incorporation relating to
stockholder&rsquo;s rights or pre-business combination activity
(including the substance or timing within which we have to complete
a business combination), we will provide our public stockholders
with the opportunity to redeem their shares of common stock upon
approval of any such amendment at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust
account, including interest earned on the funds held in the trust
account and not previously released to us to pay our franchise and
income taxes, divided by the number of then outstanding public
shares, in connection with any such vote. In either of such events,
converting stockholders would be paid their pro rata portion of the
trust account promptly following consummation of the business
combination or the approval of the amendment to the certificate of
incorporation. If the business combination is not consummated or
the amendment is not approved, stockholders will not be paid such
amounts.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Preferred
Stock</FONT></P>
<P CLASS="Textflush" STYLE=
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There are no shares of preferred stock outstanding. Our certificate
of incorporation filed with the State of Delaware authorizes the
issuance of 1,000,000 shares of preferred stock with such
designation, rights and preferences as may be determined from time
to time by our board of directors. No shares of preferred stock are
being issued or registered in this offering. Accordingly, our board
of directors is empowered, without stockholder approval, to issue
preferred stock with dividend, liquidation, conversion, voting or
other rights which could adversely affect the voting power or other
rights of the holders of common stock. However, the underwriting
agreement prohibits us, prior to a business combination, from
issuing preferred stock which participates in any manner in the
proceeds of the trust account, or which votes as a class with the
common stock on our initial business combination. We may issue some
or all of the preferred stock to effect our initial business
combination. In addition, the preferred stock could be utilized as
a method of discouraging, delaying or preventing a change in
control of us. Although we do not currently intend to issue any
shares of preferred stock, we reserve the right to do so in the
future.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Warrants included as
part of units</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Each public and private warrant entitles the registered holder to
purchase one share of our common stock at a price of $11.50 per
share, subject to adjustment as discussed below, at any time
commencing on the later of 12 months from the closing of this
offering or 30 days after the completion of our initial business
combination. The public and private warrants will expire five years
after the date on which they first became exercisable, at 5:00
p.m., New York time, or earlier upon redemption or liquidation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Once the warrants become exercisable, we may redeem the outstanding
warrants (except as described herein with respect to the private
warrants):</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> in
whole and not in part;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> at
a price of $0.01 per warrant;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
upon a minimum of 30 days&rsquo; prior written notice of
redemption; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if, and only if, the last sale price of our common stock equals or
exceeds $16.00 per share for any 20 trading days within a
30-trading day period ending on the third trading day prior to the
date on which we send the notice of redemption to the warrant
holders.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will not redeem the warrants unless an effective registration
statement under the Securities Act covering the shares of common
stock issuable upon exercise of the warrants is effective and a
current prospectus relating to those shares of common stock is
available throughout the 30-day redemption period, except if the
warrants may be exercised on a cashless basis and such cashless
exercise is exempt from registration under the Securities Act. If
and when the warrants become redeemable by us, we may exercise our
redemption right even if we are unable to register or qualify the
underlying securities for sale under all applicable state
securities laws.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
86</P>
<P CLASS="Textflush" STYLE=
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If we call the warrants for redemption as described above, our
management will have the option to require all holders that wish to
exercise warrants to do so on a &ldquo;cashless basis.&rdquo; In
determining whether to require all holders to exercise their
warrants on a &ldquo;cashless basis,&rdquo; our management will
consider, among other factors, our cash position, the number of
warrants that are outstanding and the dilutive effect on our
stockholders of issuing the maximum number of shares of common
stock issuable upon the exercise of our warrants. In such event,
each holder would pay the exercise price by surrendering the
warrants for that number of shares of common stock equal to the
quotient obtained by dividing (x) the product of the number of
shares of common stock underlying the warrants, multiplied by the
difference between the exercise price of the warrants and the
&ldquo;fair market value&rdquo; (defined below) by (y) the fair
market value. The &ldquo;fair market value&rdquo; shall mean the
average reported closing price of the common stock for the 10
trading days ending on the third trading day prior to the date on
which the notice of redemption is sent to the holders of
warrants.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
None of the private warrants will be redeemable by us so long as
they are held by the initial purchasers of the private warrants or
any of their permitted transferees.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will not be obligated to deliver any shares of common stock
pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the shares of common stock
underlying the warrants is then effective and a prospectus relating
thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant will be
exercisable and we will not be obligated to issue shares of common
stock upon exercise of a warrant unless common stock issuable upon
such warrant exercise has been registered, qualified or deemed to
be exempt under the securities laws of the state of residence of
the registered holder of the warrants. In the event that the
conditions in the two immediately preceding sentences are not
satisfied with respect to a warrant, the holder of such warrant
will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration
statement is not effective for the exercised warrants, the
purchaser of a unit containing such warrant will have paid the full
purchase price for the unit solely for the share of common stock
underlying such unit.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have agreed that as soon as practicable, but in no event later
than thirty (30) business days, after the closing of our initial
business combination, we will use our best efforts to file with the
SEC a registration statement for the registration, under the
Securities Act, of the shares of common stock issuable upon
exercise of the warrants. We will use our best efforts to cause the
same to become effective and to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto,
until the expiration of the warrants in accordance with the
provisions of the warrant agreement. In addition, we have agreed to
use our best efforts to register the shares of common stock that
are issuable upon exercise of the public and private warrants under
state blue sky laws, to the extent an exemption is not available.
Notwithstanding the foregoing, if a registration statement covering
the shares of common stock issuable upon exercise of the public and
private warrants has not been declared effective by the
90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
business day following the closing of our initial business
combination and during any period when we shall have failed to
maintain an effective registration statement, public and private
warrant holders may, until such time as there is an effective
registration statement, exercise the public and private warrants on
a cashless basis pursuant to the exemption provided by Section
3(a)(9) of the Securities Act.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer &amp; Trust Company,
as warrant agent, and us. You should review a copy of the warrant
agreement, which will be filed as an exhibit to the registration
statement of which this prospectus is a part, for a complete
description of the terms and conditions applicable to the warrants.
The warrant agreement provides that the terms of the warrants may
be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval by
the holders of at least 50% of the then outstanding public warrants
to make any change that adversely affects the interests of the
registered holders of public warrants.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The warrants may be exercised upon surrender of the warrant
certificate on or prior to the expiration date at the offices of
the warrant agent, with the exercise form on the reverse side of
the warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable
to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of common
stock and any voting rights until they exercise their warrants and
receive shares of common stock. After the issuance of shares of
common stock upon exercise of the warrants, each holder will be
entitled to one vote for each share held of record on all matters
to be voted on by stockholders.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
87</P>
<P CLASS="H2" STYLE=
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<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Purchase
Option</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have agreed to sell to Chardan Capital Markets, LLC an option to
purchase up to a total of 1,750,000 units at $12.00 per unit for
$100.00. The option is not exercisable until the later of the
consummation of a business combination or six months from the date
of this prospectus. The units issuable upon exercise of this option
are identical to those offered by this prospectus. Accordingly,
after the business combination shares of the purchase option will
be to purchase 1,750,000 shares of common stock and 1,750,000
warrants to purchase 1,750,000 shares for the same aggregate
purchase price. In no event will we be required to net cash settle
the exercise of the purchase option.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Dividends</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have not paid any cash dividends on our common stock to date and
do not intend to pay cash dividends prior to the completion of a
business combination. The payment of cash dividends in the future
will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to
completion of a business combination. The payment of any cash
dividends subsequent to a business combination will be within the
discretion of our board of directors at such time. In addition, our
board of directors is not currently contemplating and does not
anticipate declaring any stock dividends in the foreseeable future,
except if we increase the size of the offering pursuant to Rule
462(b) under the Securities Act, in which case we will effect a
stock dividend immediately prior to the consummation of the
offering in such amount as to maintain the number of insider shares
at 20.0% of our issued and outstanding shares of our common stock
upon the consummation of this offering (not including the private
units and assuming our insiders do not purchase units in this
offering). Further, if we incur any indebtedness, our ability to
declare dividends may be limited by restrictive covenants we may
agree to in connection therewith.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Our Transfer
Agent</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">The transfer agent for our
securities is Continental Stock Transfer &amp; Trust Company, 17
Battery Place, New York, New York 10004.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Certain Anti-Takeover
Provisions of Delaware Law and our Certificate of Incorporation and
By-Laws</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">We will be subject to the
provisions of Section 203 of the DGCL regulating corporate
takeovers upon completion of this offering. This statute prevents
certain Delaware corporations, under certain circumstances, from
engaging in a &ldquo;business combination&rdquo; with:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> a
stockholder who owns 10% or more of our outstanding voting stock
(otherwise known as an &ldquo;interested stockholder&rdquo;);</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> an
affiliate of an interested stockholder; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> an
associate of an interested stockholder, for three years following
the date that the stockholder became an interested stockholder.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A &ldquo;business combination&rdquo; includes a merger or sale of
more than 10% of our assets. However, the above provisions of
Section 203 do not apply if:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our board of directors approves the transaction that made the
stockholder an &ldquo;interested stockholder,&rdquo; prior to the
date of the transaction;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
after the completion of the transaction that resulted in the
stockholder becoming an interested stockholder, that stockholder
owned at least 85% of our voting stock outstanding at the time the
transaction commenced, other than statutorily excluded shares of
common stock; or</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> on
or subsequent to the date of the transaction, the business
combination is approved by our board of directors and authorized at
a meeting of our stockholders, and not by written consent, by an
affirmative vote of at least two-thirds of the outstanding voting
stock not owned by the interested stockholder.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Staggered board of
directors</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our certificate of incorporation provides that our board of
directors will be classified into three classes of directors. As a
result, in most circumstances, a person can gain control of our
board only by successfully engaging in a proxy contest at two or
more annual meetings.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
88</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Special meeting of
stockholders</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our bylaws provide that special meetings of our stockholders may be
called only by a majority vote of our board of directors, by our
chief executive officer or by our chairman.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Advance notice
requirements for stockholder proposals and director
nominations</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our bylaws provide that stockholders seeking to bring business
before our annual meeting of stockholders, or to nominate
candidates for election as directors at our annual meeting of
stockholders must provide timely notice of their intent in writing.
To be timely, a stockholder&rsquo;s notice will need to be
delivered to our principal executive offices not later than the
close of business on the 90<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
day nor earlier than the opening of business on the 120<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">th</FONT>
day prior to the scheduled date of the annual meeting of
stockholders. Our bylaws also specify certain requirements as to
the form and content of a stockholders&rsquo; meeting. These
provisions may preclude our stockholders from bringing matters
before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of
stockholders.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Authorized but unissued
shares</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our authorized but unissued common stock and preferred stock are
available for future issuances without stockholder approval and
could be utilized for a variety of corporate purposes, including
future offerings to raise additional capital, acquisitions and
employee benefit plans. The existence of authorized but unissued
and unreserved common stock and preferred stock could render more
difficult or discourage an attempt to obtain control of us by means
of a proxy contest, tender offer, merger or otherwise.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
89</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">SHARES ELIGIBLE FOR
FUTURE SALE</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Immediately after this offering, we will have 23,025,000 shares of
common stock outstanding, or 26,306,250 shares of common stock if
the over-allotment option is exercised in full. Of these shares,
the 17,500,000 shares of common stock sold in this offering, or
20,125,000 shares of common stock if the over-allotment option is
exercised in full, will be freely tradable without restriction or
further registration under the Securities Act, except for any
shares purchased by one of our affiliates within the meaning of
Rule 144 under the Securities Act. All of the remaining shares are
restricted securities under Rule 144, in that they were issued in
private transactions not involving a public offering.</P>
<P CLASS="H2" STYLE=
"margin-top: 8.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Rule 144</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A person who has beneficially owned restricted shares of common
stock for at least six months would be entitled to sell their
shares provided that (1) such person is not deemed to have been one
of our affiliates at the time of, or at any time during the three
months preceding, a sale and (2) we are subject to the Exchange Act
periodic reporting requirements for at least three months before
the sale. Persons who have beneficially owned restricted shares of
common stock for at least six months but who are our affiliates at
the time of, or any time during the three months preceding, a sale,
would be subject to additional restrictions, by which such person
would be entitled to sell within any three-month period a number of
shares that does not exceed the greater of either of the
following:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> 1%
of the number of shares then outstanding, which will equal 230,250
shares of common stock immediately after this offering (or 263,062
shares of common stock if the over-allotment option is exercised in
full); and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the average weekly trading volume of the shares of common stock
during the four calendar weeks preceding the filing of a notice on
Form 144 with respect to the sale.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sales under Rule 144 are also limited by manner of sale provisions
and notice requirements and to the availability of current public
information about us.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Restrictions on the Use
of Rule 144 by Shell Companies or Former Shell Companies</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Rule 144 is not available for the resale of securities initially
issued by shell companies (other than business combination related
shell companies) or issuers that have been at any time previously a
shell company. However, Rule 144 also includes an important
exception to this prohibition if the following conditions are
met:</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the issuer of the securities that was formerly a shell company has
ceased to be a shell company;</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the issuer of the securities is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act;</P>
<P CLASS="BLm" STYLE=
"margin-top: 7.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the issuer of the securities has filed all Exchange Act reports and
material required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to
file such reports and materials), other than Form 8-K reports;
and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> at
least one year has elapsed from the time that the issuer filed
current Form 10 type information with the SEC reflecting its status
as an entity that is not a shell company.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">As a result, it is likely that
pursuant to Rule 144, our insiders will be able to sell their
insider shares and private units freely without registration one
year after we have completed our initial business combination
assuming they are not an affiliate of ours at that time.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Registration
Rights</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The holders of our insider shares issued and outstanding on the
date of this prospectus, as well as the holders of the private
units and any shares our insiders, officers, directors or their
affiliates may be issued in payment of working capital loans made
to us, will be entitled to registration rights pursuant to an
agreement to be signed prior to or on the effective date of this
offering. The holders of a majority of these securities are
entitled to make up to two demands that we register such
securities. The holders of the majority of the insider shares can
elect to exercise these registration rights at any time commencing
three months prior to the date on which these shares of common
stock are to be released from escrow. The holders of a majority of
the private units or units</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
90</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
issued in payment of working capital loans made to us can elect to
exercise these registration rights at any time commencing on the
date that we consummate our initial business combination. In
addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed
subsequent to our consummation of our initial business combination.
We will bear the expenses incurred in connection with the filing of
any such registration statements.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
91</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">UNDERWRITING</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We intend to offer our securities described in this prospectus
through the underwriters named below. Subject to the terms and
conditions of the underwriting agreement, the underwriters, through
their representative Chardan Capital Markets, LLC, have severally
agreed to purchase from us on a firm commitment basis the following
respective number of units at a public offering price less the
underwriting discounts and commissions set forth on the cover page
of this prospectus:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="75%" VALIGN="bottom" STYLE=
"width: 75.82%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Underwriter</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="22%" VALIGN="bottom" STYLE=
"width: 22.62%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Number of Units</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="75%" VALIGN="bottom" STYLE=
"width: 75.82%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Chardan Capital Markets, LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="22%" VALIGN="bottom" STYLE=
"width: 22.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="75%" VALIGN="bottom" STYLE=
"width: 75.82%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
I-Bankers Securities, Inc</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="22%" VALIGN="bottom" STYLE=
"width: 22.62%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="75%" VALIGN="bottom" STYLE=
"width: 75.82%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Total</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="22%" VALIGN="bottom" STYLE=
"width: 22.62%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
17,500,000</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A copy of the underwriting agreement has been filed as an exhibit
to the registration statement of which this prospectus forms a
part.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Listing of our
Securities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We expect our units, common stock and warrants to be quoted on
Nasdaq under the symbols &ldquo;TDACU,&rdquo; &ldquo;TDAC&rdquo;
and &ldquo;TDACW,&rdquo; respectively. We anticipate that our units
will be listed on Nasdaq on or promptly after the effective date of
the registration statement. Following the date the shares of our
common stock and warrants are eligible to trade separately, we
anticipate that the shares of our common stock and warrants will be
listed separately and as a unit on Nasdaq. We cannot guarantee that
our securities will be approved for listing on Nasdaq or that they
will continue to be listed on Nasdaq after this offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Pricing of this
Offering</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have been advised by the representative that the underwriters
propose to offer the units to the public at the offering price set
forth on the cover page of this prospectus. They may allow some
dealers concessions not in excess of $0.[____] per unit and the
dealers may re-allow a concession not in excess of $0.[____] per
unit to other dealers.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">Prior to this offering there
has been no public market for our securities. The public offering
price of the units was negotiated between us and the representative
of the underwriters. Factors considered in determining the prices
and terms of the units include:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the history of other similarly structured blank check
companies;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
prior offerings of those companies;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our prospects for consummating our initial business combination
with an operating business at attractive values;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our capital structure;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
securities exchange listing requirements;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
market demand;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
expected liquidity of our securities; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
general conditions of the securities markets at the time of the
offering.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
However, although these factors were considered, the determination
of our offering price is more arbitrary than the pricing of
securities for an operating company in a particular industry since
the underwriters are unable to compare our financial results and
prospects with those of public companies operating in the same
industry.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Over-allotment
Option</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have granted the underwriters an option to buy up to 2,625,000
additional units. The underwriters may exercise this option solely
for the purpose of covering over-allotments, if any, made in
connection with this offering. The underwriters have 45 days from
the date of this prospectus to exercise this option. If the
underwriters exercise this option, they will each purchase
additional units approximately in proportion to the amounts
specified in the table above.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
92</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Commissions and
Discounts</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The following table shows the public offering price, underwriting
discount to be paid by us to the underwriters and the proceeds,
before expenses, to us. This information assumes either no exercise
or full exercise by the representative of the underwriters of its
over-allotment option.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Per Unit</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">Without<BR>
Over-allotment</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">With<BR>
Over-allotment</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Public offering price</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
175,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
201,250,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Discount<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
..50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
8,750,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10,062,500</P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Proceeds before expenses<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
9.50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
166,250,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
191,187,500</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Such amount
includes $4,375,000, or $0.25 per unit, (or $5,031,250 if the
underwriters&rsquo; over-allotment option is exercised in full)
payable to the underwriters for deferred underwriting commissions
upon completion of a business combination.</P>
<P CLASS="Tablefootnotem" STYLE=
"mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> The offering
expenses are estimated at $937,500.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition to the underwriting discount, we have agreed to pay for
the FINRA-related fees and expenses of the underwriters&rsquo;
legal counsel and certain diligence and other fees, including
reimbursement for background checks on our directors, director
nominees and executive officers, which such fees and expenses are
capped at an aggregate of $150,000.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No discounts or commissions will be paid on the sale of the private
units.</P>
<P CLASS="H2" STYLE=
"margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Purchase
Option</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have agreed to sell to Chardan Capital Markets, LLC (and/or its
designees), for $100, an option to purchase up to a total of
1,750,000 units exercisable at $12.00 per unit (or an aggregate
exercise price of $21,000,000) commencing on the later of the
consummation of a business combination and six months from the date
of this prospectus. The purchase option may be exercised for cash
or on a cashless basis, at the holder&rsquo;s option, and expires
five years from the effective date of the registration statement of
which this prospectus forms a part. The option and the 1,750,000
units, as well as the 1,750,000 shares of common stock 1,750,000
warrants that may be issued upon exercise of the option, have been
deemed compensation by FINRA and are therefore subject to a 180-day
lock-up pursuant to Rule 5110(g)(1) of FINRA&rsquo;s NASD Conduct
Rules. Additionally, the option may not be sold, transferred,
assigned, pledged or hypothecated for a one-year period (including
the foregoing 180-day period) following the date of this prospectus
except to any underwriter and selected dealer participating in the
offering and their bona fide officers or partners. The option
grants to holders demand and &ldquo;piggy back&rdquo; rights for
periods of five and seven years, respectively, from the effective
date of the registration statement of which this prospectus forms a
part with respect to the registration under the Securities Act of
the securities directly and indirectly issuable upon exercise of
the option. We will bear all fees and expenses attendant to
registering the securities, other than underwriting commissions
which will be paid for by the holders themselves. The exercise
price and number of units issuable upon exercise of the option may
be adjusted in certain circumstances including in the event of a
stock dividend, or our recapitalization, reorganization, merger or
consolidation. However, the option will not be adjusted for
issuances of common stock at a price below its exercise price.</P>
<P CLASS="H2" STYLE=
"margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Warrant Solicitation
Fee</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have agreed to pay Chardan Capital Markets, LLC a warrant
solicitation fee of five percent (5%) of the exercise price of each
public warrant exercised during the period commencing twelve months
after the effective date of the registration statement of which
this prospectus forms a part, including warrants acquired by
securityholders in the open market, but excluding warrants
exercised during the 30 day period following notice of a proposed
redemption. The warrant solicitation fee will be payable in cash.
There is no limitation on the maximum warrant solicitation fee
payable to Chardan Capital Markets, LLC, except to the extent it is
limited by the number of public warrants outstanding.</P>
<P CLASS="H2" STYLE=
"margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Regulatory Restrictions
on Purchase of Securities</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Rules of the SEC may limit the ability of the underwriters to bid
for or purchase our units before the distribution of the units is
completed. However, the underwriters may engage in the following
activities in accordance with the rules:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Stabilizing Transactions. The underwriters may make bids or
purchases solely for the purpose of preventing or retarding a
decline in the price of our units, as long as stabilizing bids do
not exceed the offering price of $10.00 and the underwriters comply
with all other applicable rules.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
93</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT STYLE=
"letter-spacing: -.05pt;">&bull;</FONT></FONT><FONT CLASS="bullet"
STYLE="mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT STYLE="letter-spacing: -.05pt;">Over-Allotments and Syndicate
Coverage Transactions. The underwriters may create a short position
in our units by selling more of our units than are set forth on the
cover page of this prospectus up to the amount of the
over-allotment option. This is known as a covered short position.
The underwriters may also create a short position in our units by
selling more of our units than are set forth on the cover page of
this prospectus and the units allowed by the over-allotment option.
This is known as a naked short position. If the underwriters create
a short position during the offering, the representative may engage
in syndicate covering transactions by purchasing our units in the
open market. The representative may also elect to reduce any short
position by exercising all or part of the over-allotment option.
Determining what method to use in reducing the short position
depends on how the units trade in the aftermarket following the
offering. If the unit price drops following the offering, the short
position is usually covered with shares purchased by the
underwriters in the aftermarket. However, the underwriters may
cover a short position by exercising the over-allotment option even
if the unit price drops following the offering. If the unit price
rises after the offering, then the over-allotment option is used to
cover the short position. If the short position is more than the
over-allotment option, the naked short must be covered by purchases
in the aftermarket, which could be at prices above the offering
price.</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Penalty Bids. The representative may reclaim a selling concession
from a syndicate member when the units originally sold by the
syndicate member are purchased in a stabilizing or syndicate
covering transaction to cover syndicate short positions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Stabilization and syndicate covering transactions may cause the
price of our securities to be higher than they would be in the
absence of these transactions. The imposition of a penalty bid
might also have an effect on the prices of our securities if it
discourages resales of our securities.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Neither we nor the underwriters make any representation or
prediction as to the effect that the transactions described above
may have on the price of our securities. These transactions may
occur on Nasdaq, in the over-the-counter market or on any trading
market. If any of these transactions are commenced, they may be
discontinued without notice at any time.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Other Terms</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Except as set forth above, we are not under any contractual
obligation to engage any of the underwriters to provide any
services for us after this offering, and have no present intent to
do so. However, any of the underwriters may, among other things,
introduce us to potential target businesses or assist us in raising
additional capital, as needs may arise in the future. If any
underwriter provides services to us after this offering, we may pay
the underwriter fair and reasonable fees that would be determined
at that time in an arm&rsquo;s length negotiation; provided that no
agreement will be entered into with the underwriter and no fees for
such services will be paid to the underwriter prior to the date
which is 90 days after the date of this prospectus, unless FINRA
determines that such payment would not be deemed
underwriter&rsquo;s compensation in connection with this
offering.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Indemnification</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have agreed to indemnify the underwriters against some
liabilities, including civil liabilities under the Securities Act,
or to contribute to payments the underwriters may be required to
make in this respect.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Resale
Restrictions</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We intend to distribute our securities in the Province of Ontario,
Canada (the &ldquo;Canadian Offering Jurisdiction&rdquo;) by way of
a private placement and exempt from the requirement that we prepare
and file a prospectus with the securities regulatory authorities in
such Canadian Offering Jurisdiction. Any resale of our securities
in Canada must be made under applicable securities laws that will
vary depending on the relevant jurisdiction, and which may require
resales to be made under available statutory exemptions or under a
discretionary exemption granted by the applicable Canadian
securities regulatory authority. Canadian resale restrictions in
some circumstances may apply to resales of interests made outside
of Canada. Canadian purchasers are advised to seek legal advice
prior to any resale of our securities. We may never be a
&ldquo;reporting issuer&rdquo;, as such term is defined under
applicable Canadian securities legislation, in any province or
territory of Canada in which our securities will be offered and
there currently is no public market for any of the securities in
Canada, and one may never develop. Canadian investors are advised
that we have no intention to file a prospectus or similar document
with any securities regulatory authority in Canada qualifying the
resale of the securities to the public in any province or territory
in Canada.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
94</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Representations of
Purchasers</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
A Canadian purchaser will be required to represent to us and the
dealer from whom the purchase confirmation is received that:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the purchaser is entitled under applicable provincial securities
laws to purchase our securities without the benefit of a prospectus
qualified under those securities laws;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
where required by law, that the purchaser is purchasing as
principal and not as agent;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the purchaser has reviewed the text above under Resale
Restrictions; and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the purchaser acknowledges and consents to the provision of
specified information concerning its purchase of our securities to
the regulatory authority that by law is entitled to collect the
information.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Rights of Action &mdash;
Ontario Purchasers Only</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Under Ontario securities legislation, certain purchasers who
purchase a security offered by this prospectus during the period of
distribution will have a statutory right of action for damages, or
while still the owner of our securities, for rescission against us
in the event that this prospectus contains a misrepresentation
without regard to whether the purchaser relied on the
misrepresentation. The right of action for damages is exercisable
not later than the earlier of 180 days from the date the purchaser
first had knowledge of the facts giving rise to the cause of action
and three years from the date on which payment is made for our
securities. The right of action for rescission is exercisable not
later than 180 days from the date on which payment is made for our
securities. If a purchaser elects to exercise the right of action
for rescission, the purchaser will have no right of action for
damages against us. In no case will the amount recoverable in any
action exceed the price at which our securities were offered to the
purchaser and if the purchaser is shown to have purchased the
securities with knowledge of the misrepresentation, we will have no
liability. In the case of an action for damages, we will not be
liable for all or any portion of the damages that are proven to not
represent the depreciation in value of our securities as a result
of the misrepresentation relied upon. These rights are in addition
to, and without derogation from, any other rights or remedies
available at law to an Ontario purchaser. The foregoing is a
summary of the rights available to an Ontario purchaser. Ontario
purchasers should refer to the complete text of the relevant
statutory provisions.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Enforcement of Legal
Rights</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
All of our directors and officers as well as the experts named
herein are located outside of Canada and, as a result, it may not
be possible for Canadian purchasers to effect service of process
within Canada upon us or those persons. All of our assets and the
assets of those persons are located outside of Canada and, as a
result, it may not be possible to satisfy a judgment against us or
those persons in Canada or to enforce a judgment obtained in
Canadian courts against us or those persons outside of Canada.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Collection of Personal
Information</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If a Canadian purchaser is resident in or otherwise subject to the
securities laws of the Province of Ontario, the Purchaser
authorizes the indirect collection of personal information
pertaining to the Canadian purchaser by the Ontario Securities
Commission (the &ldquo;OSC&rdquo;) and each Canadian purchaser will
be required to acknowledge and agree that the Canadian purchaser
has been notified by us (i) of the delivery to the OSC of personal
information pertaining to the Canadian purchaser, including,
without limitation, the full name, residential address and
telephone number of the Canadian purchaser, the number and type of
securities purchased and the total purchase price paid in respect
of the securities, (ii) that this information is being collected
indirectly by the OSC under the authority granted to it in
securities legislation, (iii) that this information is being
collected for the purposes of the administration and enforcement of
the securities legislation of Ontario, and (iv) that the title,
business address and business telephone number of the public
official in Ontario who can answer questions about the OSC&rsquo;s
indirect collection of the information is the Administrative
Assistant to the Director of Corporate Finance, the Ontario
Securities Commission, Suite 1903, Box 5520, Queen Street West,
Toronto, Ontario, M5H 3S8, Telephone: (416) 593-8086, Facsimile:
(416) 593-8252</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
95</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">LEGAL MATTERS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Loeb &amp; Loeb LLP, New York, New York, is acting as counsel in
connection with the registration of our securities under the
Securities Act, and as such, will pass upon the validity of the
securities offered in this prospectus. In connection with this
offering, McDermott Will &amp; Emery is acting as counsel to the
underwriters.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">EXPERTS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The financial statements of Trident Acquisitions Corp. as of
December 31, 2017 and 2016 and for the year ended December 31, 2017
and for the period from March 17, 2016 (inception) through December
31, 2016 appearing in this prospectus have been audited by Marcum
LLP, independent registered public accounting firm, as set forth in
their report, thereon (which contains an explanatory paragraph
relating to substantial doubt about the ability of Trident
Acquisitions Corp. to continue as a going concern, as described in
Note 1 to the financial statements), appearing elsewhere in this
prospectus, and are included in reliance upon such report given on
the authority of such firm as experts in accounting and
auditing.</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">WHERE YOU CAN FIND
ADDITIONAL INFORMATION</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have filed with the SEC a registration statement on Form S-1
under the Securities Act with respect to the units we are offering
by this prospectus. This prospectus does not contain all of the
information included in the registration statement. For further
information about us and our shares, you should refer to the
registration statement and the exhibits and schedules filed with
the registration statement. Whenever we make reference in this
prospectus to any of our contracts, agreements or other documents,
the references are materially complete but may not include a
description of all aspects of such contracts, agreements or other
documents, and you should refer to the exhibits attached to the
registration statement for copies of the actual contract, agreement
or other document.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Upon completion of this offering, we will be subject to the
information requirements of the Exchange Act and will file annual,
quarterly and current event reports, proxy statements and other
information with the SEC. You can read our SEC filings, including
the registration statement, over the Internet at the SEC&rsquo;s
website at <FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">www.sec.gov</FONT>.
You may also read and copy any document we file with the SEC at its
public reference facility at 100 F Street, N.E., Washington, D.C.
20549.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
You may also obtain copies of the documents at prescribed rates by
writing to the Public Reference Section of the SEC at 100 F Street,
N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330
for further information on the operation of the public reference
facilities.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
96</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">INDEX TO FINANCIAL
STATEMENTS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: white; padding: 0in 0in 0in 0in;">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Page</FONT></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Financial Statements of Trident Acquisitions
Corp.</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT LANG="EN-GB">Report of Independent Registered Public
Accounting Firm</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-2</P>
</TD>
</TR>
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
Balance Sheets</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-3</P>
</TD>
</TR>
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
Statements of Operations</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-4</P>
</TD>
</TR>
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
<FONT LANG="EN-GB">Statement of Changes in Stockholders&rsquo;
Equity</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-5</P>
</TD>
</TR>
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
Statements of Cash Flows</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-6</P>
</TD>
</TR>
<TR>
<TD WIDTH="89%" VALIGN="bottom" STYLE=
"width: 89.06%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
Notes to Financial Statements</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
"margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-7</P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-1</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>
<P CLASS="Textflush" ALIGN="left" STYLE=
"text-align: left; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
To the Shareholders and Board of Directors of<BR>
Trident Acquisitions Corp.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Opinion on the Financial
Statements</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have audited the accompanying balance sheets of Trident
Acquisitions Corp. (the &ldquo;Company&rdquo;) as of December 31,
2017 and 2016, the related statements of operations, changes in
stockholders&rsquo; equity and cash flows for the year ended
December 31, 2017 and for the period from March 17, 2016
(inception) through December 31, 2016, and the related notes
(collectively referred to as the &ldquo;financial
statements&rdquo;).&nbsp; In our opinion, the financial statements
present fairly, in all material respects, the financial position of
the Company as of December 31, 2017 and 2016, and the results of
its operations and its cash flows for the year ended December 31,
2017 and for the period from March 17, 2016 (inception) through
December 31, 2016, in conformity with accounting principles
generally accepted in the United States of America.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Explanatory Paragraph
&mdash; Going Concern</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The accompanying financial statements have been prepared assuming
that the Company will continue as a going concern. As discussed in
Note 1 to the financial statements, its business plan is dependent
on the completion of a financing and the Company&rsquo;s cash and
working capital as of December 31, 2017 are not sufficient to
complete its planned activities for the upcoming year. These
conditions raise substantial doubt about the Company&rsquo;s
ability to continue as a going concern. Management&rsquo;s plans in
regard to these matters are also described in Note 1 and 3. The
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Basis for
Opinion</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
These financial statements are the responsibility of the
Company&rsquo;s management. Our responsibility is to express an
opinion on the Company&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States)
(&ldquo;PCAOB&rdquo;) and are required to be independent with
respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial
reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not
for the purpose of expressing an opinion on the effectiveness of
the Company&rsquo;s internal control over financial reporting.
Accordingly, we express no such opinion.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Marcum <FONT STYLE="font-variant: small-caps;">llp</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="font-variant: small-caps;">/s/</FONT> Marcum LLP</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We have served as the Company&rsquo;s auditor since 2016.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
New York, NY</P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
March 14, 2018</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-2</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.</FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: H1; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">BALANCE
SHEETS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>March
31,</B><BR>
<B>2018</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> December
31, 2017 </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> December
31, 2016 </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>(Unaudited)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B></B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"></P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>ASSETS</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Current
assets &ndash; Cash </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 338,828 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 143,403 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 55,955 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Deferred
offering costs </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 526,540 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 403,039 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 390,874 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Security
deposit </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,200 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,200 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,200 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Total
Assets</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>866,568</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>547,642</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: double windowtext 2.25pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>448,029</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>LIABILITIES
AND STOCKHOLDERS&rsquo; EQUITY</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Current
Liabilities </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Accrued
offering costs </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE="margin: 0in 0in 0pt; text-align: right; text-justify: inter-ideograph; font: 10pt/normal TimesNewRomanPSStd-Regular; border-style: none; padding: 0in 0in 3px; mso-style-name: Tbody_rule1; text-autospace: none; padding-bottom: 0in; color: black"> 15,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> Promissory
notes &ndash; related parties </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 825,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 525,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 425,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Total
Current Liabilities</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>840,000</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>525,000</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>425,000</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Stockholders&rsquo;
Equity</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Common
stock, $0.001 par value; 10,000,000 shares authorized; 5,031,250; 3,737,500 and 3,737,500 shares issued and outstanding as of March
31, 2018, December 31, 2017 and 2016, respectively<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,031 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,737 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,737 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Additional
paid in capital </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 28,623 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 21,263 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 21,263 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Accumulated
deficit </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (7,086 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (2,358 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (1,971 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Total
Stockholders&rsquo; Equity</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>26,568</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>22,642</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>23,029</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="bottom" STYLE=
"width: 57.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>TOTAL
LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>866,568</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>547,642</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.22%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>448,029</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Includes an aggregate of 656,250 shares that are subject to forfeiture as of March 31, 2018 to the extent that the underwriter&rsquo;s
over-allotment is not exercised in full (Note 7). </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The accompanying notes are an integral part of the financial
statements.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-3</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
STATEMENTS OF OPERATIONS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Three
Months Ended</B><BR>
<B>March 31,</B><BR>
<B>2018</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Year
Ended December 31, 2017 </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> For
the Period from March 17, 2016 (inception) through December 31, 2016 </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>(Unaudited)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B></B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"></P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Operating
and formation costs </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 4,728 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 387 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,971 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>Net
loss</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(4,728</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(387</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(1,971</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Weighted
average shares outstanding, basic and diluted<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,700,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,250,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,250,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Basic
and diluted net loss per common share</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(0.00</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(0.00</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(0.00</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp; </FONT>Excludes
an aggregate of 656,250, 487,500 and 487,500 shares that are subject to forfeiture as of March 31, 2018, December 31,
2017 and December 31, 2016, respectively, to the extent that the underwriter&rsquo;s over-allotment is not exercised in full
(Note 7). </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The accompanying notes are an integral part of the financial
statements.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-4</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
STATEMENT OF CHANGES IN STOCKHOLDERS&rsquo; EQUITY<BR>
THREE MONTHS ENDED MARCH 31, 2018, YEAR ENDED DECEMBER 31, 2017 AND
FOR THE PERIOD FROM MARCH 17, 2016 (INCEPTION) THROUGH DECEMBER 31,
2016</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="26%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 26.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Common
Stock</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.78%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Additional</B><BR>
<B>Paid in</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Accumulated</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Total
Stockholders&rsquo;</B> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Shares</B><FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Amount</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.78%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Capital</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Deficit</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Equity</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Balance
&ndash; March 17, 2016 (inception)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Common
stock issued to initial stockholders </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,737,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,737 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 21,263 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 25,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (1,971 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (1,971 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Balance
&ndash; December 31, 2016</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,737,500 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 3,737 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 21,263 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1,971 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 23,029 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (387 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (387 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Balance
&ndash; December 31, 2017</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>3,737,500</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>3,737</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>21,263</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(2,358</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>22,642</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Common
stock issued to initial stockholders </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,293,750 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 1,294 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 7,360 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 8,654 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&mdash;</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&mdash;</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&mdash;</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(4,728</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(4,728</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Balance
&ndash; March 31, 2018 (unaudited)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>5,031,250</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.58%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>5,031</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.68%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>28,623</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(7,086</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px ; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>26,568</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Includes an aggregate of 656,250 shares that are subject to forfeiture as of March 31, 2018 to the extent that the underwriter&rsquo;s
over-allotment is not exercised in full (Note 7). </P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The accompanying notes are an integral part of the financial
statements.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-5</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
STATEMENTS OF CASH FLOWS</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Three
Months Ended</B><BR>
<B>March 31,</B><BR>
<B>2018</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> Year
Ended December 31, 2017 </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> For
the<BR>
Period from<BR>
March 17, 2016<BR>
(inception) through December 31, 2016 </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> (Unaudited) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"></P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Cash
Flows from Operating Activities:</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (4,728 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (387 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> $ </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (1,971 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>Net
cash used in operating activities</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>(4,728</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>)</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>(387</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>(1,971</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Cash
Flows from Financing Activities:</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Proceeds
from issuance of common stock to initial stockholders </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 8,654 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 25,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Proceeds
from promissory note &ndash; related party </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 300,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 100,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 425,000 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Advances
from related party </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 5,388 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Repayment
of advances from related party </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (5,388 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Payment
of offering costs </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (108,501 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (12,165 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (390,874 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
"text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Security
deposit </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> (1,200 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> ) </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'> <B>Net
cash provided by financing activities</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>200,153</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>87,835</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>&nbsp;</B></FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>57,926</B></FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Net
Change in Cash</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>195,425</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>87,448</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>&nbsp;</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>55,955</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Cash
&ndash; Beginning </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 143,403 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 55,955 </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &nbsp; </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> &mdash; </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>Cash
&ndash; Ending</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>338,828</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>143,403</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>$</B> </P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B>55,955</B> </P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The accompanying notes are an integral part of the financial
statements.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-6</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 1. DESCRIPTION OF
ORGANIZATION AND BUSINESS OPERATIONS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Trident Acquisitions Corp. (the &ldquo;Company&rdquo;) is a blank
check company incorporated in Delaware on March 17, 2016. The
Company was formed for the purpose of effecting a merger, share
exchange, asset acquisition, stock purchase, recapitalization,
reorganization or similar business combination with one or more
businesses that the Company has not yet identified (&ldquo;Business
Combination&rdquo;).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> At
March 31, 2018, the Company had not yet commenced operations. All activity through March 31, 2018 relates to the Company&rsquo;s
formation and the Proposed Offering, which is described below. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company&rsquo;s ability to commence operations is contingent
upon obtaining adequate financial resources through a proposed
initial public offering of 17,500,000 units at $10.00 per unit (or
20,125,000 units if the underwriter&rsquo;s over-allotment option
is exercised in full) (&ldquo;Units&rdquo;), which is discussed in
Note 3 (the &ldquo;Proposed Offering&rdquo;) and the sale of
1,150,000 Units (&ldquo;Private Units&rdquo;) at a price of $10.00
per Unit in a private placement to certain of the Company&rsquo;s
affiliates and stockholders (the &ldquo;Insiders&rdquo;), that will
close simultaneously with the Proposed Offering. The
Company&rsquo;s management has broad discretion with respect to the
specific application of the net proceeds of its Proposed Offering
and Private Units, although substantially all of the net proceeds
are intended to be applied generally toward consummating a Business
Combination. Nasdaq Capital Market (&ldquo;NASDAQ&rdquo;) rules
provide that the Company&rsquo;s initial Business Combination must
be with one or more target businesses that together have a fair
market value equal to at least 80% of the balance in the Trust
Account (less any deferred underwriting commissions and franchise
and income taxes payable on interest earned) at the time of the
signing a definitive agreement in connection with a Business
Combination. If the Company&rsquo;s securities are not listed on
NASDAQ after the Proposed Offering, the Company would not be
required to satisfy the 80% requirement. There is no assurance that
the Company will be able to successfully effect a Business
Combination. Upon the closing of the Proposed Offering, management
has agreed that at least $10.20 per Unit sold in the Proposed
Offering, including the proceeds of the Private Units, will be held
in a trust account (&ldquo;Trust Account&rdquo;) and may be
invested in U.S. government securities, within the meaning set
forth in Section 2(a)(16) of the Investment Company Act of 1940, as
amended (the &ldquo;1940 Act&rdquo;), 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 paragraphs (c)(2), (c)(3) and (c) (4) of Rule 2a-7 of
the 1940 Act, as determined by the Company, until the earlier of:
(i) the consummation of a Business Combination or (ii) the
distribution of the Trust Account as described below.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company will provide its stockholders with the opportunity to
convert all or a portion of their shares included in the Units sold
in the Proposed Offering (the &ldquo;Public Shares&rdquo;) upon the
completion of a Business Combination either (i) in connection with
a stockholder meeting called to approve the Business Combination or
(ii) by means of a tender offer. The decision as to whether the
Company will seek stockholder approval of a Business Combination or
conduct a tender offer will be made by the Company, solely in its
discretion. The stockholders will be entitled to convert their
shares for a pro rata portion of the amount then in the Trust
Account (initially $10.20 per share, plus any pro rata interest
earned on the funds held in the Trust Account and not previously
released to the Company to pay its franchise and incomes tax
obligations).The per-share amount to be distributed to stockholders
who convert their shares will not be reduced by the deferred
underwriting commissions the Company will pay to the underwriter
(as discussed in Note 6). There will be no conversion rights upon
the completion of a Business Combination with respect to the
Company&rsquo;s warrants. The common stock subject to conversion
will be recorded at a conversion value and classified as temporary
equity upon the completion of the Proposed Offering, in accordance
with Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic
480 &ldquo;Distinguishing Liabilities from Equity.&rdquo; In such
case, the Company will proceed with a Business Combination if the
Company has net tangible assets of at least $5,000,001 upon such
consummation of a Business Combination and, if a stockholder
approval is sought, a majority of the outstanding shares voted are
voted in favor of the Business Combination. If a stockholder vote
is not required by law and the Company does not decide to hold a
stockholder vote for business or other legal reasons, the Company
will, pursuant to its Certificate of Incorporation, conduct the
conversions pursuant to the tender offer rules of the Securities
and Exchange Commission (&ldquo;SEC&rdquo;), and file tender offer
documents with the SEC prior to completing a Business Combination.
If, however, a stockholder approval of the transaction is required
by law, or the Company decides to obtain stockholder approval for
business or other legal reasons, the Company will offer to convert
shares in conjunction with a proxy solicitation pursuant to the
proxy rules and not pursuant to the tender offer rules.
Additionally, each public stockholder may elect to convert their
Public Shares irrespective of whether they vote for or against the
proposed transaction.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-7</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 1. DESCRIPTION OF
ORGANIZATION AND BUSINESS OPERATIONS</FONT> <FONT CLASS="bold"
STYLE="mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Notwithstanding the foregoing, the Company&rsquo;s Certificate of
Incorporation provides that a public stockholder, together with any
affiliate of such stockholder or any other person with whom such
stockholder is acting in concert or as a &ldquo;group&rdquo; (as
defined under Section 13 of the Securities Exchange Act of 1934, as
amended (the &ldquo;Exchange Act&rdquo;), will be restricted from
converting its shares with respect to more than an aggregate of 20%
of the shares sold in the Proposed Offering (&ldquo;Excess
Shares&rdquo;).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company&rsquo;s Insiders, officers, directors and any holder of
the Company&rsquo;s insider shares (as defined in Note 5) (the
&ldquo;initial stockholders&rdquo;) have agreed (a) to vote their
insider shares and Public Shares in favor of a Business
Combination, (b) not to propose an amendment to the Company&rsquo;s
Certificate of Incorporation that would affect the substance or
timing of the Company&rsquo;s obligation to redeem 100% of its
Public Shares if the Company does not complete a Business
Combination, unless the Company provides the public stockholders
with the opportunity to redeem their shares in conjunction with any
such amendment; (c) not to convert any shares in connection with a
stockholder vote to approve a Business Combination and (d) that the
insider shares will not participate in any liquidating
distributions upon winding up if a Business Combination is not
consummated.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> If
the Company is unable to complete a Business Combination within 18 months from the closing of the Proposed Offering (the &ldquo;Combination
Period&rdquo;), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned (net of taxes payable),
divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders&rsquo;
rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders
and the Company&rsquo;s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the
Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The initial stockholders have agreed to waive their rights to
liquidating distributions from the Trust Account with respect to
their insider shares if the Company fails to complete a Business
Combination during the Combination Period. However, if the initial
stockholders acquire Public Shares in or after the Proposed
Offering, they will be entitled to liquidating distributions from
the Trust Account with respect to such Public Shares if the Company
fails to complete a Business Combination within the Combination
Period. The underwriter has agreed to waive its rights to the
deferred underwriting commission (see N<FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">ote 6</FONT>) held in the Trust Account
in the event the Company does not complete a Business Combination
within the Combination Period and, in such event, such amounts will
be included with the funds held in the Trust Account that will be
available to fund the redemption of the Company&rsquo;s Public
Shares. In the event of such distribution, it is possible that the
per share value of the residual assets remaining available for
distribution (including Trust Account assets) will be less than the
$10.20 per share initially held in the Trust Account. In order to
protect the amounts held in the Trust Account, the initial
stockholders have agreed to be liable to the Company if and to the
extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which
the Company has discussed entering into a transaction agreement,
reduce the amount of funds in the Trust Account. This liability
will not apply with respect to any claims by a third party who
executed a waiver of any right, title, interest or claim of any
kind in or to any monies held in the Trust Account or to any claims
under the Company&rsquo;s indemnity of the underwriter of the
Proposed Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;). Moreover, in the event that an
executed waiver is deemed to be unenforceable against a third
party, the initial stockholders will not be responsible to the
extent of any liability for such third party claims. The Company
will seek to reduce the possibility that the initial stockholders
will have to indemnify the Trust Account due to claims of creditors
by endeavoring to have all vendors, service providers (other than
the Company&rsquo;s independent auditors), prospective target
businesses or other entities with which the Company does business,
execute agreements with the Company waiving any right, title,
interest or claim of any kind in or to monies held in the Trust
Account.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Going Concern
Consideration</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> At
March 31, 2018, the Company had $338,828 in cash and working capital deficit of $501,172. The Company has incurred and expects
to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt
about the Company&rsquo;s ability to continue as a going concern within one year after the date that the financial statements
are issued. Management plans to address this uncertainty through a Proposed Offering as discussed in Note 3. There is no assurance </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-8</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 1. DESCRIPTION OF
ORGANIZATION AND BUSINESS OPERATIONS</FONT> <FONT CLASS="bold"
STYLE="mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> that
the Company&rsquo;s plans to raise capital or to consummate a Business Combination will be successful within the Combination Period.
As of March 31, 2018, VK Consulting, Inc. (&ldquo;VK Consulting&rdquo;), an entity controlled by the Company&rsquo;s President,
one of the Company&rsquo;s directors and two of the Company&rsquo;s stockholders loaned the Company an aggregate of $825,000 to
be used, in part, for transaction costs incurred in connection with the Proposed Offering. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Basis of
presentation</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The accompanying financial statements are presented in conformity
with accounting principles generally accepted in the United States
of America (&ldquo;GAAP&rdquo;) and pursuant to the rules and
regulations of the SEC.</P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"> The
accompanying unaudited financial statements for the three months ended March 31, 2018 have been prepared in accordance with GAAP
for interim financial information and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of
normal accruals) considered for a fair presentation have been included. Operating results for the three months ended March 31,
2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Company had minimal activity for the three months ended March 31, 2017. Accordingly, the condensed statement of operations and
condensed statement of cash flow for the three months ended March 31, 2017 are not presented. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Emerging growth
company</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company is an &ldquo;emerging growth company,&rdquo; as defined
in Section 2(a) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;), and
it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are
not emerging growth companies including, but not limited to, not
being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in its periodic
reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and
shareholder approval of any golden parachute payments not
previously approved.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth
companies from being required to comply with new or revised
financial accounting standards until private companies (that is,
those that have not had a Securities Act registration statement
declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or
revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period
and comply with the requirements that apply to non-emerging growth
companies but any such election to opt out is irrevocable. The
Company has elected not to opt out of such extended transition
period which means that when a standard is issued or revised and it
has different application dates for public or private companies,
the Company, as an emerging growth company, can adopt the new or
revised standard at the time private companies adopt the new or
revised standard. This may make comparison of the Company&rsquo;s
financial statements with another public company which is neither
an emerging growth company nor an emerging growth company which has
opted out of using the extended transition period difficult or
impossible because of the potential differences in accounting
standards used.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Use of
estimates</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Making estimates requires management to exercise significant
judgment. It is at least reasonably possible that the estimate of
the effect of a condition, situation or set of circumstances that
existed at the date of the financial statements, which management
considered in formulating its estimate, could change in the near
term due to one or more future confirming events. Accordingly, the
actual results could differ significantly from those estimates.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-9</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="NoteH1" STYLE=
"mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</FONT> <FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Cash and cash
equivalents</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of March 31, 2018, December 31, 2017 and December 31, 2016. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Deferred offering
costs</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Deferred offering costs consist of underwriting, legal, accounting
and other expenses incurred through the balance sheet date that are
directly related to the Proposed Offering and that will be charged
to stockholder&rsquo;s equity upon the completion of the Proposed
Offering. Should the Proposed Offering prove to be unsuccessful,
these deferred costs, as well as additional expenses to be
incurred, will be charged to operations.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Income taxes</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company complies with the accounting and reporting requirements
of ASC Topic 740, &ldquo;Income Taxes,&rdquo; which requires an
asset and liability approach to financial accounting and reporting
for income taxes. Deferred income tax assets and liabilities are
computed for differences between the financial statement and tax
bases of assets and liabilities that will result in future taxable
or deductible amounts, based on enacted tax laws and rates
applicable to the periods in which the differences are expected to
affect taxable income. Valuation allowances are established, when
necessary, to reduce deferred tax assets to the amount expected to
be realized.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement
of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. As of March 31, 2018, December 31, 2017 and December 31, 2016, there were no unrecognized
tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review
that could result in significant payments, accruals or material deviation from its position. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company may be subject to potential examination by federal or
state taxing authorities in the areas of income taxes. These
potential examinations may include questioning the timing and
amount of deductions, the nexus of income among various tax
jurisdictions and compliance with federal and state tax laws. The
Company&rsquo;s management does not expect that the total amount of
unrecognized tax benefits will materially change over the next
twelve months.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
provision for income taxes was deemed to be immaterial for the three months ended March 31, 2018, the year ended December 31,
2017 and for the period from May 21, 2016 (inception) through December 31, 2016. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> On
December 22, 2017 the U.S.&nbsp; Tax Cuts and Jobs Act of 2017 (&ldquo;Tax Reform&rdquo;) was signed into law. As a result of
Tax Reform, the U.S. statutory tax rate was lowered from 35% to 21% effective January 1, 2018, among other changes. ASC Topic
740 requires companies to recognize the effect of tax law changes in the period of enactment; therefore, the Company was required
to revalue its deferred tax assets and liabilities at December 31, 2017 at the new rate. The SEC issued Staff Accounting Bulletin
No. 118 (&ldquo;SAB 118&rdquo;) to address the application of GAAP in situations when a registrant does not have the necessary
information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain
tax effects of Tax Reform. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Net loss per
share</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Net
loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding
during the period, excluding common stock subject to forfeiture. Weighted average shares were reduced for the effect of an
aggregate of 656,250 shares of common stock that are subject to forfeiture as of March 31, 2018 if the over-allotment option
is not exercised by the underwriter (see Note 7). At March 31, 2018, December 31, 2017 and December 31, 2016, the Company did
not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and
then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the
periods presented. </P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-10</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="NoteH1" STYLE=
"mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 2. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</FONT> <FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Concentration of credit
risk</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. The Company had not experienced losses on this account and management believes the Company is not exposed to significant
risks on such account. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Fair value of financial
instruments</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The fair value of the Company&rsquo;s assets and liabilities, which
qualify as financial instruments under ASC Topic 820, &ldquo;Fair
Value Measurements and Disclosures,&rdquo; approximates the
carrying amounts represented in the balance sheets, primarily due
to their short-term nature.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Recently issued
accounting standards</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Management does not believe that any recently issued, but not yet
effective, accounting standards if currently adopted would have a
material effect on the accompanying financial statements.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 3. PROPOSED
OFFERING</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to the Proposed Offering, the Company will offer for sale
up to 17,500,000 Units (or 20,125,000 Units if the
underwriter&rsquo;s over-allotment option is exercised in full) at
a purchase price of $10.00 per Unit. Each Unit will consist of one
share of common stock and one warrant (&ldquo;Public
Warrant&rdquo;). Each Public Warrant will entitle the holder to
purchase one share of common stock at an exercise price of $11.50
per share (see Note 7).</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 4. PRIVATE
PLACEMENT</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Insiders will purchase an aggregate of 1,150,000 Private Units,
at $10.00 per unit ($11,500,000 in the aggregate) in a private
placement that will occur simultaneously with the closing of the
Proposed Offering. Each Private Unit will consist of one share of
common stock and one warrant (&ldquo;Private Warrant&rdquo;). Each
Private Warrant will entitle the holder to purchase one share of
common stock at an exercise price of $11.50. The proceeds from the
Private Units will be added to the proceeds from the Proposed
Offering to be held in the Trust Account. If the Company does not
complete a Business Combination within the Combination Period, the
proceeds of the sale of the Private Units will be used to fund the
redemption of the Public Shares (subject to the requirements of
applicable law) and the Private Warrants will expire worthless.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Additionally, the holders have agreed not to transfer, assign or
sell any of the Private Units or underlying securities (except to
certain permitted transferees and provided the transferees agree to
the same terms and restrictions as the permitted transferees of the
insider shares must agree to) until after the completion of a
Business Combination.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 5. RELATED PARTY
TRANSACTIONS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Insider
Shares</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
March 2016, the Company issued 3,737,500 shares of common stock to the initial stockholders (the &ldquo;insider shares&rdquo;)
for an aggregate purchase price of $25,000. In February 2018, the Company sold an additional 1,293,750 insider shares for an aggregate
purchase price of $8,654, resulting in a total of 5,031,250 insider shares issued and outstanding. The 5,031,250 insider shares
include an aggregate of up to 656,250 shares subject to forfeiture by the initial stockholders to the extent that the underwriter&rsquo;s
over-allotment is not exercised in full or in part, so that the initial stockholders will collectively own 20% of the Company&rsquo;s
issued and outstanding shares after the Proposed Offering. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The initial stockholders have agreed not to transfer, assign or
sell any of the insider shares (except to certain permitted
transferees) with respect to 50% of the insider shares, until the
earlier of (i) six months after the date of the consummation of a
Business Combination and on the date on which the closing price of
the Company&rsquo;s common stock equals or exceeds $12.50 per
share</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-11</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 5. RELATED PARTY
TRANSACTIONS</FONT> <FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
for any 20 trading days within any 30-trading day period following
the consummation of a Business Combination and, with respect to the
remaining 50% of the insider shares, six months after the date of
the consummation of a Business Combination, or if, (i<FONT CLASS=
"nobreak" STYLE="mso-style-name: nobreak;">i) su</FONT>bsequent to
a Business Combination, the Company consummates a subsequent
liquidation, merger, stock exchange or other similar transaction
which results in all of the stockholders having the right to
exchange their common stock for cash, securities or other property
(the &ldquo;Lock-Up Period&rdquo;).</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Related Party
Advances</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In April 2016, the Company was advanced an aggregate of $5,388. The
advances were non-interest bearing, unsecured and due on demand. As
of December 31, 2016, the Company repaid the advances and no
amounts are currently due.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Promissory Notes &mdash;
Related Parties</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
March 2016, VK Consulting loaned the Company $425,000 to be used for the payment of costs related to the Proposed Offering. On
February 15, 2018, the terms of the promissory note with VK Consulting were amended such that the loan is now payable upon the
consummation of a Business Combination. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
October 2017, Edward S. Verona, one of the Company&rsquo;s directors, loaned the Company $100,000 to be used for the payment of
costs related to the Proposed Offering. The loans are non-interest bearing, unsecured and due on the closing date of the Proposed
Offering or on the date on which the Company determines not to complete the Proposed Offering. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> In
February 2018, two of the Company&rsquo;s stockholders loaned the Company an aggregate of $300,000 to be used for the payment
of costs related to the Proposed Offering. The loans are non-interest bearing, unsecured and due on the closing date of the Proposed
Offering or on the date on which the Company determines not to complete the Proposed Offering. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> As
of March 31, 2018, December 31, 2017 and December 31, 2016, an aggregate of $825,000, $525,000 and $425,000 was outstanding under
the loans. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Administrative Service
Fee</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company has agreed, commencing on the effective date of the
Proposed Offering through the earlier of the Company&rsquo;s
consummation of a Business Combination and its liquidation, to pay
VK Consulting a monthly fee of $7,500 for office space and
secretarial and administrative services.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Related Party
Loans</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.05pt;">In order to finance
transaction costs in connection with a Business Combination,
certain of the Company&rsquo;s initial stockholders, officers and
directors may, but are not obligated to, loan the Company funds as
may be required (&ldquo;Working Capital Loans&rdquo;). If the
Company completes a Business Combination, the Company would repay
the Working Capital Loans out of the proceeds held in the Trust
Account released to the Company. Otherwise, the Working Capital
Loans would be repaid only out of funds held outside the Trust
Account. In the event that a Business Combination does not close,
the Company may use a portion of the proceeds held outside the
Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working
Capital Loans. Up to $200,000 of Working Capital Loans may be
convertible into Private Units of the post Business Combination
entity at a price of $10.00 per unit at the option of the lender.
Such Units would be identical to the Private Units.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 6.
COMMITMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Registration
Rights</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The holders of the insider shares, as well as the holders of the
Private Units (and any shares of common stock issuable upon
exercise of the Private Units) and any shares the initial
stockholders, officers, directors or their affiliates may be issued
in payment of the Working Capital Loans, will be entitled to
registration rights pursuant to a registration rights agreement to
be signed prior to or on the effective date of the Proposed
Offering. The holders of the majority of these securities will be
entitled</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-12</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 6.
COMMITMENTS</FONT> <FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
to make up to two demands that the Company register such
securities. The holders of the majority of the insider shares can
elect to exercise these registration rights at any time commencing
three months prior to the date on which these shares of common
stock are to be released from escrow. The holders of a majority of
the Private Units or units issued in payment of working capital
loans made to the Company can elect to exercise these registration
rights at any time commencing on the date that the Company
consummates a business combination. In addition, the holders have
certain &ldquo;piggy-back&rdquo; registration rights with respect
to registration statements filed subsequent to the completion of a
Business Combination and rights to require the Company to register
for resale such securities pursuant to Rule 415 under the
Securities Act. The Company will bear the expenses incurred in
connection with the filing of any such registration statements.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Underwriting
Agreement</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company will grant the underwriter a 45-day option to purchase
up to 2,625,000 additional Units to cover over-allotments at the
Proposed Offering price less the underwriting discounts and
commissions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The underwriter will be entitled to a cash underwriting discount of
two and one-half percent (2.5%) of the gross proceeds of the
Proposed Offering, or $4,375,000 (or up to $5,031,250 if the
underwriter&rsquo;s over-allotment option is exercised in full). In
addition, the underwriter is entitled to a deferred fee of two and
one-half percent (2.5%) of the gross proceeds of the Proposed
Offering, or $4,375,000 (or up to $5,031,250 if the
underwriter&rsquo;s over-allotment option is exercised in full).
The deferred fee will be paid in cash upon the closing of a
Business Combination from the amounts held in the Trust Account,
subject to the terms of the underwriting agreement.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Warrant Solicitation
Fee</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company has agreed to pay the underwriter a warrant
solicitation fee of five percent (5%) of the exercise price of each
Public Warrant exercised during the period commencing twelve months
after the effective date of the Proposed Offering, including
warrants acquired by security holders in the open market, but
excluding warrants exercised during the 30 day period following
notice of a proposed redemption. The warrant solicitation fee will
be payable in cash. There is no limitation on the maximum warrant
solicitation fee payable to the underwriter, except to the extent
it is limited by the number of Public Warrants outstanding.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Unit Purchase
Option</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Company has agreed to sell the underwriter (and/or its designees), for $100, an option to purchase up to a total of 1,750,000
Units exercisable at $12.00 per Unit (or an aggregate exercise price of $21,000,000) commencing on the later of six months from
the effective date of the registration statement related to the Proposed Offering and the consummation of a Business Combination.
The option represents the right to purchase 1,750,000 shares of common stock and 1,750,000 warrants to purchase 1,750,000 shares
of common stock. The unit purchase option may be exercised for cash or on a cashless basis, at the holder&rsquo;s option, and
expires five years from the effective date of the registration statement related to the Proposed Offering. The Units issuable
upon exercise of this option are identical to those offered in the Proposed Offering. The Company intends to account for the unit
purchase option, inclusive of the receipt of $100 cash payment, as an expense of the Proposed Offering resulting in a charge directly
to stockholder&rsquo;s equity. The Company estimates that the fair value of this unit purchase option is approximately $4,995,509
(or $2.85 per Unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase option to be granted to
the underwriter is estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free
interest rate of 2.56% and (3) expected life of five years. The option and the 1,750,000 Units, as well as the 1,750,000 shares
of common stock and 1,750,000 warrants, and 1,750,000 shares of common stock underlying such warrants, that may be issued upon
exercise of the option, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule
5110(g)(1) of FINRA&rsquo;s NASD Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated
for 180 days following the effective date of Proposed Offering except to any underwriter and selected dealer participating in
the Proposed Offering and their bona fide officers or partners, nor may the option, nor the securities underlying the option,
be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
for such period. The option grants to holders demand and &ldquo;piggy back&rdquo; rights for periods of five and seven years,
respectively, from the effective date of the registration statement with respect to the </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-13</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 6.
COMMITMENTS</FONT> <FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> registration
under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. The Company will bear
all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the
holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances
including in the event of a share dividend, or the Company&rsquo;s recapitalization, reorganization, merger or consolidation.
However, the option will not be adjusted for issuances of common stock at a price below its exercise price. </P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 7.
STOCKHOLDER&rsquo;S EQUITY</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B><I>Preferred
Stock</I></B> &mdash; As of March 31, 2018, December 31, 2017 and December 31, 2016, the Company has no authorized, issued or
outstanding shares of preferred stock. The Company plans on filing an Amended and Restated Certificate of Incorporation prior
to the closing date of the Proposed Offering such that the Company will be authorized to issue 1,000,000 shares of preferred stock
with such designation, rights and preferences as may be determined from time to time by the Company&rsquo;s Board of Directors. </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <B><I>Common
Stock</I></B> &mdash; The Company is authorized to issue 10,000,000 shares of common stock with a par value of $0.001 per
share. The Company plans on filing an Amended and Restated Certificate of Incorporation prior to the closing date of the
Proposed Offering such that the Company will be authorized to issue 100,000,000 shares of common stock. Holders of the
Company&rsquo;s common stock are entitled to one vote for each share. At March 31, 2018, December 31, 2017 and December 31,
2016, there were 5,031,250, 3,737,500 and 3,737,500 shares of common stock issued and outstanding, respectively, of which
656,250 shares are subject to forfeiture as of March 31, 2018 to the extent that the underwriter&rsquo;s over-allotment
option is not exercised in full so that the Company&rsquo;s initial stockholders will own 20% of the issued and outstanding
shares after the Proposed Offering excluding shares in the private units (assuming the initial stockholders do not purchase
any Public Shares in the Proposed Offering). </P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
Warrants</FONT> &mdash; The Public Warrants will become exercisable
on the later of (a) 30 days after the completion of a Business
Combination or (b) 12 months from the closing of the Proposed
Offering; provided in each case that the Company has an effective
registration statement under the Securities Act covering the shares
of common stock issuable upon exercise of the Public Warrants and a
current prospectus relating to them is available (or the Company
permits holders to exercise their Public Warrants on a cashless
basis and such cashless exercise is exempt from registration under
the Securities Act). The Company will agree that as soon as
practicable, but in no event later than 30 days, after the closing
of a Business Combination, the Company will use its best efforts to
file with the SEC a registration statement for the registration,
under the Securities Act, of the shares of common stock issuable
upon exercise of the Public Warrants. The Company will use its best
efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement, and a current
prospectus relating thereto, until the expiration of the Public
Warrants in accordance with the provisions of the warrant
agreement. Notwithstanding the foregoing, if a registration
statement covering the ordinary shares issuable upon the exercise
of the Public Warrants is not effective within 90 days from the
consummation of a Business Combination, the holders may, until such
time as there is an effective registration statement and during any
period when the Company shall have failed to maintain an effective
registration statement, exercise the Public Warrants on a cashless
basis pursuant to an available exemption from registration under
the Securities Act. The Public Warrants will expire five years
after the completion of a Business Combination or earlier upon
redemption or liquidation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Company may redeem the Public Warrants:</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> in
whole and not in part;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> at
a price of $0.01 per warrant;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
upon a minimum of 30 days&rsquo; prior written notice of
redemption;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
if, and only if, the last sale price of the Company&rsquo;s common
stock equals or exceeds $16.00 per share for any 20 trading days
within a 30-trading day period ending on a the third trading day
prior to the date on which the Company sends the notice of
redemption to the warrant holders; and</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-14</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">TRIDENT ACQUISITIONS
CORP.<BR>
NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 7.
STOCKHOLDER&rsquo;S EQUITY</FONT> <FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular; font-weight: normal;">(cont.)</FONT></FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;">&bull;</FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
If, and only if, there is a current registration statement in
effect with respect to the shares of common stock underlying such
warrants at the time of redemption and for the entire 30-day
trading period referred to above and continuing each day thereafter
until the date of redemption.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The Private Warrants will be identical to the Public Warrants
underlying the Units being sold in the Proposed Offering, except
that the Private Warrants and the common stock issuable upon
exercise of the Private Warrants will be non-redeemable so long as
they are held by the initial purchasers or such purchasers&rsquo;
permitted transferees. If the Private Warrants are held by holders
other than the initial purchasers or any of their permitted
transferees, the Private Warrants will be redeemable by the Company
and exercisable by the holders on the same basis as the Public
Warrants.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the Company calls the Public Warrants for redemption, management
will have the option to require all holders that wish to exercise
the Public Warrants to do so on a &ldquo;cashless basis,&rdquo; as
described in the warrant agreement.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The exercise price and number of shares of common stock issuable
upon exercise of the warrants may be adjusted in certain
circumstances including in the event of a stock dividend, or
recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuance of common stock at a
price below its exercise price. Additionally, in no event will the
Company be required to net cash settle the warrants stock. If the
Company is unable to complete a Business Combination within the
Combination Period and the Company liquidates the funds held in the
Trust Account, holders of warrants will not receive any of such
funds with respect to their warrants, nor will they receive any
distribution from the Company&rsquo;s assets held outside of the
Trust Account with the respect to such warrants. Accordingly, the
warrants may expire worthless.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">NOTE 8. SUBSEQUENT
EVENTS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> The
Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial
statements are issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment
or disclosure in the financial statements. </P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
F-15</P>
<DIV STYLE=
"border: none; border-top: double windowtext 6.0pt; padding: 31.0pt 0in 0in 0in;">
<P CLASS="Textflush" STYLE=
"border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Until __________, 2018
(25 days after the date of this prospectus), all dealers that buy,
sell or trade our ordinary shares, whether or not participating in
this offering, may be required to deliver a prospectus. This is in
addition to the dealers&rsquo; obligation to deliver a prospectus
when acting as underwriters and with respect to their unsold
allotments or subscriptions.</FONT></P>
</DIV>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No dealer, salesperson or any other person is authorized to give
any information or make any representations in connection with this
offering other than those contained in this prospectus and, if
given or made, the information or representations must not be
relied upon as having been authorized by us. This prospectus does
not constitute an offer to sell or a solicitation of an offer to
buy any security other than the securities offered by this
prospectus, or an offer to sell or a solicitation of an offer to
buy any securities by anyone in any jurisdiction in which the offer
or solicitation is not authorized or is unlawful.</P>
<P CLASS="H1" STYLE=
"margin-top: 60.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 18.0pt;">$175,000,000</FONT></FONT></P>
<P CLASS="H1" STYLE="margin: 10pt 0in 0pt; mso-style-name: H1; text-align: center; font: bold 10pt/12pt TimesNewRomanPSStd-Bold; page-break-after: avoid; text-autospace: none; color: black">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 18.0pt;">Trident Acquisitions Corp.</FONT></FONT></P>
<P CLASS="H1" STYLE="margin: 10pt 0in 60pt; mso-style-name: H1; text-align: center; font: bold 10pt/12pt TimesNewRomanPSStd-Bold; page-break-after: avoid; text-autospace: none; color: black">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 18.0pt;">17,500,000 Units</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_____________</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 18.0pt;">PROSPECTUS</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">_____________</FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: .5in; margin-right: 0in; margin-bottom: 24.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Sole Book-Running Manager<BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 14.0pt;">Chardan</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 7.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Co-Manager</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 1.0pt; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 12.0pt;">I-Bankers Securities, Inc.</FONT></FONT></P>
<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 31.0pt 0in;">
<P CLASS="Textflush" ALIGN="center" STYLE=
"text-align: center; border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
, 2018</P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">PART II</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">INFORMATION NOT REQUIRED
IN PROSPECTUS</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Item 13. Other Expenses
of Issuance and Distribution.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The estimated expenses payable by us in connection with the
offering described in this registration statement (other than the
underwriting discount and commissions) will be as follows:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Trustees fee</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
SEC Registration fees</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
58,990</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
FINRA filing fee</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
71,572</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Accounting fees and expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
70,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Nasdaq listing fees</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
80,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Printing and engraving expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
35,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Legal fees and expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
500,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; padding-bottom: 3px ; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Miscellaneous<FONT CLASS="superscript" STYLE=
"font-size: 6pt ; mso-style-name: superscript; vertical-align: super;">(1)</FONT></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule1" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
116,938</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px ; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'>
Total</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.9%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrule2" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px ; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
937,500.00</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
____________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> This amount
represents additional expenses that may be incurred by the Company
in connection with the offering and over and above those
specifically listed above, including liability insurance,
distribution and mailing costs.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Item 14. Indemnification
of Directors and Officers.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our certificate of incorporation provides that all directors,
officers, employees and agents of the registrant shall be entitled
to be indemnified by us to the fullest extent permitted by Section
145 of the Delaware General Corporation Law.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Section 145 of the Delaware General Corporation Law concerning
indemnification of officers, directors, employees and agents is set
forth below.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&ldquo;Section 145. Indemnification of officers, directors,
employees and agents; insurance.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(a)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> A
corporation shall have power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by
or in the right of the corporation) by reason of the fact that the
person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against
expenses (including attorneys&rsquo; fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by the
person in connection with such action, suit or proceeding if the
person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe the person&rsquo;s
conduct was unlawful. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a
plea of nolo contendere or its equivalent, shall not, of itself,
create a presumption that the person did not act in good faith and
in a manner which the person reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect
to any criminal action or proceeding, had reasonable cause to
believe that the person&rsquo;s conduct was unlawful.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(b)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> A
corporation shall have power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the
corporation to procure a judgment in its favor by reason of the
fact that the person is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorneys&rsquo; fees)
actually and reasonably incurred by the person in connection with
the defense or settlement of such action or suit if the person
acted in good faith and in a manner the person reasonably believed
to be in or not opposed to the best interests of the corporation
and except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation unless and only to the
extent that the Court of Chancery or the court in which</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-1</P>
<P CLASS="NLm" STYLE=
"text-indent: 0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery
or such other court shall deem proper.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(c)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> To the
extent that a present or former director or officer of a
corporation has been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in
subsections (a) and (b) of this section, or in defense of any
claim, issue or matter therein, such person shall be indemnified
against expenses (including attorneys&rsquo; fees) actually and
reasonably incurred by such person in connection therewith.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(d)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Any
indemnification under subsections (a) and (b) of this section
(unless ordered by a court) shall be made by the corporation only
as authorized in the specific case upon a determination that
indemnification of the present or former director, officer,
employee or agent is proper in the circumstances because the person
has met the applicable standard of conduct set forth in subsections
(a) and (b) of this section. Such determination shall be made, with
respect to a person who is a director or officer at the time of
such determination, (1) by a majority vote of the directors who are
not parties to such action, suit or proceeding, even though less
than a quorum, or (2) by a committee of such directors designated
by majority vote of such directors, even though less than a quorum,
or (3) if there are no such directors, or if such directors so
direct, by independent legal counsel in a written opinion, or (4)
by the stockholders.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(e)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Expenses
(including attorneys&rsquo; fees) incurred by an officer or
director in defending any civil, criminal, administrative or
investigative action, suit or proceeding may be paid by the
corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf
of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be
indemnified by the corporation as authorized in this section. Such
expenses (including attorneys&rsquo; fees) incurred by former
officers and directors or other employees and agents may be so paid
upon such terms and conditions, if any, as the corporation deems
appropriate.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(f)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;</FONT> The
indemnification and advancement of expenses provided by, or granted
pursuant to, the other subsections of this section shall not be
deemed exclusive of any other rights to which those seeking
indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in such person&rsquo;s
official capacity and as to action in another capacity while
holding such office. A right to indemnification or to advancement
of expenses arising under a provision of the certificate of
incorporation or a bylaw shall not be eliminated or impaired by an
amendment to such provision after the occurrence of the act or
omission that is the subject of the civil, criminal, administrative
or investigative action, suit or proceeding for which
indemnification or advancement of expenses is sought, unless the
provision in effect at the time of such act or omission explicitly
authorizes such elimination or impairment after such action or
omission has occurred.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT STYLE="letter-spacing: -.1pt;">(g)</FONT><FONT STYLE=
"font-size: 8.5pt; letter-spacing: -.1pt;">&nbsp;&nbsp;</FONT>
<FONT STYLE="letter-spacing: -.1pt;">A corporation shall have power
to purchase and maintain insurance on behalf of any person who is
or was a director, officer, employee or agent of the corporation,
or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any
liability asserted against such person and incurred by such person
in any such capacity, or arising out of such person&rsquo;s status
as such, whether or not the corporation would have the power to
indemnify such person against such liability under this
section.</FONT></P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(h)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> For purposes
of this section, references to &ldquo;the corporation&rdquo; shall
include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed
in a consolidation or merger which, if its separate existence had
continued, would have had power and authority to indemnify its
directors, officers, and employees or agents, so that any person
who is or was a director, officer, employee or agent of such
constituent corporation, or is or was serving at the request of
such constituent corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or
other enterprise, shall stand in the same position under this
section with respect to the resulting or surviving corporation as
such person would have with respect to such constituent corporation
if its separate existence had continued.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(i)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;</FONT> For
purposes of this section, references to &ldquo;other
enterprises&rdquo; shall include employee benefit plans; references
to &ldquo;fines&rdquo; shall include any excise taxes assessed on a
person with respect to any employee benefit plan; and references to
&ldquo;serving at the request of the corporation&rdquo; shall
include any service as a director, officer, employee or agent of
the corporation which imposes duties on, or involves services by,
such director, officer, employee or agent with respect to an
employee benefit plan, its participants or beneficiaries; and a
person who acted in good faith and in a manner such person
reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have
acted in a manner &ldquo;not opposed to the best interests of the
corporation&rdquo; as referred to in this section.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-2</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(j)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;</FONT> The
indemnification and advancement of expenses provided by, or granted
pursuant to, this section shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to
be a director, officer, employee or agent and shall inure to the
benefit of the heirs, executors and administrators of such a
person.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(k)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> The Court of
Chancery is hereby vested with exclusive jurisdiction to hear and
determine all actions for advancement of expenses or
indemnification brought under this section or under any bylaw,
agreement, vote of stockholders or disinterested directors, or
otherwise. The Court of Chancery may summarily determine a
corporation&rsquo;s obligation to advance expenses (including
attorneys&rsquo; fees).</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to our directors, officers, and
controlling persons pursuant to the foregoing provisions, or
otherwise, we have been advised that, in the opinion of the SEC,
such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than
the payment of expenses incurred or paid by a director, officer or
controlling person in a successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, we will,
unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to the court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In accordance with Section 102(b)(7) of the DGCL, our certificate
of incorporation, will provide that no director shall be personally
liable to us or any of our stockholders for monetary damages
resulting from breaches of their fiduciary duty as directors,
except to the extent such limitation on or exemption from liability
is not permitted under the DGCL unless they violated their duty of
loyalty to the Company or its stockholders, acted in bad faith,
knowingly or intentionally violated the law, authorized unlawful
payments of dividends, unlawful stock purchases or unlawful
redemptions, or derived improper personal benefit from their
actions as directors. The effect of this provision of our
certificate of incorporation is to eliminate our rights and those
of our stockholders (through stockholders&rsquo; derivative suits
on our behalf) to recover monetary damages against a director for
breach of the fiduciary duty of care as a director, including
breaches resulting from negligent or grossly negligent behavior,
except, as restricted by Section 102(b)(7) of the DGCL. However,
this provision does not limit or eliminate our rights or the rights
of any stockholder to seek non-monetary relief, such as an
injunction or rescission, in the event of a breach of a
director&rsquo;s duty of care.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
If the DGCL is amended to authorize corporate action further
eliminating or limiting the liability of directors, then, in
accordance with our certificate of incorporation, the liability of
our directors to us or our stockholders will be eliminated or
limited to the fullest extent authorized by the DGCL, as so
amended. Any repeal or amendment of provisions of our certificate
of incorporation limiting or eliminating the liability of
directors, whether by our stockholders or by changes in law, or the
adoption of any other provisions inconsistent therewith, will
(unless otherwise required by law) be prospective only, except to
the extent such amendment or change in law permits us to further
limit or eliminate the liability of directors on a retroactive
basis.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our certificate of incorporation will also provide that we will, to
the fullest extent authorized or permitted by applicable law,
indemnify our current and former officers and directors, as well as
those persons who, while directors or officers of our corporation,
are or were serving as directors, officers, employees or agents of
another entity, trust or other enterprise, including service with
respect to an employee benefit plan, in connection with any
threatened, pending or completed proceeding, whether civil,
criminal, administrative or investigative, against all expense,
liability and loss (including, without limitation, attorney&rsquo;s
fees, judgments, fines, ERISA excise taxes and penalties and
amounts paid in settlement) reasonably incurred or suffered by any
such person in connection with any such proceeding. Notwithstanding
the foregoing, a person eligible for indemnification pursuant to
our certificate of incorporation will be indemnified by us in
connection with a proceeding initiated by such person only if such
proceeding was authorized by our board of directors, except for
proceedings to enforce rights to indemnification.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The right to indemnification conferred by our certificate of
incorporation is a contract right that includes the right to be
paid by us the expenses incurred in defending or otherwise
participating in any proceeding referenced above in advance of its
final disposition, provided, however, that if the DGCL requires, an
advancement of expenses incurred by our officer or director (solely
in the capacity as an officer or director of our corporation) will
be made only upon delivery to us of an undertaking, by or on behalf
of such officer or director, to repay all amounts so advanced if it
is ultimately determined that such person is not entitled to be
indemnified for such expenses under our certificate of
incorporation or otherwise.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The rights to indemnification and advancement of expenses will not
be deemed exclusive of any other rights which any person covered by
our certificate of incorporation may have or hereafter acquire
under law, our certificate of incorporation, our bylaws, an
agreement, vote of stockholders or disinterested directors, or
otherwise.</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-3</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any repeal or amendment of provisions of our certificate of
incorporation affecting indemnification rights, whether by our
stockholders or by changes in law, or the adoption of any other
provisions inconsistent therewith, will (unless otherwise required
by law) be prospective only, except to the extent such amendment or
change in law permits us to provide broader indemnification rights
on a retroactive basis, and will not in any way diminish or
adversely affect any right or protection existing at the time of
such repeal or amendment or adoption of such inconsistent provision
with respect to any act or omission occurring prior to such repeal
or amendment or adoption of such inconsistent provision. Our
certificate of incorporation will also permit us, to the extent and
in the manner authorized or permitted by law, to indemnify and to
advance expenses to persons other that those specifically covered
by our certificate of incorporation.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Our bylaws, which we intend to adopt immediately prior to the
closing of this offering, include the provisions relating to
advancement of expenses and indemnification rights consistent with
those set forth in our certificate of incorporation. In addition,
our bylaws provide for a right of indemnity to bring a suit in the
event a claim for indemnification or advancement of expenses is not
paid in full by us within a specified period of time. Our bylaws
also permit us to purchase and maintain insurance, at our expense,
to protect us and/or any director, officer, employee or agent of
our corporation or another entity, trust or other enterprise
against any expense, liability or loss, whether or not we would
have the power to indemnify such person against such expense,
liability or loss under the DGCL.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Any repeal or amendment of provisions of our bylaws affecting
indemnification rights, whether by our board of directors,
stockholders or by changes in applicable law, or the adoption of
any other provisions inconsistent therewith, will (unless otherwise
required by law) be prospective only, except to the extent such
amendment or change in law permits us to provide broader
indemnification rights on a retroactive basis, and will not in any
way diminish or adversely affect any right or protection existing
thereunder with respect to any act or omission occurring prior to
such repeal or amendment or adoption of such inconsistent
provision.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
We will enter into indemnity agreements with each of our officers
and directors a form of which is filed as Exhibit 10.6 to this
Registration Statement. These agreements will require us to
indemnify these individuals to the fullest extent permitted under
Delaware law and to advance expenses incurred as a result of any
proceeding against them as to which they could be indemnified.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Pursuant to the Underwriting Agreement filed as Exhibit 1.1 to this
Registration Statement, we have agreed to indemnify the
Underwriters and the Underwriters have agreed to indemnify us
against certain civil liabilities that may be incurred in
connection with this offering, including certain liabilities under
the Securities Act.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Item 15. Recent Sales of
Unregistered Securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In March 2016, our initial stockholder purchased an aggregate of
3,737,500 shares of our common stock for an aggregate purchase
price of $25,000, or approximately $.007 per share. Such shares
were issued in connection with our organization pursuant to the
exemption from registration contained in Section 4(a)(2) of the
Securities Act as they were sold to accredited investors.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In February 2018, we sold an additional 1,293,750 shares of our
common stock for $8,653.85, or approximately $.007 per share, to
Eastpower O&Uuml;, which is controlled by Ilya Ponomarev, our
officer and director.&nbsp; Such shares were issued in connection
with our organization pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act as they were
sold to an accredited investor.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
In addition, Channingwick Limited, BGV Croup Limited. Lake Street
Fund L.P., Mount Wilson Global Fund L.P., and FLOCO Ventures LLC,
certain of our stockholders committed to purchase an aggregate of
1,150,000 private units from us on a private placement basis
simultaneously with the consummation of this offering, for an
aggregate purchase price of $11,500,000. These purchases will take
place on a private placement basis simultaneously with the
consummation of our initial public offering. These purchases will
be made pursuant to the exemption from registration contained in
Section 4(a)(2) of the Securities Act.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
No underwriting discounts or commissions were paid with respect to
such sales.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-4</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Item 16. Exhibits and
Financial Statement Schedules.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(a) Exhibits.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The exhibit index attached hereto is incorporated herein by
reference.</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Item 17.
Undertakings.</FONT></P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(a)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> The
undersigned registrant hereby undertakes:</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> To file,
during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
i.<FONT STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> To
include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ii.<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more
than 20 percent change in the maximum aggregate offering price set
forth in the &ldquo;Calculation of Registration Fee&rdquo; table in
the effective registration statement;</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
iii.<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;</FONT> To
include any material information with respect to the plan of
distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement.</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> That, for
the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(3)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> To remove
from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination
of the offering.</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(4)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> That for the
purpose of determining any liability under the Securities Act of
1933 in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of
the underwriting method used to sell the securities to the
purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(i)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;</FONT> Any
preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule
424;</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(ii)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Any free
writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(iii)<FONT STYLE="font-size: 8.5pt;">&nbsp;</FONT> The portion of
any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or
its securities provided by or on behalf of the undersigned
registrant; and</P>
<P CLASS="NLm" STYLE=
"margin-left: 1.0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(iv)<FONT STYLE="font-size: 8.5pt;">&nbsp;</FONT> Any other
communication that is an offer in the offering made by the
undersigned registrant to the purchaser.</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(5)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> That for the
purpose of determining liability under the Securities Act of 1933
to any purchaser, if the registrant is subject to Rule 430C, each
prospectus filed pursuant to Rule 424(b) as part of a registration
statement relating to an offering, other than registration
statements relying on Rule 430B or other than prospectuses filed in
reliance on Rule 430A, shall be deemed to be part of and included
in the registration statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a
registration statement or prospectus that is part</P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-5</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; text-indent: 0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such first use,
supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such date of
first use.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(b)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> The
undersigned hereby undertakes to provide to the underwriter at the
closing specified in the underwriting agreements, certificates in
such denominations and registered in such names as required by the
underwriter to permit prompt delivery to each purchaser.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(c)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> Insofar as
indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in the opinion of
the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.</P>
<P CLASS="NLm" STYLE=
"mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(d)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> The
undersigned registrant hereby undertakes that:</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> For purposes
of determining any liability under the Securities Act of 1933, the
information omitted from the form of prospectus filed as part of
this registration statement in reliance upon Rule 430A and
contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall
be deemed to be part of this registration statement as of the time
it was declared effective.</P>
<P CLASS="NLm" STYLE=
"margin-left: .75in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(2)<FONT STYLE="font-size: 8.5pt;">&nbsp;&nbsp;</FONT> For the
purpose of determining any liability under the Securities Act of
1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona
fide offering thereof.</P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-6</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">SIGNATURES</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in NEW YORK, State of NEW YORK, on the 21<FONT STYLE="font-size: 6pt"><SUP>st
</SUP></FONT>day of May, 2018. </P>
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<TR>
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"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="45%" COLSPAN="3" VALIGN="top" STYLE=
"width: 45.38%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">TRIDENT ACQUISITIONS CORP.</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="top" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
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<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="top" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="top" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="top" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
By:</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.92%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
/s/ Vadim Komissarov</P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="top" STYLE=
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<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="top" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.92%; border: none; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vadim Komissarov</P>
</TD>
</TR>
<TR>
<TD WIDTH="53%" VALIGN="top" STYLE=
"width: 53.08%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="top" STYLE=
"width: 6.92%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.92%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
President and Chief Financial Officer</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><A NAME="ex_001"></A>
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="30%" VALIGN="bottom" STYLE=
"width: 30.8%; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Signature</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="bottom" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Title</B> </P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="bottom" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"> <B>Date</B> </P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> /s/
Ilya Ponomarev* </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Chief
Executive Officer and Director </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> May
21, 2018 </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Ilya
Ponomarev </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (Principal
Executive Officer) </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> /s/
Vadim Komissarov </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> President,
Chief Financial Officer and Director </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> May
21, 2018 </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Vadim
Komissarov </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> (Principal
Financial and Accounting Officer) </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> /s/
Edward S. Verona* </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Non-Executive
Chairman and Director </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> May
21, 2018 </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Edward
S. Verona </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> /s/
Gennadii Butkevych* </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Director </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> May
21, 2018 </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Gennadii
Butkevych </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> /s/
Thomas Gallagher* </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Director </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
"text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> May
21, 2018 </P>
</TD>
</TR>
<TR>
<TD WIDTH="30%" VALIGN="top" STYLE=
"width: 30.8%; border: none; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> Thomas
Gallagher </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="48%" VALIGN="top" STYLE=
"width: 48.52%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
<TD WIDTH="17%" VALIGN="top" STYLE=
"width: 17.6%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'> <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT> </P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="left" STYLE=
"margin-bottom: 10.0pt; text-align: left; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE=
"font-size: 4.0pt;">&nbsp;</FONT></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="6%" VALIGN="top" STYLE=
"width: 6.36%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
*By:</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.68%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="Signaturerule" STYLE=
"line-height: normal; border: none; mso-style-name: Signature_rule; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
/s/ Vadim Komsiaarov</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="55%" VALIGN="top" STYLE=
"width: 55.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="top" STYLE=
"width: 6.36%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Name:</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.68%; border: none; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Vadim Komissarov, attorney-in-fact</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="55%" VALIGN="top" STYLE=
"width: 55.88%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px ; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
II-7</P>
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">EXHIBIT INDEX</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; margin: 0 auto">
<TR>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 10.36%">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCHleft" STYLE=
"margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Exhibit No.</P>
</DIV>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 88.08%">
<DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt ; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
Description</P>
</DIV>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex1-1.htm" STYLE="-sec-extract: exhibit">1.1</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex1-1.htm" STYLE="-sec-extract: exhibit">Form of Underwriting Agreement.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex3-1.htm" STYLE="-sec-extract: exhibit">3.1</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex3-1.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex3-2.htm" STYLE="-sec-extract: exhibit">3.2</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="s110321_ex3-2.htm" STYLE="-sec-extract: exhibit">Form of Amended and Restated Certificate of Incorporation.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex3-3.htm" STYLE="-sec-extract: exhibit">3.3*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex3-3.htm" STYLE="-sec-extract: exhibit">Bylaws.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-1.htm" STYLE="-sec-extract: exhibit">Specimen Unit Certificate.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-2.htm" STYLE="-sec-extract: exhibit">4.2*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-2.htm" STYLE="-sec-extract: exhibit">Specimen Common Stock Certificate.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-3.htm" STYLE="-sec-extract: exhibit">4.3*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-3.htm" STYLE="-sec-extract: exhibit">Specimen Warrant Certificate.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-4.htm" STYLE="-sec-extract: exhibit">4.4*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT LANG="EN-GB">Form of Warrant Agreement by and between Continental Stock Transfer &amp; Trust Company and the Registrant.</FONT></A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-5.htm" STYLE="-sec-extract: exhibit">4.5*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT LANG="EN-GB">Form of Unit Purchase Option between the Registrant and Chardan Capital Markets, LLC.</FONT></A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex5-1.htm" STYLE="-sec-extract: exhibit">Form of Opinion of Loeb &amp; Loeb LLP.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-1.htm" STYLE="-sec-extract: exhibit">10.1*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT LANG="EN-GB">Promissory Note, dated as of March 31, 2016, issued to Insiders.</FONT></A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex10-2.htm" STYLE="-sec-extract: exhibit">10.2</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="s110321_ex10-2.htm" STYLE="-sec-extract: exhibit">Form of Insider Letter Agreement among the Registrant and the Registrant&rsquo;s Officers and Directors.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex10-3.htm" STYLE="-sec-extract: exhibit">10.3</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="s110321_ex10-3.htm" STYLE="-sec-extract: exhibit">Form of Investment Management Trust Agreement by and between Continental Stock Transfer &amp; Trust Company and the Registrant.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-4.htm" STYLE="-sec-extract: exhibit">10.4*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-4.htm" STYLE="-sec-extract: exhibit">Form of Stock Escrow Agreement among the Registrant, Continental Stock Transfer &amp; Trust Company, and the Initial Stockholders.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-5.htm" STYLE="-sec-extract: exhibit">10.5*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-5.htm" STYLE="-sec-extract: exhibit">Form of Registration Rights Agreement by and between the Registrant and Initial Stockholders.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-6.htm" STYLE="-sec-extract: exhibit">10.6*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-6.htm" STYLE="-sec-extract: exhibit">Form of Indemnity Agreement.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-7.htm" STYLE="-sec-extract: exhibit">10.7*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-7.htm" STYLE="-sec-extract: exhibit">Administrative Services Agreement by and between the Registrant and VK Consulting, Inc.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex10-8.htm" STYLE="-sec-extract: exhibit">10.8</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex10-8.htm" STYLE="-sec-extract: exhibit">Form of Subscription Agreement.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-9.htm" STYLE="-sec-extract: exhibit">10.9*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-9.htm" STYLE="-sec-extract: exhibit">Promissory Note dated as of October 16, 2017 in favor of Edward S. Verona.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-10.htm" STYLE="-sec-extract: exhibit">10.10*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-10.htm" STYLE="-sec-extract: exhibit">Promissory Note dated as of February 15, 2018 in favor of Atidan Ventures LLC.</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-11.htm" STYLE="-sec-extract: exhibit">10.11*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex10-11.htm" STYLE="-sec-extract: exhibit"><FONT LANG="EN-GB">Promissory Note dated as of February 23, 2018 in favor of FLOCO Ventures, LLC.</FONT></A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex14.htm" STYLE="-sec-extract: exhibit">14*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex14.htm" STYLE="-sec-extract: exhibit">Form of Code of Ethics.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex23-1.htm">23.1</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="s110321_ex23-1.htm">Consent of Marcum LLP.</A></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Loeb &amp; Loeb LLP (included on Exhibit 5.1).</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<A HREF="#ex_001" STYLE="-sec-extract: exhibit">24*</A></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="Texttable" STYLE=
"text-align: justify; text-justify: inter-ideograph; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB"><A HREF="#ex_001" STYLE="-sec-extract: exhibit">Power of Attorney (included on the signature page of the original filing hereof).</A></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 10.36%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
"font-family: TimesNewRomanPSStd-Bold; color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 88.08%">
<P CLASS="NoParagraphStyle" STYLE=
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<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1*</A></P>
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<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex99-1.htm" STYLE="-sec-extract: exhibit">Form of Audit Committee Charter.</A></P>
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<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2*</A></P>
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<A HREF="http://www.sec.gov/Archives/edgar/data/1673481/000161577418003079/s109706_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT LANG="EN-GB">Form of Compensation Committee Charter.</FONT></A></P>
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">* Previously filed</FONT></P>

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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>s110321_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>17,500,000 Units</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">May [___], 2018</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">17 State Street, Suite 1600</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>As Representative of the Underwriters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>named on <U>Schedule A</U> hereto</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The undersigned, Trident
Acquisitions Corp., a Delaware corporation (&ldquo;<B>Company</B>&rdquo;), hereby confirms its agreement with Chardan Capital Markets,
LLC (hereinafter referred to as &ldquo;<B>you</B>&rdquo;, &ldquo;<B>Chardan</B>&rdquo;, or as the &ldquo;<B>Representative</B>&rdquo;)
and with the other underwriters named on <I>Schedule A</I> hereto for which you are acting as representative (the Representative
and the other Underwriters being collectively referred to herein as the &ldquo;<B>Underwriters</B>&rdquo; or, individually, an
&ldquo;<B>Underwriter</B>&rdquo;), as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
and Sale of Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Firm
Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
of Firm Units</U>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions
herein set forth, the Company agrees to issue and sell, severally and not jointly, to the several Underwriters, an aggregate of
17,500,000 units (the &ldquo;<B>Firm Units</B>&rdquo;) of the Company at a purchase price (net of discounts and commissions, including
the Deferred Underwriting Commission described in Section 1.3 below) of $9.50 per Firm Unit. The Underwriters, severally and not
jointly, agree to purchase from the Company the number of Firm Units set forth opposite their respective names on <I>Schedule A</I>
attached hereto and made a part hereof at a purchase price (net of discounts and commissions, including the Deferred Underwriting
Commission described in Section 1.3 below) of $9.50 per Firm Unit. The Firm Units (and the Option Units (as hereinafter defined),
if any) are to be offered initially to the public (the &ldquo;<B>Offering</B>&rdquo;) at the offering price of $10.00 per Firm
Unit. Each Firm Unit consists of one (1) share of common stock, par value $0.001 per share of the Company (the &ldquo;<B>Common
Stock</B>&rdquo;) and one (1) redeemable warrant to purchase one (1) share of Common Stock (the &ldquo;<B>Warrant(s)</B>&rdquo;).
The shares of Common Stock and the Warrants included in the Firm Units will not be separately transferable until the earlier of
the 90th day after the date that the Registration Statement (as defined below) becomes effective (the &ldquo;<B>Effective Date</B>&rdquo;)
or the announcement by the Company of the Representative&rsquo;s decision to allow earlier trading, subject, however, to the Company
filing a Current Report on Form 8-K (&ldquo;<B>Form 8-K</B>&rdquo;) with the Commission (as defined below) containing an audited
balanced sheet reflecting the Company&rsquo;s receipt of the gross proceeds of the Offering and issuing a press release announcing
when such separate trading will begin. In no event will the Company allow separate trading until (i) the preparation of an audited
balance sheet of the Company reflecting receipt by the Company of the proceeds of the Offering and the filing of such audited balance
sheet with the Commission on a Form 8-K or similar form by the Company which includes such balance sheet and (ii) the issuance
of a press release announcing when such separate trading shall begin. Each Warrant entitles the holder to purchase one (1) share
of Common Stock for $11.50 per share during the period commencing on the later of (a) 30 days after the closing of a Business Combination
(as defined below), or (b) twelve (12) months from the date of the consummation of the Offering, and terminating on the five (5)
year anniversary of the closing of a Business Combination. As used herein, the term &ldquo;<B>Business Combination</B>&rdquo; shall
mean any acquisition by merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination, or
control through contractual arrangements, of one or more operating businesses by the Company. The Company&rsquo;s initial focus
will be on acquiring an operating business in the oil and gas industry in Eastern Europe. The Company has the right to redeem the
Warrants, with the prior consent of the Representative, upon not less than thirty (30) days written notice at a price of $0.01
per Warrant at any time after the Warrants become exercisable; so long as the last sales price of the Common Stock has been at
least $16.00 per share for any twenty (20) trading days within a thirty (30) trading day period ending on the third (3rd) Business
Day prior to the day on which notice is given. As used herein, the term &ldquo;<B>Business Day</B>&rdquo; shall mean any day other
than a Saturday, Sunday or any day on which national banks in New York, New York are not open for business.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
and Delivery</U>. Delivery and payment for the Firm Units shall be made at 10:00 A.M., New York time, on the second (2nd) Business
Day following the Effective Date of the Registration Statement (or the third (3rd) Business Day following the Effective Date, if
the Registration Statement is declared effective on or after 4:00 p.m.) or at such earlier time as shall be agreed upon by the
Representative and the Company at the offices of Chardan or at such other place as shall be agreed upon by the Representative and
the Company. The closing of the public offering contemplated by this Agreement is referred to herein as the &ldquo;<B>Closing</B>&rdquo;
and the hour and date of delivery and payment for the Firm Units is referred to herein as the &ldquo;<B>Closing Date</B>.&rdquo;
Payment for the Firm Units shall be made on the Closing Date at the Representative&rsquo;s election by wire transfer in Federal
(same day) funds or by certified or bank cashier&rsquo;s check(s) in New York Clearing House funds. $178,500,000 ($205,275,000
if the Over-allotment Option (as defined in Section 1.2) is exercised in full), or approximately $10.20 per unit, of the proceeds
received by the Company for the Firm Units and from the Private Placement (as defined in Section 1.5) shall be deposited in the
trust account established by the Company for the benefit of the public shareholders as described in the Registration Statement
(the &ldquo;<B>Trust Account</B>&rdquo;) pursuant to the terms of an Investment Management Trust Agreement (the &ldquo;<B>Trust
Agreement</B>&rdquo;). The Underwriters shall place an aggregate of $4,375,000 ($5,031,250 if the Over-allotment Option is exercised
in full), or $0.25 per unit, payable to Chardan as a Deferred Underwriting Commission in accordance with Section 1.3 hereof, in
the Trust Account. The proceeds (less commissions, expense allowance and actual expense payments or other fees payable pursuant
to this Agreement) shall be paid to the order of the Company upon delivery to the Representative of certificates (in form and substance
satisfactory to the Underwriters) representing the Firm Units (or through the facilities of the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;))
for the account of the Underwriters. The Firm Units shall be registered in such name or names and in such authorized denominations
as the Representative may request in writing at least two (2) Business Days prior to the Closing Date. The Company will permit
the Representative to examine and package the Firm Units for delivery, at least one (1) full Business Day prior to the Closing
Date. The Company shall not be obligated to sell or deliver the Firm Units except upon tender of payment by the Representative
for all the Firm Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Over-Allotment
Option</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Units</U>. For the purpose of covering any over-allotments in connection with the distribution and sale of the Firm Units, the
Underwriters are hereby granted, severally and not jointly, an option to purchase up to an additional 2,625,000 units from the
Company (the &ldquo;<B>Over-allotment Option</B>&rdquo;). Such additional 2,625,000 units shall be identical in all respects to
the Firm Units and are hereinafter referred to as &ldquo;<B>Option Units</B>.&rdquo; The Firm Units and the Option Units are hereinafter
collectively referred to as the &ldquo;<B>Units</B>,&rdquo; and the Units, the shares of Common Stock and the Warrants included
in the Units and the shares of Common Stock issuable upon exercise of the Warrants are hereinafter referred to collectively as
the &ldquo;<B>Public Securities</B>.&rdquo; The purchase price to be paid for the Option Units (net of discounts and commissions</FONT>,
<FONT STYLE="font-size: 10pt">including the Deferred Underwriting Commission described in Section 1.3 below) will be $9.50 per
Option Unit. The Option Units are to be offered initially to the public at the offering price of $10.00 per Option Unit.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Option</U>. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to
all (at any time) or any part (from time to time) of the Option Units within forty-five (45) days after the Effective Date. The
Underwriters will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option.
The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative,
which must be confirmed in writing by overnight mail or facsimile transmission setting forth the number of Option Units to be purchased
and the date and time for delivery of and payment for the Option Units, which will not be later than five (5) Business Days after
the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of the
Representative or at such other place or in such other manner as shall be agreed upon by the Company and the Representative. If
such delivery and payment for the Option Units does not occur on the Closing Date, the date and time of the closing for such Option
Units will be as set forth in the notice (hereinafter the &ldquo;<B>Option Closing Date</B>&rdquo;). Upon exercise of the Over-allotment
Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein,
the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
and Delivery</U>. Delivery and payment for the Option Units shall be made at 10:00 AM, New York time, on the Option Closing Date
or at such earlier time as shall be agreed upon by the Representative and the Company at the offices of Chardan or at such other
place as shall be agreed upon by the Representative and the Company. Payment for the Option Units shall be made on the Option Closing
Date (or at such earlier time as shall be agreed upon by the Representative and the Company) at the Representative&rsquo;s election
by wire transfer in Federal (same day) funds or by certified or bank cashier&rsquo;s check(s) in New York Clearing House funds,
by deposit of the sum of $9.50 per Option Unit in the Trust Account pursuant to the Trust Agreement upon delivery to the Representative
of certificates (in form and substance satisfactory to the Underwriters) representing the Option Units (or through the facilities
of DTC) for the account of the Underwriters. The Underwriter shall also place an aggregate of $0.25 per Option Unit (up to $656,250),
payable to Chardan, as Deferred Underwriting Commission, in accordance with Section 1.3 hereof, in the Trust Account. The Option
Units shall be registered in such name or names and in such authorized denominations as the Representative may request not less
than two (2) Business Days prior to the Closing Date or the Option Closing Date, as the case may be, and will be made available
to the Representative for inspection, checking and packaging at the aforesaid office of the Company&rsquo;s transfer agent or correspondent
not less than one (1) full Business Day prior to such Closing Date or Option Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deferred
Underwriting Commission</U>. The Underwriter agrees that 2.5% of the gross proceeds from the sale of the Firm Units ($4,375,000)
and 2.5% of the gross proceeds from the sale of the Option Units ($656,250 and, cumulatively with the gross proceeds from the sale
of the Firm Units, up to $5,031,250) (the &ldquo;<B>Deferred Underwriting Commission</B>&rdquo;) will be deposited in and held
in the Trust Account and payable directly from the Trust Account, without accrued interest, to Chardan for its own account upon
consummation of the Company&rsquo;s Business Combination. In the event that the Company is unable to consummate a Business Combination
and Continental Stock Transfer &amp; Trust Company (&ldquo;<B>CST</B>&rdquo;), as the trustee of the Trust Account (in this context,
the &ldquo;<B>Trustee</B>&rdquo;), commences liquidation of the Trust Account as provided in the Trust Agreement, the Underwriter
agrees that: (i) the Underwriters hereby forfeit any rights or claims to the Deferred Underwriting Commission; and (ii) the Deferred
Underwriting Commission, together with all other amounts on deposit in the Trust Account, shall be distributed on a pro-rata basis
among the Public Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representative&rsquo;s
Purchase Option</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
Option</U>. As additional consideration, the Company hereby agrees to issue and sell to the Representative (and/or their designees)
on the Effective Date an option (&ldquo;<B>Representative&rsquo;s Purchase Option</B>&rdquo;) for the purchase of an aggregate
of 1,750,000 units (the &ldquo;<B>Representative&rsquo;s Units</B>&rdquo;) for an aggregate purchase price of $100.00. The Representative&rsquo;s
Purchase Option shall be exercisable, in whole or in part, commencing the later of (i) the closing of the Business Combination,
or (ii) six (6) months from the Effective Date, and expiring on the earlier of five (5) years from the Effective Date and the day
immediately prior to the day on which the Company and all of its successors have been dissolved, for cash or on a cashless basis,
at an initial exercise price per Representative&rsquo;s Unit of $12.00, which is equal to one hundred and twenty percent (120%)
of the initial public offering price of a Unit. The Representative&rsquo;s Purchase Option, the Representative&rsquo;s Units, the
shares of Common Stock and the Warrants included in the Representative&rsquo;s Units (the &ldquo;<B>Representative&rsquo;s Warrants</B>&rdquo;)
and the shares of Common Stock issuable upon exercise of the Representative&rsquo;s Warrants are hereinafter referred to collectively
as the &ldquo;<B>Representative&rsquo;s Securities</B>.&rdquo; The Public Securities and the Representative&rsquo;s Securities
are hereinafter referred to collectively as the &ldquo;<B>Securities</B>.&rdquo; The Representative understands and agrees that
there are significant restrictions against transferring the Representative&rsquo;s Purchase Option during the first six (6) months
after the Effective Date, as set forth in Section 3 of the Representative&rsquo;s Purchase Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
and Payment</U>. Delivery and payment for the Representative&rsquo;s Purchase Option shall be made on the Closing Date. The Company
shall deliver to the Representative and their designees upon payment therefor, certificates for the Representative&rsquo;s Purchase
Option in the name or names and in such authorized denominations as the Representative may request.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Placement</U>. Simultaneously with the Closing, Channingwick Limited, BGV Group Limited, Lake Street Fund L.P., Mount Wilson Global
Fund L.P., and FLOCO Ventures LLC, certain of the Company&rsquo;s Initial Shareholders (as defined below), shall purchase from
the Company pursuant to Subscription Agreements (as defined in Section 2.23.2 hereof) an aggregate of 1,150,000 units (the &ldquo;<B>Placement
Units</B>&rdquo;) at a purchase price of $10.00 per Placement Unit in a private placement (the &ldquo;<B>Private Placement</B>&rdquo;).
The Placement Units, the shares of Common Stock and the Warrants included in the Placement Units (the &ldquo;<B>Placement Warrants</B>&rdquo;)
and the shares of Common Stock issuable upon exercise of the Placement Warrants are hereinafter referred to collectively as the
&ldquo;<B>Placement Securities</B>.&rdquo; Each Placement Unit shall be identical to the Units sold in the Offering except that
the Placement Warrants shall be non-redeemable by the Company so long as the Placement Warrants continue to be held by the initial
purchasers of the Private Warrants or their permitted transferees (as described in the Subscription Agreement and the Warrant Agreement
(as defined in Section 2.22 hereof)). Except as disclosed in the Registration Statement, there will be no placement agent in the
Private Placement and no party shall be entitled to a placement fee or expense allowance from the sale of the Placement Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Company</U>. The Company represents and warrants to the Underwriters as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Filing
of Registration Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pursuant
to the Act</U>. The Company has filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration
statement and an amendment or amendments thereto, on Form S-1 (File No. 333-223655), including any related preliminary prospectus
(the &ldquo;<B>Preliminary Prospectus</B>&rdquo;, including any prospectus that is included in the Registration Statement immediately
prior to the effectiveness of the Registration Statement), for the registration of the Public Securities under the Securities Act
of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;), which registration statement and amendment or amendments have been prepared
by the Company in conformity in all material respects with the requirements of the Act, and the rules and regulations (the &ldquo;<B>Regulations</B>&rdquo;)
of the Commission under the Act. The conditions for use of Form S-1 to register the Offering under the Act, as set forth in the
General Instructions to such Form, have been satisfied in all material respects. Except as the context may otherwise require, such
registration statement, as amended, on file with the Commission at the time the registration statement becomes effective (including
the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein
and all information deemed to be a part thereof as of such time pursuant to Rule 430A of the Regulations), is hereinafter called
the &ldquo;<B>Registration Statement</B>,&rdquo; and the form of the final prospectus dated the Effective Date included in the
Registration Statement (or, if applicable, the form of final prospectus containing information permitted to be omitted at the time
of effectiveness by Rule 430A of the Regulations filed with the Commission pursuant to Rule 424 of the Regulations), is hereinafter
called the &ldquo;<B>Prospectus</B>.&rdquo; For purposes of this Agreement, &ldquo;<B>Time of Sale</B>&rdquo;, as used in the Act,
means 5:00 p.m., New York City time, on the date of this Agreement. If the Company has filed, or is required pursuant to the terms
hereof to file, a registration statement pursuant to Rule 462(b) under the Securities Act registering the Securities (a &ldquo;<B>Rule
462(b) Registration Statement</B>&rdquo;), then, unless otherwise specified, any reference herein to the term &ldquo;<B>Registration
Statement</B>&rdquo; shall be deemed to include such Rule 462(b) Registration Statement. Other than a Rule 462(b) Registration
Statement, which, if filed, becomes effective upon filing, no other document with respect to the Registration Statement has heretofore
been filed with the Commission. All of the Public Securities have been registered under the Act pursuant to the Registration Statement
or, if any Rule 462(b) Registration Statement is filed, will be duly registered under the Securities Act with the filing of such
Rule 462(b) Registration Statement. The Registration Statement has been declared effective by the Commission on the date hereof.
If, subsequent to the date of this Agreement, the Company or the Representative have determined that at the Time of Sale the Prospectus
included an untrue statement of a material fact or omitted a statement of material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, and have agreed to provide an opportunity to purchasers
of the Firm Units to terminate their old purchase contracts and enter into new purchase contracts, the Prospectus will be deemed
to include any additional information available to purchasers at the time of entry into the first such new purchase contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pursuant
to the Exchange Act</U>. The Company has filed with the Commission a Form 8-A (File Number 001-[_____]) providing for the registration
under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), of the Units, the Common Stock and
the Warrants. The registration of the Units, Common Stock and Warrants under the Exchange Act will be declared effective by the
Commission on or prior to the Effective Date.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Stop Orders, Etc.</U> Neither the Commission nor, to the best of the Company&rsquo;s knowledge, any state regulatory authority
has issued any order or threatened to issue any order preventing or suspending the use of any Preliminary Prospectus or has instituted
or, to the best of the Company&rsquo;s knowledge, threatened to institute any proceedings with respect to such an order.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>10b-5
Representation</U>. At the time the Registration Statement became effective, upon the filing or first use (within the meaning of
the Regulations) of the Prospectus and at the Closing Date and the Option Closing Date, if any, the Registration Statement and
the Prospectus contained or will contain all material statements that are required to be stated therein in accordance with the
Act and the Regulations, and did or will in all material respects conform to the requirements of the Act and the Regulations. Neither
the Registration Statement nor any Preliminary Prospectus or the Prospectus, nor any amendment or supplement thereto, on their
respective dates, did or will contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein (in the case of the Preliminary Prospectus and the Prospectus, in light
of the circumstances under which they were made), not misleading. When any Preliminary Prospectus was first filed with the Commission
(whether filed as part of the Registration Statement for the registration of the Securities or any amendment thereto or pursuant
to Rule 424(a) of the Regulations) or first used (within the meaning of the Regulations) and when any amendment thereof or supplement
thereto was first filed with the Commission or first used (within the meaning of the Regulations), such Preliminary Prospectus
and any amendments thereof and supplements thereto complied or will have been corrected in the Prospectus to comply in all material
respects with the applicable provisions of the Act and the Regulations and did not and will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. The representation and warranty made in this Section
2.3.1 does not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished
to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement or Prospectus
or any amendment thereof or supplement thereto. It is understood the following identified statements set forth in the Prospectus
under the heading &ldquo;Underwriting&rdquo; constitute, for the purposes of this Agreement, information furnished by the Representative
with respect to the Underwriters: (i) the table of underwriters in the first paragraph of &ldquo;Underwriting&rdquo;, (ii) the
third paragraph of &ldquo;Underwriting&rdquo;, (iii) the first paragraph of the Underwriting subsection &ldquo;Pricing of this
Offering&rdquo; and (iv) the Underwriting subsection &ldquo;Regulatory Restrictions on Purchase of Securities.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
of Agreements</U>. The agreements and documents described in the Registration Statement, the Preliminary Prospectus and the Prospectus
conform to the descriptions thereof contained therein and there are no agreements or other documents required to be described in
the Registration Statement, the Preliminary Prospectus or the Prospectus or to be filed with the Commission as exhibits to the
Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or
described) to which the Company is a party or by which its property or business is or may be bound or affected and (i) that is
referred to in the Registration Statement, Preliminary Prospectus or the Prospectus or attached as an exhibit thereto, or (ii)
is material to the Company&rsquo;s business, has been duly and validly executed by the Company, is in full force and effect in
all material respects and is enforceable against the Company and, to the Company&rsquo;s knowledge, the other parties thereto,
in accordance with its terms, except (<I>x</I>) as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors&rsquo; rights generally, (<I>y</I>) as enforceability of any indemnification or contribution
provision may be limited under the federal and state securities laws, and (<I>z</I>) that the remedy of specific performance and
injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before
which any proceeding therefor may be brought, and none of such agreements or instruments has been assigned by the Company, and
neither the Company nor, to the Company&rsquo;s knowledge, any other party is in breach or default thereunder and, to the Company&rsquo;s
knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a breach or default
thereunder. To the Company&rsquo;s knowledge, performance by the Company of the material provisions of such agreements or instruments
will not result in a material violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental
agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without
limitation, those relating to environmental laws and regulations.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prior
Securities Transactions</U>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit
of, any person or persons controlling, controlled by, or under common control with the Company since the date of the Company&rsquo;s
formation, except as disclosed in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulations</U>.
The disclosures in the Registration Statement, the Preliminary Prospectus and the Prospectus concerning the effects of Federal,
state and local regulation on the Company&rsquo;s business as currently contemplated fairly summarize, to the best of the Company&rsquo;s
knowledge, such effects and do not omit to state a material fact necessary to make the statements therein, in light of the circumstances
in which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes
After Dates in Registration Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Adverse Change</U>. Except as contemplated in the Prospectus, since the respective dates as of which information is given
in the Registration Statement, any Preliminary Prospectus and/or the Prospectus, except as otherwise specifically stated therein:
(i) there has been no material adverse change in the condition, financial or otherwise, or business prospects of the Company; (ii)
there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement; (iii)
no member of the Company&rsquo;s board of directors or management has resigned from any position with the Company and (iv) no event
or occurrence has taken place which materially impairs, or would likely materially impair, with the passage of time, the ability
of the members of the Company&rsquo;s board of directors or management to act in their capacities with the Company as described
in the Registration Statement and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recent
Securities Transactions, Etc.</U> Except as contemplated in the Prospectus, subsequent to the respective dates as of which information
is given in the Registration Statement and the Prospectus, and except as may otherwise be indicated or contemplated herein or therein,
the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money;
or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Accountants</U>. To the best of the Company&rsquo;s knowledge, Marcum LLP (&ldquo;<B>Marcum</B>&rdquo;), whose report is filed
with the Commission as part of the Registration Statement and included in the Registration Statement, the Preliminary Prospectus
and the Prospectus, are independent accountants as required by the Act and the Regulations and the Public Company Accounting Oversight
Board (including the rules and regulations promulgated by such entity, the &ldquo;<B>PCAOB</B>&rdquo;). To the best of the Company&rsquo;s
knowledge, Marcum is duly registered and in good standing with the PCAOB. Marcum has not, during the periods covered by the financial
statements included in the Registration Statement and the Prospectus, provided to the Company any non-audit services, as such term
is used in Section 10A(g) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements; Statistical Data</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements</U>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement,
the Preliminary Prospectus and the Prospectus fairly present the financial position and the results of operations of the Company
at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with generally
accepted accounting principles, consistently applied throughout the periods involved; and the supporting schedules included in
the Registration Statement present fairly the information required to be stated therein. To the best of the Company&rsquo;s knowledge,
no other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration
Statement, the Preliminary Prospectus or the Prospectus. The Registration Statement, the Preliminary Prospectus and the Prospectus
disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships
of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company&rsquo;s
financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources,
or significant components of revenues or expenses. To the best of the Company&rsquo;s knowledge, there are no pro forma or as adjusted
financial statements which are required to be included in the Registration Statement and the Prospectus in accordance with Regulation
S-X which have not been included as so required.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Statistical
Data</U>. The statistical, industry-related and market-related data included in the Registration Statement, the Preliminary Prospectus
and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and
accurate, and such data agree with the sources from which they are derived.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorized
Capital; Options, Etc.</U> The Company had at the date or dates indicated in the Registration Statement, the Preliminary Prospectus
and the Prospectus, as the case may be, duly authorized, issued and outstanding capitalization as set forth in the Registration
Statement, the Preliminary Prospectus and the Prospectus. Based on the assumptions stated in the Registration Statement, the Preliminary
Prospectus and the Prospectus, the Company will have on the Closing Date the adjusted stock capitalization set forth therein. Except
as set forth in, or contemplated by, the Registration Statement, the Preliminary Prospectus and the Prospectus, on the Effective
Date of the Prospectus and on the Closing Date and the Option Closing Date, if any, there will be no options, warrants, or other
rights to purchase or otherwise acquire any authorized, but unissued shares of Common Stock of the Company or any security convertible
into shares of Common Stock of the Company, or any contracts or commitments to issue or sell shares of Common Stock or any such
options, warrants, rights or convertible securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Valid
Issuance of Securities, Etc</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Outstanding
Securities</U>. All issued and outstanding securities of the Company (including, without limitation, the Placement Securities)
have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission
with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were
issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted
by the Company. The Public Securities conform in all material respects to all statements relating thereto contained in the Registration
Statement, the Preliminary Prospectus and the Prospectus. Subject to the disclosure contained in the Registration Statement, the
Preliminary Prospectus and the Prospectus with respect to the Placement Securities, the offers and sales of the outstanding shares
of Common Stock were at all relevant times either registered under the Act and the applicable state securities or Blue Sky laws
or, based in part on the representations and warranties of the purchasers of such shares of Common Stock, exempt from such registration
requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Sold</U>. The Securities have been duly authorized and reserved for issuance and when issued and paid for, will be validly issued,
fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such
holders; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company
or similar contractual rights granted by the Company; and all corporate actions required to be taken for the authorization, issuance
and sale of the Securities have been duly and validly taken. The Securities conform in all material respects to all statements
with respect thereto contained in the Registration Statement, the Preliminary Prospectus and the Prospectus, as the case may be.
When issued, the Representative&rsquo;s Purchase Option, the Representative&rsquo;s Warrants and the Warrants will constitute valid
and binding obligations of the Company to issue and sell, upon exercise thereof and payment of the respective exercise prices therefor,
the number and type of securities of the Company called for thereby in accordance with the terms thereof and such Representative&rsquo;s
Purchase Option, the Representative&rsquo;s Warrants and the Warrants are enforceable against the Company in accordance with their
respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors&rsquo; rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under
federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be
brought. The shares of Common Stock issuable upon exercise of the Representative&rsquo;s Purchase Option, the Representative&rsquo;s
Warrants and the Warrants have been reserved for issuance upon the exercise of the Representative&rsquo;s Purchase Option, the
Representative&rsquo;s Warrants and the Warrants, respectively, and, when issued in accordance with the terms of such securities,
will be duly and validly authorized, validly issued, fully paid and non-assessable; the holders thereof are not and will not be
subject to personal liability by reason of being such holders.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Placement
Securities</U>. The Placement Securities have been duly authorized and reserved for issuance and when issued and paid for, will
be validly issued, fully paid and non-assessable; the Placement Securities are not and will not be subject to the preemptive rights
of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate actions required
to be taken for the authorization, issuance and sale of the Placement Securities have been duly and validly taken. When issued,
the Placement Warrants will constitute valid and binding obligations of the Company to issue and sell, upon exercise thereof and
payment of the exercise price therefor, the number and type of securities of the Company called for thereby in accordance with
the terms thereof, and such Placement Warrants are enforceable against the Company in accordance with their respective terms, except:
(i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under federal and state
securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. The shares of
Common Stock issuable upon exercise of the Placement Warrants have been reserved for issuance upon the exercise of the Placement
Warrants and, when issued in accordance with the terms of the Placement Warrants, will be duly and validly authorized, validly
issued, fully paid and non-assessable, and the holders thereof are not and will not be subject to personal liability by reason
of being such holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.8.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Integration</U>. Subject to the disclosure contained in the Registration Statement, the Preliminary Prospectus and/or the Prospectus
with respect to the Placement Securities, neither the Company nor any of its affiliates has, prior to the date hereof, made any
offer or sale of any securities which are required to be &ldquo;integrated&rdquo; pursuant to the Act or the Regulations with the
offer and sale of the Public Securities pursuant to the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Rights of Third Parties</U>. Except as set forth in the Registration Statement, the Preliminary Prospectus or the Prospectus, no
holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company
have the right to require the Company to register any such securities of the Company under the Act or to include any such securities
in a registration statement to be filed by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Validity
and Binding Effect of Agreements</U>. This Agreement, the Warrant Agreement (as defined in Section 2.22 hereof), the Trust Agreement,
the Services Agreement (as defined in Section 3.7.2 hereof), the Subscription Agreements (as defined in Section 2.23.2 hereof),
the Escrow Agreement (as defined in Section 2.23.3 hereof) and the Registration Rights Agreement (as defined in Section 2.23.4
hereof) have been duly and validly authorized by the Company and constitute valid and binding agreements of the Company, enforceable
against the Company in accordance with their respective terms, except: (i) as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally; (ii) as enforceability of any indemnification
or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance
and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicts, Etc.</U> The execution, delivery, and performance by the Company of this Agreement, the Warrant Agreement, Representative&rsquo;s
Purchase Option, the Trust Agreement, the Services Agreement, the Subscription Agreements, the Escrow Agreement and the Registration
Rights Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the
Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both:
(i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under,
or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets
of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation
of the provisions of the Amended and Restated Certificate of Incorporation or Bylaws of the Company; or (iii) violate any existing
applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction
over the Company or any of its properties or business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Defaults; Violations</U>. No material default exists in the due performance and observance of any term, covenant or condition of
any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument
evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by
which the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not in violation
of any material agreement, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or
court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such violations
which would not reasonably be expected to have a material adverse effect on the Company. The Company is not in violation of any
term or provision of its Amended and Restated Certificate of Incorporation or Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Power; Licenses; Consents.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.13.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conduct
of Business</U>. The Company has all requisite corporate power and authority, and has all necessary authorizations, approvals,
orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the
date hereof to conduct its business for the purposes described in the Registration Statement, the Preliminary Prospectus and the
Prospectus. The disclosures in the Registration Statement and the Prospectus concerning the effects of federal, state and local
regulation on the Offering and the Company&rsquo;s business purpose as currently contemplated are correct in all material respects
and do not omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. Since its formation, the Company has conducted no business
and has incurred no liabilities other than in connection with and in furtherance of the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.13.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transactions
Contemplated Herein</U>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions
and conditions hereof, and all consents, authorizations, approvals and orders required in connection therewith have been obtained.
No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid
issuance, sale and delivery of the Securities and the consummation of the transactions and agreements contemplated by this Agreement,
the Warrant Agreement, Representative&rsquo;s Purchase Option, the Trust Agreement, the Services Agreement, the Subscription Agreements,
the Escrow Agreement and the Registration Rights Agreement and as contemplated by the Prospectus, except with respect to applicable
federal and state securities laws and the rules and regulations promulgated by the Financial Industry Regulatory Authority (&ldquo;<B>FINRA</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>D&amp;O
Questionnaires</U>. To the knowledge of the Company, all information contained in the questionnaires (the &ldquo;<B>Questionnaires</B>&rdquo;)
completed by each of the Company&rsquo;s shareholders immediately prior to the Offering (the &ldquo;<B>Initial Shareholders</B>&rdquo;)
and each of the Company&rsquo;s officers and directors and provided to the Underwriters is true and correct and the Company has
not become aware of any information which would cause the information disclosed in the questionnaires completed by each Initial
Shareholder, officer or director, to become inaccurate and incorrect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation;
Governmental Proceedings</U>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental
proceeding pending or, to the best of the Company&rsquo;s knowledge, threatened against, or involving the Company or, to the best
of the Company&rsquo;s knowledge, any Initial Shareholder which has not been disclosed in the Registration Statement, the Questionnaires,
the Preliminary Prospectus and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Standing</U>. The Company has been duly organized and is validly existing as a corporation and is in good standing under the laws
of its country of organization and is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction
in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to
qualify would not have a material adverse effect on the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Contemplation of a Business Combination</U>. Prior to the date hereof, neither the Company, its officers and directors nor the
Initial Shareholders had, and as of the Closing, the Company and such officers and directors and Initial Shareholders will not
have had: (i) any specific Business Combination under consideration or contemplation; or (ii) any substantive interactions or discussions
with any target business regarding a possible Business Combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transactions
Affecting Disclosure to FINRA</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described in the Preliminary Prospectus and/or the Prospectus, there are no claims, payments, arrangements, agreements or understandings
relating to the payment of a finder&rsquo;s, consulting or origination fee by the Company or any Initial Shareholder with respect
to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the Company&rsquo;s
knowledge, any Initial Shareholder that may affect the Underwriters&rsquo; compensation, as determined by the FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder&rsquo;s
fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company
persons who raised or provided capital to the Company; (ii) to any FINRA member; or (iii) to any person or entity that has any
direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date,
other than payments to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
officer, director, or beneficial owner of any class of the Company&rsquo;s securities (whether debt or equity, registered or unregistered,
regardless of the time acquired or the source from which derived) (any such individual or entity, a &ldquo;<B>Company Affiliate</B>&rdquo;)
is a member, a person associated, or affiliated with a member of FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Company Affiliate is an owner of stock or other securities of any member of FINRA (other than securities purchased on the open
market).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Company Affiliate has made a subordinated loan to any member of FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
proceeds from the sale of the Public Securities (excluding underwriting compensation) or the Placement Securities will be paid
to any FINRA member, or any persons associated or affiliated with a member of FINRA, except as specifically authorized herein and
in the Subscription Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not issued any warrants or other securities, or granted any options, directly or indirectly to anyone who is a potential
underwriter in the Offering or a related person (as defined by FINRA rules) of such an underwriter within the 180-day period prior
to the initial filing date of the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date
of the Registration Statement has any relationship or affiliation or association with any member of the FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
FINRA member intending to participate in the Offering has a conflict of interest with the Company. For this purpose, a &ldquo;conflict
of interest&rdquo; exists when a member of FINRA and its associated persons, parent or affiliates in the aggregate beneficially
own 10% or more of the Company&rsquo;s outstanding subordinated debt or common equity, or 10% or more of the Company&rsquo;s preferred
equity. &ldquo;Members participating in the Offering&rdquo; include managing agents, syndicate group members and all dealers which
are members of the FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.18.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
with respect to the Representative in connection with the Offering, the Company has not entered into any agreement or arrangement
(including, without limitation, any consulting agreement or any other type of agreement) during the 180-day period prior to the
initial filing date of the Registration Statement, which arrangement or agreement provides for the receipt of any item of value
and/or the transfer of any warrants, options, or other securities from the Company to a FINRA member, any person associated with
a member (as defined by FINRA rules), any potential underwriters in the Offering and any related persons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of the Initial Shareholders or any other person acting on behalf of the
Company has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions
to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official
or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate
for office (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was,
is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed
transaction) that: (i) might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or
proceeding; (ii) if not given in the past, might have had a material adverse effect on the assets, business or operations of the
Company as reflected in any of the financial statements contained in the Registration Statement, the Preliminary Prospectus and/or
the Prospectus; or (iii) if not continued in the future, might adversely affect the assets, business, operations or prospects of
the Company. The Company&rsquo;s internal accounting controls and procedures are sufficient to cause the Company to comply with
the Foreign Corrupt Practices Act of 1977, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Patriot
Act</U>. Neither the Company nor, to the Company&rsquo;s knowledge, any officer, director or Initial Shareholder has violated:
(i) the Bank Secrecy Act, as amended; (ii) the Money Laundering Control Act of 1986, as amended; or (iii) the Uniting and Strengthening
of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, and/or the
rules and regulations promulgated under any such law, or any successor law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers&rsquo;
Certificate</U>. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or to
the Representative&rsquo;s counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters
covered thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Warrant
Agreement</U>. The Company has entered into a warrant agreement with respect to the Warrants, the Representative&rsquo;s Warrants
and the Placement Warrants with CST substantially in the form filed as an exhibit to the Registration Statement (the &ldquo;<B>Warrant
Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreements
With Officers, Directors and Initial Shareholders</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.23.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insider
Letters</U>. The Company has caused to be duly executed legally binding and enforceable agreements (except: (i) as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally; (ii) as enforceability
of any indemnification, contribution or non-compete provision may be limited under the federal and state securities laws; and (iii)
that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses
and to the discretion of the court before which any proceeding therefor may be brought) annexed as exhibits to the Registration
Statement (the &ldquo;<B>Insider Letter</B>&rdquo;), pursuant to which each of the officers, directors and Initial Shareholders
of the Company agree to certain matters, including but not limited to, certain matters described as being agreed to by them under
the &ldquo;Proposed Business&rdquo; Section of the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.23.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subscription
Agreements</U>. Certain of the Company&rsquo;s Initial Shareholders have executed and delivered agreements, a form of which is
attached as an exhibit to the Registration Statement (the &ldquo;<B>Subscription Agreements</B>&rdquo;), pursuant to which such
Initial Shareholders, among other things, agreed to purchase an aggregate of 1,150,000 Placement Units in the Private Placement.
Pursuant to the Subscription Agreements, all of the proceeds from the sale of the Placement Units will be deposited by the Company
in the Trust Account in accordance with the terms of the Trust Agreement prior to the Closing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.23.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Escrow
Agreement</U>. The Company has caused the Initial Shareholders to enter into an escrow agreement (the &ldquo;<B>Escrow Agreement</B>&rdquo;)
with CST substantially in the form filed as an exhibit to the Registration Statement, whereby the shares of Common Stock owned
by the Initial Shareholders will be held in escrow during the period in which they are subject to the transfer restrictions as
set forth in the Prospectus. During such escrow period, the Initial Shareholders shall be prohibited from selling or otherwise
transferring such shares (except as otherwise set forth in the Escrow Agreement) but will retain the right to vote any such shares
of Common Stock. To the Company&rsquo;s knowledge, the Escrow Agreement is enforceable against each of the Initial Shareholders
and will not, with or without the giving of notice or the lapse of time or both, result in a breach of, or conflict with any of
the terms and provisions of, or constitute a default under, any agreement or instrument to which any of the Initial Shareholders
is a party. The Escrow Agreement shall not be amended, modified or otherwise changed without the prior written consent of the Company
and the Representative.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.23.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Rights
Agreement</U>. The Company and the Initial Shareholders have entered into a registration rights agreement (the &ldquo;<B>Registration
Rights Agreement</B>&rdquo;) substantially in the form annexed as an exhibit to the Registration Statement, whereby the parties
will be entitled to certain registration rights with respect to their securities, as set forth in such Registration Rights Agreement
and described more fully in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Management Trust Agreement</U>. The Company has entered into the Trust Agreement with respect to certain proceeds of the Offering
and the Private Placement substantially in the form filed as an exhibit to the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
Not to Compete</U>. No Initial Shareholder of the Company is subject to any non-competition agreement or non-solicitation agreement
with any employer or prior employer which could materially affect his, her or its ability to be an Initial Shareholder, employee,
officer or director of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investments</U>.
No more than 45% of the &ldquo;value&rdquo; (as defined in Section 2(a)(41) of the Investment Company Act of 1940, as amended (the
&ldquo;<B>Investment Company Act</B>&rdquo;)) of the Company&rsquo;s total assets consist of, and no more than 45% of the Company&rsquo;s
net income after taxes is derived from, securities other than &ldquo;Government Securities&rdquo; (as defined in Section 2(a)(16)
of the Investment Company Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>.
The Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust or other
business entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Related
Party Transactions</U>. No relationship, direct or indirect, exists between or among any of the Company or any Company Affiliate,
on the one hand, and any director, officer, shareholder, customer or supplier of the Company or any Company Affiliate, on the other
hand, which is required by the Act, the Exchange Act or the Regulations to be described in the Registration Statement, the Preliminary
Prospectus and/or the Prospectus which is not so described and described as required. There are no outstanding loans, advances
(except normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company
to or for the benefit of any of the officers or directors of the Company or any of their respective family members, except as disclosed
in the Registration Statement, the Preliminary Prospectus and/or the Prospectus. The Company has not extended or maintained credit,
arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any director
or officer of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Influence</U>. The Company has not offered, or caused the Underwriters to offer, the Firm Units to any person or entity with the
intention of unlawfully influencing: (i) a customer or supplier of the Company or any Company Affiliate to alter the customer&rsquo;s
or supplier&rsquo;s level or type of business with the Company or such affiliate; or (ii) a journalist or publication to write
or publish favorable information about the Company or any such affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trading
of the Public Securities on the Nasdaq Capital Market.</U> As of the Effective Date and the Closing Date, the Public Securities
will have been authorized for listing on the Nasdaq Capital Market and no proceedings have been instituted or threatened which
would effect, and no event or circumstance has occurred as of the Effective Date which is reasonably likely to effect, the listing
of the Public Securities on the Nasdaq Capital Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definition
of &ldquo;Knowledge&rdquo;</U>. As used in this Agreement, the term &ldquo;<B>knowledge of the Company</B>&rdquo; (or similar language)
shall mean the knowledge of the officers and directors of the Company who are named in the Prospectus, with the assumption that
such officers and directors shall have made reasonable and diligent inquiry of the matters presented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Company</U>. The Company covenants and agrees as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
to Registration Statement</U>. The Company will deliver to the Representative, prior to filing, any amendment or supplement to
the Registration Statement or Prospectus proposed to be filed after the Effective Date and will not file any such amendment or
supplement to which the Representative shall reasonably object in writing.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Federal
Securities Laws</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance</U>.
During the time when a Prospectus is required to be delivered under the Act, the Company will use all reasonable efforts to comply
with all requirements imposed upon it by the Act, the Regulations and the Exchange Act and by the regulations under the Exchange
Act, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Public Securities
in accordance with the provisions hereof and the Prospectus. If at any time when a Prospectus relating to the Public Securities
is required to be delivered under the Act, any event shall have occurred as a result of which, in the opinion of counsel for the
Company or counsel for the Underwriters, the Prospectus, as then amended or supplemented, includes an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, or if it is necessary during such period to amend the Registration
Statement or amend or supplement the Prospectus to comply with the Act, the Company will notify the Representative promptly and
prepare and file with the Commission, subject to Section 3.1 hereof, an appropriate amendment to the Registration Statement or
amendment or supplement to the Prospectus (at the expense of the Company) so as to correct such statement or omission or effect
such compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Filing
of Final Prospectus</U>. The Company will file the Prospectus (in form and substance satisfactory to the Representative) with the
Commission pursuant to the requirements of Rule 424 of the Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange
Act Registration</U>. For a period of five (5) years from the Effective Date, or until such earlier time upon which the Company
is required to be liquidated, the Company will use its best efforts to maintain the registration of the Units, Common Stock and
Warrants under the provisions of the Exchange Act. The Company will not deregister the Units under the Exchange Act without the
prior written consent of the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley
Compliance</U>. As soon as it is legally required to do so, the Company shall take all actions necessary to obtain and thereafter
maintain material compliance with each applicable provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations
promulgated thereunder and related or similar rules and regulations promulgated by any other governmental or self-regulatory entity
or agency with jurisdiction over the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Blue
Sky Filing</U>. Unless the Public Securities are listed on the Nasdaq Capital Market or another national securities exchange, the
Company, at its expense, will endeavor in good faith, in cooperation with the Representative, at or prior to the time the Registration
Statement becomes effective, to qualify the Public Securities for offering and sale under the securities laws of such jurisdictions
as the Representative may reasonably designate, provided that no such qualification shall be required in any jurisdiction where,
as a result thereof, the Company would be subject to service of general process or to taxation as a foreign corporation doing business
in such jurisdiction. In each jurisdiction where such qualification shall be effected, the Company will, unless the Representative
agrees that such action is not at the time necessary or advisable, use all reasonable efforts to file and make such statements
or reports at such times as are or may be required by the laws of such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
to Underwriters of Prospectuses</U>. The Company will deliver to each of the several Underwriters, without charge, from time to
time during the period when the Prospectus is required to be delivered under the Act or the Exchange Act such number of copies
of each Preliminary Prospectus and Prospectus and all amendments and supplements to such documents as such Underwriters may reasonably
request and, as soon as the Registration Statement or any amendment or supplement thereto becomes effective, deliver to the Representative
two original executed Registration Statements, including exhibits, and all post-effective amendments thereto and copies of all
exhibits filed therewith or incorporated therein by reference and all original executed consents of certified experts.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness
and Events Requiring Notice to the Representative</U>. The Company will use its best efforts to cause the Registration Statement
to remain effective and will notify the Representative immediately and confirm the notice in writing: (i) of the effectiveness
of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement, or any post-effective amendment thereto or preventing or suspending the use of any
Preliminary Prospectus or the Prospectus or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of
the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities
for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of
the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus;
(v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of
any event during the period described in Section 3.4 hereof that, in the judgment of the Company, makes any statement of a material
fact made in the Registration Statement, the Preliminary Prospectus and/or the Prospectus untrue or that requires the making of
any changes in the Registration Statement, the Preliminary Prospectus and/or the Prospectus in order to make the statements therein,
(with respect to the Prospectus in light of the circumstances under which they were made), not misleading. If the Commission or
any state securities commission shall enter a stop order or suspend such qualification at any time, the Company will make every
reasonable effort to obtain promptly the lifting of such order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Review
of Financial Statements</U>. Until the earlier of five (5) years from the Effective Date, or until such earlier date upon which
the Company is required to be liquidated, the Company, at its expense, shall cause its regularly engaged independent certified
public accountants to review (but not audit) the Company&rsquo;s financial statements for each of the first three fiscal quarters
prior to the announcement or filing of quarterly financial information, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Affiliated
Transactions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Combinations</U>. The Company will not consummate a Business Combination with any entity which is affiliated with any Initial Shareholder
unless the Company obtains an opinion from an independent investment banking firm regulated by FINRA stating the Business Combination
is fair to the Company&rsquo;s shareholders from a financial perspective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administrative
Services</U>. The Company has entered into an administrative services agreement (the &ldquo;<B>Services Agreement</B>&rdquo;) with
VK Consulting, Inc. (the &ldquo;<B>Affiliate</B>&rdquo;) in the form filed as an exhibit to the Registration Statement, pursuant
to which the Affiliate will make available to the Company general and administrative services including office space, utilities,
receptionist and secretarial support for the Company&rsquo;s use for $7,500 per month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>.
Except as set forth in this Section 3.7, the Company shall not pay any Initial Shareholder or any of their affiliates any fees
or compensation from the Company, for services rendered to the Company prior to, or in connection with, the Offering or the consummation
of a Business Combination; <I>provided </I>that the Initial Shareholders shall be entitled to reimbursement from the Company for
their out-of-pocket expenses incurred on the Company&rsquo;s behalf, which includes an aggregate of $825,000 in loans which were
made to the Company prior to the effective date of the Registration Statement and expenses incurred by them in connection with
seeking and consummating a Business Combination as described in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Secondary
Market Trading</U>. In the event the Public Securities are not listed on the Nasdaq Capital Market or another national securities
exchange, the Company will apply to be included in Mergent, Inc. Manual for a period of five (5) years from the consummation of
a Business Combination. Promptly after the consummation of the Offering, the Company shall take such steps as may be necessary
to obtain a secondary market trading exemption for the Company&rsquo;s securities in the State of California. The Company shall
also take such other action as may be reasonably requested by the Representative to obtain a secondary market trading exemption
in such other states as may be requested by the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Public Relations Firm</U>. Promptly after the execution of a definitive agreement for a Business Combination, the Company shall
retain a financial public relations firm reasonably acceptable to the Representative for a term to be agreed upon by the Company
and the Representative.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports
to the Representative</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Periodic
Reports, Etc.</U> For a period of five (5) years from the Effective Date or until such earlier time upon which the Company is dissolved,
the Company will furnish to the Representative and its counsel copies of such financial statements and other periodic and special
reports as the Company from time to time furnishes generally to holders of any class of its securities, and promptly furnish to
the Representative: (i) a copy of each periodic report the Company shall be required to file with the Commission; (ii) a copy of
every press release and every news item and article with respect to the Company or its affairs which was released by the Company;
(iii) a copy of each Form 8-K or Schedules 13D, 13G, 14D-1 or 13E-4 received or prepared by the Company; (iv) five (5) copies of
each Registration Statement; and (v) such additional documents and information with respect to the Company and the affairs of any
future subsidiaries of the Company as the Representative may from time to time reasonably request; <I>provided</I> that the Representative
shall sign, if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to
the Representative and its counsel in connection with the Representative&rsquo;s receipt of such information. Documents filed with
the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (<B>&ldquo;EDGAR&rdquo;</B>) shall be deemed
to have been delivered to the Representative pursuant to this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.10.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
Sheets</U>. For a period of five (5) years following the Effective Date or until such earlier time upon which the Company is dissolved,
the Company shall retain a transfer and warrant agent acceptable to the Representative (the &ldquo;<B>Transfer Agent</B>&rdquo;).
In the event the Public Securities are not listed on the Nasdaq Capital Market or another national securities exchange, the Company
will furnish to the Underwriters at the Company&rsquo;s sole cost and expense such transfer sheets of the Company&rsquo;s securities
as the Representative may request, including the daily and monthly consolidated transfer sheets of the Transfer Agent and DTC.
Continental Stock Transfer &amp; Trust Company, Inc. is an acceptable Transfer Agent to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.10.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trading
Reports</U>. If the Public Securities are quoted on the OTC Bulletin Board (or any successor trading market) or a market operated
by the OTC Market Group Inc. (or similar publisher of quotations), then during such time the Company shall provide to the Representative,
at its expense, such reports published by the OTC Bulletin Board or the OTC Market Group Inc. relating to price trading of the
Public Securities, as the Representative shall reasonably request. In addition to the requirements of the preceding sentence, for
a period of two (2) years from the Closing Date, the Company, at its expense, shall provide Chardan a subscription to the Company&rsquo;s
weekly Depository Transfer Company Security Position Reports.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disqualification
of Form S-1</U>. For a period equal to seven (7) years from the date hereof, the Company will not take any action or actions which
may prevent or disqualify the Company&rsquo;s use of Form S-1 (or other appropriate form) for the registration of the Warrants
and the Representative&rsquo;s Purchase Option and the securities underlying the Representative&rsquo;s Purchase Option under the
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Expenses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.12.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Expenses Related to the Offering</U>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date,
if any, to the extent not paid at the Closing Date, all expenses incident to the performance of the obligations of the Company
under this Agreement, including, but not limited to: (i) the Company&rsquo;s legal and accounting fees and disbursements; (ii)
the costs of preparing, printing, mailing (including the payment of postage with respect to such mailing) and delivering the Registration
Statement, the Preliminary Prospectus and final Prospectus contained therein and amendments thereto, post-effective amendments
and supplements thereto, this Agreement and related documents, including the cost of all copies thereof and any amendments thereof
or supplements thereto supplied to the Underwriters in quantities as may be required by the Underwriters; (iii) the printing, engraving,
issuance and delivery of the Units, Common Stock and the Warrants included in the Units and the Representative&rsquo;s Purchase
Option, including any transfer or other taxes payable thereon; (iv) the qualification of the Public Securities under state or foreign
securities or Blue Sky laws specified by Chardan, including the costs of printing and mailing the &ldquo;Preliminary Blue Sky Memorandum,&rdquo;
and all amendments and supplements thereto, and fees and disbursements for counsel of Chardan&rsquo;s choice retained for such
purpose; (v) filing fees (including SEC filing fees), costs and expenses (including third party expenses and disbursements) incurred
in registering the Offering; (vi) fees and expenses incurred in registering the Offering with the FINRA (including fees and expenses
of counsel to the Representative and all Public Offering System filing fees); (vii) fees and disbursements of the registrar and
transfer and warrant agent; (viii) the Company&rsquo;s expenses associated with &ldquo;due diligence&rdquo; meetings arranged by
the Representative (none of which will be received or paid on behalf of an &ldquo;underwriter and related person&rdquo; as such
term is defined in Rule 5110 of FINRA&rsquo;s Rules); (ix) the preparation, binding and delivery of bound volumes in form and style
reasonably satisfactory to Chardan and 12 transaction lucite cubes or similar commemorative items in a style as reasonably requested
by Chardan; (x) all costs and expenses associated with &ldquo;road show&rdquo; marketing and &ldquo;due diligence&rdquo; trips
for the Company&rsquo;s management to meet with prospective investors, including without limitation, all travel, food and lodging
expenses associated with such trips; (xi) all fees, expenses and disbursements relating to background checks of the Company&rsquo;s
directors, director nominees and executive officers; and (xii) all other reasonable costs and expenses incident to the performance
of its obligations hereunder which are not otherwise specifically provided for in this Section 3.12.1. The Representative may deduct
from the net proceeds of the Offering payable to the Company on the Closing Date, or the Option Closing Date, if any, the fees
and expenses set forth above to be paid by the Company to the Representative and others, as agreed to by the Company in writing;
<I>provided</I>, however that such fees and expenses deducted from the net proceeds of the Offering payable to the Company shall
not exceed $150,000 in the aggregate. If the Offering is not consummated for any reason whatsoever, except as a result of the Representative&rsquo;s
or any Underwriter&rsquo;s breach or default with respect to any of its obligations described in this Agreement, then the Company
shall reimburse the Representative in full for its out-of-pocket accountable expenses actually incurred by the Representative,
including, without limitation, its legal fees (less any amounts previously paid), up to an aggregate amount of $100,000. Additionally,
upon any such termination, the Representative shall return to the Company any portion of the amounts advanced towards the Underwriters&rsquo;
expenses (of which $75,000 has previously been paid (&ldquo;<B>Advance</B>&rdquo;)) in excess of the out-of-pocket accountable
expenses actually incurred by the Representative, including, without limitation, its legal fees.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.12.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fee
on Termination of Offering</U>. Notwithstanding anything contained herein to the contrary, upon termination of the Offering the
Company shall: (A) reimburse the Representative for, or otherwise pay and bear, the expenses and fees to be paid and borne by the
Company as provided for in Paragraph 3.12.1 above, as applicable, and (B) reimburse the Representative for the full amount of its
accountable out-of-pocket expenses actually incurred to such date (which shall include, but shall not be limited to, all fees and
disbursements of the Representative&rsquo;s counsel, travel, lodging and other &ldquo;road show&rdquo; expenses, mailing, printing
and reproduction expenses, and any expenses incurred by the Representative in conducting its due diligence, including background
checks of the Company&rsquo;s officers and directors), up to an aggregate amount of $100,000, less the amounts previously paid
and any amounts previously paid to the Representative in reimbursement for such expenses. If applicable, and solely in the event
of a termination of this Offering, the Representative shall refund to the Company any portion of the Advance previously received
by the Representative which is in excess of the accountable out-of-pocket expenses actually incurred to such date by the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application
of Net Proceeds</U>. The Company will apply the net proceeds from the Offering received by it in a manner consistent with the application
described under the caption &ldquo;Use of Proceeds&rdquo; in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Earnings Statements to Security Holders</U>. The Company will make generally available to its security holders as soon as practicable,
but not later than the first day of the fifteenth (15th) full calendar month following the Effective Date, an earnings statement
(which need not be certified by independent public or independent certified public accountants unless required by the Act or the
Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Act) covering a period of at least
twelve (12) consecutive months beginning after the Effective Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
to FINRA</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Combination</U>. In the event any person or entity (regardless of any FINRA affiliation or association) is engaged to assist the
Company in its search for a merger candidate or to provide any other merger and acquisition services, the Company will provide
the following to the FINRA and the Representative prior to the consummation of the Business Combination: (i) complete details of
all services and copies of agreements governing such services; and (ii) justification as to why the person or entity providing
the merger and acquisition services should not be considered an &ldquo;underwriter and related person&rdquo; (as such term is defined
in Rule 5110 of FINRA&rsquo;s Rules) with respect to the Offering. The Company also agrees that proper disclosure of such arrangement
or potential arrangement will be made in any proxy or tender offer statement which the Company files in connection with the Business
Combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.15.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Broker/Dealer</U>.
In the event the Company intends to register as a broker/dealer, merge with or acquire a registered broker/dealer, or otherwise
become a member of FINRA, it shall promptly notify FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stabilization</U>.
Neither the Company, nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative)
has taken or will take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected
to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Internal
Controls</U>. The Company will maintain a system of internal accounting controls sufficient to provide reasonable assurances that:
(i) transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii) transactions are recorded
as necessary in order to permit preparation of financial statements in accordance with generally accepted accounting principles
and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&rsquo;s general
or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accountants</U>.
For a period of five (5) years from the Effective Date or until such earlier time upon which the Company is required to be liquidated,
the Company shall retain Marcum or other independent public accountants reasonably acceptable to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form
8-K</U>. The Company shall, on the date hereof, retain its independent public accountants to audit the financial statements of
the Company as of the Closing Date (the &ldquo;<B>Audited Financial Statements</B>&rdquo;) reflecting the receipt by the Company
of the proceeds of the Offering and the Private Placement, as well as the proceeds from the exercise of the Over-Allotment if such
exercise has occurred on the date of the Prospectus. Within three (3) trading days of the Closing Date, the Company will file a
Current Report on Form 8-K with the Commission, which Report shall contain the Audited Financial Statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FINRA</U>.
The Company shall advise FINRA if it is aware that any 5% or greater shareholder of the Company becomes an affiliate or associated
person of a FINRA member participating in the distribution of the Company&rsquo;s Public Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Proceedings</U>. All corporate proceedings and other legal matters necessary to carry out the provisions of this Agreement and
the transactions contemplated hereby shall have been done to the reasonable satisfaction to counsel for the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company</U>. The Company shall cause the proceeds of the Offering to be held in the Trust Account to be invested only in &ldquo;government
securities&rdquo; with specific maturity dates or in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act as set forth in the Trust Agreement and disclosed in the Prospectus. The Company will otherwise
conduct its business in a manner so that it will not become subject to the Investment Company Act. Furthermore, once the Company
consummates a Business Combination, it will be engaged in a business other than that of investing, reinvesting, owning, holding
or trading securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Combination Announcement</U>. Within four (4) Business Days following the consummation by the Company of a Business Combination,
the Company shall cause an announcement (&ldquo;<B>Business Combination Announcement</B>&rdquo;) to be issued by a global press
release service announcing the consummation of the Business Combination and indicating that the Representative was one of the co-managing
underwriters in the Offering and also indicating the name and location of any other financial advisors engaged by the Company as
a merger and acquisitions advisor. The Company shall supply the Representative with a draft of the Business Combination Announcement
and provide the Representative with a reasonable advance opportunity to comment thereon. The Company will not issue the Business
Combination Announcement without the final approval of the Representative, which approval will not be unreasonably withheld.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Colorado
Trust Filing</U>. In the event the Securities are registered in the State of Colorado, the Company will cause a Colorado Form ES
to be filed with the Commissioner of the State of Colorado no less than ten (10) days prior to the distribution of the Trust Account
in connection with a Business Combination and will do all things necessary to comply with Section 11-51-302 and Rule 51-3.4 of
the Colorado Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Press
Releases</U>. The Company agrees that it will not issue press releases or engage in any other publicity, without Chardan&rsquo;s
prior written consent (not to be unreasonably withheld), for a period of forty-five (45) days after the Effective Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Prospectus</U>. &nbsp;The Company shall cause to be prepared and delivered to the Representative, at its expense, within one (1)
Business Day from the Effective Date, an Electronic Prospectus to be used by the Underwriters in connection with the Offering.
As used herein, the term &ldquo;<B>Electronic Prospectus</B>&rdquo; means a form of prospectus, and any amendment or supplement
thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Representative,
that may be transmitted electronically by the other Underwriters to offerees and purchasers of the Units for at least the period
during which a Prospectus relating to the Units is required to be delivered under the Act; (ii) it shall disclose the same information
as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be
disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with
a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in
or convertible into a paper format or an electronic format, satisfactory to the Representative, that will allow recipients thereof
to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than
any fee charged for subscription to the Internet as a whole and for on-line time). The Company hereby confirms that it has included
or will include in the Prospectus filed pursuant to EDGAR or otherwise with the Commission and in the Registration Statement at
the time it was declared effective an undertaking that, upon receipt of a request by an investor or his or her representative within
the period when a prospectus relating to the Units is required to be delivered under the Securities Act, the Company shall transmit
or cause to be transmitted promptly, without charge, a paper copy of the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Shares</U>. The Company will reserve and keep available that maximum number of its authorized but unissued securities which
are issuable upon exercise of the Warrants and the Representative&rsquo;s Purchase Option, Representative&rsquo;s Warrants and
the Placement Warrants outstanding from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Placement Proceeds</U>. Immediately upon establishment of the Trust Account and prior to the Closing, the Company shall deposit
all of the proceeds from the Private Placement in the Trust Account and shall provide the Representative with evidence of the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Amendment to Charter</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants and agrees it will not seek to amend or modify Article SIXTH of its Amended and Restated Certificate of Incorporation
without the prior approval of its Board of Directors and the affirmative vote of at least 65% of the voting power of the shares
of Common Stock that were issued in the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company acknowledges that the purchasers of the Firm Units and Option Units in this Offering shall be deemed to be third party
beneficiaries of this Section 3.29.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative and the Company specifically agree that this Section 3.29 shall not be modified or amended in any way without the
approval of at least 65% of the voting power of the shares of Common Stock that were issued in the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Printer</U>. The Company shall retain a financial printer, reasonably acceptable to the Representative, for the purpose of facilitating
the Company&rsquo;s EDGAR filings and the printing of the Preliminary Prospectus and Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing
on the Nasdaq Capital Market</U>. The Company will use commercially reasonable efforts to maintain the listing of the Public Securities
on the Nasdaq Capital Market or another national securities exchange until the earlier of five (5) years from the Effective Date
or until the Public Securities are no longer registered under the Exchange Act.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Deferred Underwriting Commission on Business Combination</U>. Upon the consummation of a Business Combination, the Company agrees
that it will cause the Trustee to pay the Deferred Underwriting Commission directly from the Trust Account to Chardan, in accordance
with Section 1.3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Warrant
Solicitation Fee</U>. The Company hereby engages Chardan, on a non-exclusive basis, as its agent for the solicitation of the exercise
of the Warrants. The Company will (i) reasonably assist Chardan with respect to such solicitation, if requested by Chardan, and
(ii) at Chardan&rsquo;s request, provide Chardan, and direct the Company&rsquo;s transfer and warrant agent to provide to Chardan,
at the Company&rsquo;s cost, lists of the record and, to the extent known, beneficial owners of, the Warrants. Commencing on the
later of thirty days after the consummation of a Business Combination and twelve (12) months after the consummation of the Offering,
the Company will pay Chardan a commission of five percent (5%) of the exercise price of the each Warrant exercised during the period
commencing on the later of thirty days after the consummation of a Business Combination and twelve (12) months after the consummation
of the Offering, including Warrants acquired by security holders in the open market, but excluding Warrants exercised during the
30-day period following notice of a proposed redemption. Notwithstanding the foregoing, Chardan shall only receive a fee specified
in this Section 3.33 if permitted under FINRA rules and regulations and only to the extent that an investor who exercises Warrants
indicates in writing that Chardan solicited the exercise. Chardan may engage sub-agents in its solicitation efforts. The Company
agrees to disclose the arrangement to pay such solicitation fees to Chardan in any prospectus used by the Company in connection
with the registration of the shares of Common Stock underlying the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligations of the several Underwriters to purchase and pay for the Units, as provided
herein, shall be subject to the continuing accuracy of the representations and warranties of the Company as of the date hereof
and as of each of the Closing Date and the Option Closing Date, if any, to the accuracy of the statements of officers of the Company
made pursuant to the provisions hereof and to the performance by the Company of its obligations hereunder and to the following
conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulatory
Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness
of Registration Statement</U>. The Registration Statement shall have become effective not later than 5:00 P.M., New York time,
on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative, and, at each
of the Closing Date and the Option Closing Date, no stop order suspending the effectiveness of the Registration Statement shall
have been issued and no proceedings for the purpose shall have been instituted or shall be pending or contemplated by the Commission
and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction
of McDermott Will &amp; Emery LLP (&ldquo;<B>McDermott</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FINRA
Clearance</U>. By the Effective Date, the Representative shall have received clearance from the FINRA as to the amount of compensation
allowable or payable to the Underwriters as described in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Commission Stop Order</U>. At each of the Closing Date and the Option Closing Date, the Commission has not issued any order or
threatened to issue any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus or any part thereof,
and has not instituted or threatened to institute any proceedings with respect to such an order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Blue Sky Stop Orders</U>. No order suspending the sale of the Units in any jurisdiction designated by the Representative pursuant
to Section 3.3 hereof shall have been issued on either the Closing Date or the Option Closing Date, and no proceedings for that
purpose shall have been instituted or shall be contemplated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Nasdaq Capital Market</U>. By the Effective Date, the Securities shall have been approved for trading on the Nasdaq Capital Market.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Counsel Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Closing Date Opinion of Counsel</U>. On the Closing Date, the Representative shall have received the favorable opinion of Loeb
&amp; Loeb LLP (&ldquo;<B>Loeb</B>&rdquo;), counsel to the Company, dated the Closing Date, addressed to the Representative and
the other Underwriters and in form and substance reasonably satisfactory to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The opinion of counsel shall
further include a statement to the effect that such counsel has participated in conferences with officers and other representatives
of the Company, representatives of the independent public accountants for the Company and representatives of the Underwriters at
which the contents of the Registration Statement, final Preliminary Prospectus, the Prospectus and related matters were discussed
and although such counsel is not passing upon and does not assume any responsibility for the accuracy, completeness or fairness
of the statements contained in the Registration Statement, final Preliminary Prospectus and the Prospectus (except as otherwise
set forth in such opinion), no facts have come to the attention of such counsel which lead them to believe that either the Registration
Statement, final Preliminary Prospectus or the Prospectus or any amendment or supplement thereto, as of the date of such opinion
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood that
such counsel need express no opinion with respect to the financial statements and related notes and schedules and other financial
and statistical data included in the Registration Statement, final Preliminary Prospectus or the Prospectus). The opinion of counsel
shall state that such counsel is not opining as to the Placement Securities with respect to any rights to rescind or the effect
any exercise of such rights will have on any other securities of the Company or on the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Closing Date Opinion of Counsel</U>. On each Option Closing Date, if any, the Representative shall have received the favorable
opinion of Loeb, dated each Option Closing Date, addressed to the Representative and in form and substance reasonably satisfactory
to counsel to the Representative, confirming as of each Option Closing Date, the statements made by Loeb in its opinion delivered
on the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance</U>.
In rendering such opinion, such counsel may rely: (i) as to matters involving the application of laws other than the laws of the
United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified
in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Representative) of
other counsel reasonably acceptable to the Representative, familiar with the applicable laws; and (ii) as to matters of fact, to
the extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments
of various jurisdictions having custody of documents respecting the corporate existence or good standing of the Company, provided
that copies of any such statements or certificates shall be delivered to the Underwriters&rsquo; counsel if requested. The opinion
of counsel for the Company and any opinion relied upon by such counsel for the Company shall include a statement to the effect
that it may be relied upon by counsel for the Underwriters in its opinion delivered to the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cold
Comfort Letter</U>. At the time this Agreement is executed, and at each of the Closing Date and the Option Closing Date, if any,
the Representative shall have received a letter, addressed to the Representative and in form and substance satisfactory in all
respects (including the nature of the changes or decreases, if any, referred to in clause (iii) below) to the Representative from
Marcum dated, respectively, as of the date of this Agreement and as of the Closing Date and the Option Closing Date, if any:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confirming
that they are an independent registered public accounting firm with respect to the Company within the meaning of the Act and the
applicable Regulations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stating
that in their opinion the financial statements of the Company included in the Registration Statement, the Preliminary Prospectus
and the Prospectus comply as to form in all material respects with the applicable accounting requirements of the Act and the Regulations
thereunder;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stating
that, on the basis of limited procedures which included a reading of the latest available minutes of the shareholders and board
of directors and the various committees of the board of directors, consultations with officers and other employees of the Company
responsible for financial and accounting matters and other specified procedures and inquiries, nothing has come to their attention
which would lead them to believe that: (a) at a date not later than five (5) days prior to the Effective Date, Closing Date or
Option Closing Date, as the case may be, there was any change in the capital stock or long-term debt of the Company, or any decrease
in the shareholders&rsquo; equity of the Company as compared with amounts shown in the December 31, 2017 balance sheet included
in the Registration Statement, the Preliminary Prospectus and the Prospectus, other than as set forth in or contemplated by the
Registration Statement, the Preliminary Prospectus and the Prospectus, or, if there was any decrease, setting forth the amount
of such decrease; and (c) during the period from December 31, 2017 (balance sheet date) to a specified date not later than five
(5) days prior to the Effective Date, Closing Date or Option Closing Date, as the case may be, there was any decrease in net earnings
or net earnings per share of Common Stock, in each case as compared with the Statement of Operations for the period from March
17, 2016 (inception) to December 31, 2017 included in the Registration Statement and the Prospectus, or, if there was any such
decrease, setting forth the amount of such decrease;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stating
they have compared specific dollar amounts, numbers of shares, percentages of earnings, statements and other financial information
pertaining to the Company set forth in the Registration Statement, the Preliminary Prospectus and the Prospectus in each case to
the extent that such amounts, numbers, percentages, statements and information may be derived from the general accounting records,
including work sheets, of the Company and excluding any questions requiring an interpretation by legal counsel, with the results
obtained from the application of specified readings, inquiries and other appropriate procedures (which procedures do not constitute
an examination in accordance with the standards of the PCAOB) set forth in the letter and found them to be in agreement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements
as to such other matters incident to the transaction contemplated hereby as the Representative may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers&rsquo;
Certificates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers&rsquo;
Certificate</U>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate
of the Company signed by the Chief Executive Officer or the President and the Secretary or Assistant Secretary of the Company,
dated the Closing Date or the Option Closing Date, as the case may be, respectively, to the effect that the Company has performed
all covenants and complied with all conditions required by this Agreement to be performed or complied with by the Company prior
to and as of the Closing Date, or the Option Closing Date, as the case may be, and that the conditions set forth in Section 4.5
hereof have been satisfied as of such date and that, as of Closing Date and the Option Closing Date, as the case may be, the representations
and warranties of the Company set forth in Section 2 hereof are true and correct. In addition, the Representative will have received
such other and further certificates of officers of the Company as the Representative may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary&rsquo;s
Certificate</U>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate
of the Company signed by the Secretary or Assistant Secretary of the Company, dated the Closing Date or the Option Closing Date,
as the case may be, certifying: (i) that the Amended and Restated Certificate of Incorporation and Bylaws of the Company are true
and complete, have not been modified and are in full force and effect; (ii) that the resolutions relating to the Offering are in
full force and effect and have not been modified; (iii) all correspondence between the Company or its counsel and the Commission;
(iv) all correspondence between the Company or its counsel and the Nasdaq Stock Market; and (v) as to the incumbency of the officers
of the Company. The documents referred to in such certificate shall be attached to such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Changes</U>. Prior to and on each of the Closing Date and the Option Closing Date, if any: (i) there shall have been no
material adverse change or development that is likely to result in a material adverse change in the condition or prospects or the
business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the
Registration Statement and Prospectus; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened
against the Company or any Initial Shareholder before or by any court or federal or state commission, board or other administrative
agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business, operations, prospects or
financial condition or income of the Company, except as set forth in the Registration Statement, the Preliminary Prospectus and
Prospectus; (iii) no stop order shall have been issued under the Act and no proceedings therefor shall have been initiated or threatened
by the Commission; and (iv) the Registration Statement, the Preliminary Prospectus and the Prospectus and any amendments or supplements
thereto shall contain all material statements which are required to be stated therein in accordance with the Act and the Regulations
and shall conform in all material respects to the requirements of the Act and the Regulations, and neither the Registration Statement,
the Preliminary Prospectus nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case
of the Prospectus, in light of the circumstances under which they were made), not misleading.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Agreements</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date Deliveries</U>. On the Effective Date, the Company shall have delivered to the Representative executed copies of the Escrow
Agreement, the Trust Agreement, the Warrant Agreement, the Services Agreement, all of the Insider Letters, the Subscription Agreements
and the Registration Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Date Deliveries</U>. On the Closing Date, the Company shall have delivered to the Representative and their designees executed copies
of the Representative&rsquo;s Purchase Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
of Underwriters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless each of the Underwriters and each
dealer selected by the Representative that participates in the offer and sale of the Units (each a &ldquo;<B>Selected Dealer</B>&rdquo;)
and each of their respective directors, officers and employees and each person, if any, who controls any such Underwriter (&ldquo;<B>Controlling
Person</B>&rdquo;) within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against any and all loss,
liability, claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred
in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether arising
out of any action between any of the Underwriters and the Company or between any of the Underwriters and any third party or otherwise)
to which they or any of them may become subject under the Act, the Exchange Act or any other federal, state or local statute, law,
rule, regulation or ordinance or at common law or otherwise or under the laws, rules and regulation of foreign countries, arising
out of or based upon any untrue statement or alleged untrue statement of a material fact contained in: (i) any Preliminary Prospectus,
the Registration Statement, or the Prospectus (as from time to time each may be amended and supplemented); (ii) in any post-effective
amendment or amendments or any new registration statement and prospectus in which is included securities of the Company issued
or issuable upon exercise of the Representative&rsquo;s Purchase Option; or (iii) any application or other document or written
communication (in this Section 5, collectively called &ldquo;<B>Application</B>&rdquo;) executed by the Company or based upon written
information furnished by the Company in any jurisdiction in order to qualify the Units under the securities laws thereof or filed
with the Commission, any state securities commission or agency, the Nasdaq Stock Market or any securities exchange; or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance
upon and in conformity with written information furnished to the Company with respect to an Underwriter by or on behalf of such
Underwriter expressly for use in any Preliminary Prospectus, the Registration Statement, or the Prospectus, or any amendment or
supplement thereof. With respect to any untrue statement or omission or alleged untrue statement or omission made in the Preliminary
Prospectus, the indemnity agreement contained in this paragraph shall not inure to the benefit of any Underwriter to the extent
that any loss, liability, claim, damage or expense of such Underwriter results from the fact that a copy of the Prospectus was
not given or sent to the person asserting any such loss, liability, claim or damage at or prior to the written confirmation of
sale of the Securities to such person as required by the Act and the Regulations, and if the untrue statement or omission has been
corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance by the Company with its
obligations under Section 3.4 hereof. The Company agrees to promptly notify the Representative of the commencement of any litigation
or proceedings against the Company or any of its officers, directors or Controlling Persons in connection with the issue and sale
of the Securities or in connection with the Preliminary Prospectus, the Registration Statement, or the Prospectus. For purposes
of this Section 5, the term Underwriter or Underwriters shall refer to each Underwriter whether acting as an underwriter or as
a qualified independent underwriter.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure</U>.
If any action is brought against an Underwriter or Controlling Person in respect of which indemnity may be sought against the Company
pursuant to Section 5.1.1, such Underwriter shall promptly notify the Company in writing of the institution of such action and
the Company shall assume the defense of such action, including the employment and fees of counsel (subject to the reasonable approval
of such Underwriter) and payment of actual expenses. Such Underwriter or Controlling Person shall have the right to employ its
or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter or
such Controlling Person unless: (i) the employment of such counsel at the expense of the Company shall have been authorized in
writing by the Company in connection with the defense of such action; (ii) the Company shall not have employed counsel to have
charge of the defense of such action; or (iii) such indemnified party or parties shall have reasonably concluded that there may
be defenses available to it or them which are different from or additional to those available to the Company (in which case the
Company shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of
which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Underwriter and/or
Controlling Person shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if the Underwriter
or Controlling Person shall assume the defense of such action as provided above, the Company shall have the right to approve the
terms of any settlement of such action which approval shall not be unreasonably withheld.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
of the Company</U>. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, its directors,
officers and employees and agents who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the
several Underwriters, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions
made in any Preliminary Prospectus, the Registration Statement, or the Prospectus, or any amendment or supplement thereto, or in
any Application, in reliance upon, and in strict conformity with, written information furnished to the Company with respect to
such Underwriter by or on behalf of the Underwriter expressly for use in such Preliminary Prospectus, the Registration Statement,
or the Prospectus, or any amendment or supplement thereto or in any such Application, which furnished written information, it is
expressly agreed, consists solely of the information described in the last sentence of Section 2.3.1. In case any action shall
be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement,
or the Prospectus, or any amendment or supplement thereto or any Application, and in respect of which indemnity may be sought against
any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the Company and each other person
so indemnified shall have the rights and duties given to the several Underwriters by the provisions of Section 5.1.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution
Rights</U>. In order to provide for just and equitable contribution under the Act in any case in which: (i) any person entitled
to indemnification under this Section 5 makes claim for indemnification pursuant hereto but it is judicially determined (by the
entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of
the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section
5 provides for indemnification in such case; or (ii) contribution under the Act, the Exchange Act or otherwise may be required
on the part of any such person in circumstances for which indemnification is provided under this Section 5, then, and in each such
case, the Company and the Underwriters shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the
nature contemplated by said indemnity agreement incurred by the Company and the Underwriters, as incurred, in such proportions
that the Underwriters are responsible for that portion represented by the percentage that the underwriting discount appearing on
the cover page of the Prospectus bears to the initial offering price appearing thereon and the Company is responsible for the balance;
<I>provided</I>, that, no person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding the provisions
of this Section 5.3.1, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price
at which the Public Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages that such Underwriter has otherwise been required to pay in respect of such losses, liabilities, claims, damages and
expenses. For purposes of this Section, each director, officer and employee of an Underwriter or the Company, as applicable, and
each person, if any, who controls an Underwriter or the Company, as applicable, within the meaning of Section 15 of the Act shall
have the same rights to contribution as the Underwriters or the Company, as applicable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution
Procedure</U>. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement
of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another
party (&ldquo;<B>Contributing Party</B>&rdquo;), notify the Contributing Party of the commencement thereof, but the omission to
so notify the Contributing Party will not relieve it from any liability which it may have to any other party other than for contribution
hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a Contributing Party
or its representative of the commencement thereof within the aforesaid fifteen (15) days, the Contributing Party will be entitled
to participate therein with the notifying party and any other Contributing Party similarly notified. Any such Contributing Party
shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding effected
by such party seeking contribution on account of any settlement of any claim, action or proceeding effected by such party seeking
contribution without the written consent of such Contributing Party. The contribution provisions contained in this Section are
intended to supersede, to the extent permitted by law, any right to contribution under the Act, the Exchange Act or otherwise available.
The Underwriters&rsquo; obligations to contribute pursuant to this Section 5.3 are several and not joint.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Default
Not Exceeding 10% of Firm Units or Option Units</U>. If any Underwriter or Underwriters shall default in its or their obligations
to purchase the Firm Units or the Option Units, if the Over-allotment Option is exercised, hereunder, and if the number of the
Firm Units or Option Units with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm
Units or Option Units that all Underwriters have agreed to purchase hereunder, then such Firm Units or Option Units to which the
default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Default
Exceeding 10% of Firm Units or Option Units</U>. In the event that the default addressed in Section 6.1 above relates to more than
10% of the Firm Units or Option Units, the Representative may in its discretion arrange for itself or for another party or parties
to purchase such Firm Units or Option Units to which such default relates on the terms contained herein. If, within one (1) Business
Day after such default relating to more than 10% of the Firm Units or Option Units, the Representative does not arrange for the
purchase of such Firm Units or Option Units, then the Company shall be entitled to a further period of one (1) Business Day within
which to procure another party or parties satisfactory to the Company and the Representative to purchase said Firm Units or Option
Units on such terms. In the event the Representative does not arrange for the purchase of the Firm Units or Option Units to which
a default relates as provided in this Section 6, this Agreement may be terminated by the Company without liability on the part
of the Company (except as provided in Sections 3.12 and 5 hereof) or the several Underwriters (except as provided in Section 5
hereof); <I>provided</I>, <I>however</I>, that if such default occurs with respect to the Option Units, this Agreement will not
terminate as to the Firm Units; and <I>provided further</I> that nothing herein shall relieve a defaulting Underwriter of its liability,
if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Postponement
of Closing Date</U>. In the event the Firm Units or Option Units to which the default relates are to be purchased by the non-defaulting
Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the
right to postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event exceeding five (5) Business
Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Preliminary Prospectus
and/or the Prospectus, as the case may be, or in any other documents and arrangements, and the Company agrees to file promptly
any amendment to, or to supplement, the Registration Statement, the Preliminary Prospectus and/or the Prospectus, as the case may
be, that in the opinion of counsel for the Underwriters may thereby be made necessary. The term &ldquo;Underwriter&rdquo; as used
in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party
to this Agreement with respect to such Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Covenants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Shares or Options</U>. The Company hereby agrees that until the Company consummates a Business Combination, it shall not issue
any shares of Common Stock or any options or other securities convertible into Common Stock, or any shares of Preferred Stock which
participate in any manner in the Trust Account or which vote as a class with the Common Stock on a Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account Waiver Acknowledgments</U>. The Company hereby agrees that it will not commence its due diligence investigation of any
operating business or businesses which the Company seeks to acquire (each, a &ldquo;<B>Target Business</B>&rdquo;) unless and until
such Target Business acknowledges in writing, whether through a letter of intent, memorandum of understanding or other similar
document (and subsequently acknowledges the same in any definitive document replacing any of the foregoing), that: (i) it has read
the Prospectus and understands that the Company has established the Trust Account, initially in an amount of $178,500,000 (or $205,275,000
if the over-allotment option is exercised in full) for the benefit of the Public Shareholders, and that (ii) for and in consideration
of the Company agreeing to evaluate such Target Business for purposes of consummating a Business Combination with it, such Target
Business agrees that it does not have any right, title, interest or claim of any kind in or to any monies of the Trust Account
(&ldquo;<B>Claim</B>&rdquo;) and waives any Claim it may have in the future as a result of, or arising out of, any negotiations,
contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The Company
further agrees that it will use its best efforts, prior to obtaining the services of any vendor, to obtain a written acknowledgment
from such vendor, whether through a letter of intent, memorandum of understanding or other similar document (and subsequently acknowledges
the same in any definitive document replacing any of the foregoing), that: (i) such vendor has read the Prospectus and understands
that the Company has established the Trust Account, initially in an amount of $178,500,000 (or $205,275,000 if the over-allotment
option is exercised in full) for the benefit of the Public Shareholders, and that (ii) for and in consideration of the Company
agreeing to engage the services of the vendor, such vendor agrees that it does not have any Claim and waives any Claim it may have
in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse
against the Trust Account for any reason whatsoever. The foregoing letters shall substantially be in the form attached hereto as
<U>Exhibit A</U> and <U>B</U>, respectively. Furthermore, each officer and director of the Company shall execute a waiver letter
in the form attached hereto as <U>Exhibit C</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insider
Letters</U>. The Company shall not take any action or omit to take any action which would cause a breach of any of the Insider
Letters executed between each Initial Shareholder and the Company or the Subscription Agreements and will not allow any amendments
to, or waivers of, such Insider Letters or the Subscription Agreements without the prior written consent of the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amended
and Restated Certificate of Incorporation</U>. The Company shall not take any action or omit to take any action that would cause
the Company to be in breach or violation of its Amended and Restated Certificate of Incorporation. Except as provided in Section
3.29, prior to the consummation of a Business Combination, the Company will not amend its Amended and Restated Certificate of Incorporation,
without the prior written consent of the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tender
Offer Documents, Proxy Materials and Other Information</U>. The Company shall provide counsel to the Representative with copies
of all tender offer documents or proxy information and all related material filed with the Commission in connection with a Business
Combination concurrently with such filing with the Commission. In addition, the Company shall furnish any other state in which
the Offering was registered, such information as may be requested by such state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acquisition/Liquidation
Procedure</U>. The Company agrees that it will comply with Article SIXTH of its Amended and Restated Certificate of Incorporation
in connection with the consummation of a Business Combination or the failure to consummate a Business Combination within eighteen
(18) months from the Effective Date (subject to extension for an additional three (3) month period, as described in the Prospectus).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule
419</U>. The Company agrees that it will use its best efforts to prevent the Company from becoming subject to Rule 419 under the
Act prior to the consummation of any Business Combination, including, but not limited to, using its best efforts to prevent any
of the Company&rsquo;s outstanding securities from being deemed to be a &ldquo;penny stock&rdquo; as defined in Rule 3a-51-1 under
the Exchange Act during such period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Presentation
of Potential Target Businesses</U>. The Company shall cause each of the Initial Shareholders to agree that, in order to minimize
potential conflicts of interest which may arise from multiple affiliations, the Initial Shareholders will present to the Company
for its consideration, prior to presentation to any other person or company, any suitable opportunity to acquire an operating business,
until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to any
pre-existing fiduciary obligations the Initial Shareholders might have.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
of Participation</U>. The Company agrees that if the Firm Units are sold in accordance with the terms of this Underwriting Agreement,
and for a period of eighteen (18) months from the closing of a Business Combination, the Company shall use its best efforts to
grant Chardan the right of participation to act as a co-manager with at least 33% of the economics for any and all future public
and private equity and debt offerings during such eighteen (18) month period of the Company, or any successor to or any subsidiary
of the Company. The Company and any such subsidiary or successor will use its best efforts to offer the Representative the opportunity
to purchase or sell any securities in such a proposed financing on terms not more favorable to the Company or any such subsidiary
or successor, as the case may be, than it or they can secure elsewhere. If the Representative fails to accept such offer within
ten (10) Business Days after the mailing of a notice containing the material terms of the proposed financing by registered mail
or overnight courier service addressed to the Representative, then the Representative shall have no further claim or right with
respect to the financing proposal contained in such notice. If, however, the terms of such financing proposal are subsequently
modified in any material respect, the preferential right referred to herein shall apply to such modified proposal as if the original
proposal had not been made. The Representative&rsquo;s failure to exercise its preferential right with respect to any particular
proposal shall not affect its preferential rights relative to future proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Agreements to Survive Delivery</U>. Except as the context otherwise requires, all representations, warranties and agreements
contained in this Agreement shall be deemed to be representations, warranties and agreements at the Closing Date or the Option
Closing Date, if any, and such representations, warranties and agreements of the Underwriters and the Company, including the indemnity
agreements contained in Section 5 hereof, shall remain operative and in full force and effect regardless of any investigation made
by or on behalf of any Underwriter, the Company or any Controlling Person, and shall survive termination of this Agreement or the
issuance and delivery of the Securities to the several Underwriters until the earlier of the expiration of any applicable statute
of limitations and the seventh anniversary of the later of the Closing Date or the Option Closing Date, if any, at which time the
representations, warranties and agreements shall terminate and be of no further force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date of This Agreement and Termination Thereof</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date</U>. This Agreement shall become effective on the Effective Date at the time the Registration Statement is declared effective
by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date: (i) if any domestic
or international event or act or occurrence has materially disrupted, or in the Representative&rsquo;s opinion will in the immediate
future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange,
the American Stock Exchange, the Nasdaq Stock Market or on the OTC Bulletin Board (or successor trading market) shall have been
suspended, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have
been fixed, or maximum ranges for prices for securities shall have been required on the OTC Bulletin Board or by order of the Commission
or any other government authority having jurisdiction; or (iii) if the United States, Russia or any Eastern European country shall
have become involved in a war or an initiation or increase in major hostilities, or (iv) if a banking moratorium has been declared
by a New York State or federal authority, or (v) if a moratorium on foreign exchange trading has been declared which materially
adversely impacts the United States securities markets; or (vi) if the Company shall have sustained a material loss by fire, flood,
accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have
been insured, will, in the Representative&rsquo;s opinion, make it inadvisable to proceed with the delivery of the Units; or (vii)
if any of the Company&rsquo;s representations, warranties or covenants hereunder are breached; or (viii) if the Representative
shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company,
or such material adverse change in general market conditions, including, without limitation, as a result of terrorist activities
after the date hereof, as in the Representative&rsquo;s judgment would make it impracticable to proceed with the offering, sale
and/or delivery of the Units or to enforce contracts made by the Underwriters for the sale of the Units.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
In the event this Agreement shall not be carried out for any reason whatsoever, except as a result of the Representative&rsquo;s
or any underwriters&rsquo; breach or default with respect to any of its material obligations pursuant to this Agreement, within
the time specified herein or any extensions thereof pursuant to the terms herein, the obligations of the Company to pay the out-of-pocket
expenses actually incurred by the Representative related to the transactions contemplated herein shall be governed by Section 3.12
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.
Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement,
and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall not be in any way effected by such
election or termination or failure to carry out the terms of this Agreement or any part hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed, delivered
by hand or reputable overnight courier or delivered by facsimile transmission (with printed confirmation of receipt) and confirmed
and shall be deemed given when so mailed, delivered or faxed (or if mailed, two (2) days after such mailing):</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">17 State Street,
Suite 1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">New York, New
York 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Attn.: George Kaufman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">Fax: (646) 465-9039</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">Copy to (which copy shall not be
deemed to constitute notice to the Representative):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">McDermott Will &amp; Emery
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">340 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">New York, NY 10173</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Attn: Robert H. Cohen, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Fax: (212) 547-5444</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">77 Water St, Fl 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">Telephone: (646) 229-7549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">Attn: Vadim Komissarov, President
and Chief Financial Officer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">Copy to (which copy shall not be
deemed to constitute notice to the Company):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">345 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">New York, New York 10154</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Attn: Mitchell S. Nussbaum,
Esq. and Giovanni Caruso, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">Fax: (212) 407-4000</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>.
This Agreement may only be amended by a written instrument executed by each of the parties hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with
this Agreement) constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and
supersede all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding
Effect</U>. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters,
the Company and the Controlling Persons, directors and officers referred to in Section 5 hereof, and their respective successors,
legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy
or claim under or in respect of or by virtue of this Agreement or any provisions herein contained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law, Venue, etc</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">10.6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to the conflict of laws principles thereof. Each of the Representative and the Company (and any individual signatory hereto):
(i) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement and/or the transactions contemplated
hereby shall be instituted exclusively in New York Supreme Court, County of New York, or in the United States District Court for
the Southern District of New York; (ii) waives any objection which such party may have or hereafter have to the venue of any such
suit, action or proceeding; and (iii) irrevocably and exclusively consents to the jurisdiction of the New York Supreme Court, County
of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">10.6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Representative and the Company (and any individual signatory hereto) further agrees to accept and acknowledge service of
any and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County of New York,
or in the United States District Court for the Southern District of New York and agrees that service of process upon the Company
or any such individual mailed by certified mail to the Company&rsquo;s address shall be deemed in every respect effective service
of process upon the Company or any such individual in any such suit, action or proceeding, and service of process upon the Representative
mailed by certified mail to the Representative&rsquo;s addresses shall be deemed in every respect effective service process upon
the Representative, in any such suit, action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">10.6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS EQUITY HOLDERS AND CREDITORS) HEREBY
WAIVES ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT AND THE PROSPECTUS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">10.6.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of
its reasonable attorneys&rsquo; fees and expenses relating to such action or proceeding and/or incurred in connection with the
preparation therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
in Counterparts</U>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by fax or email/.pdf transmission shall
constitute valid and sufficient delivery thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver,
Etc</U>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed
or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof
or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance
or non-fulfillment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fiduciary Relationship</U>. The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection
with the Offering. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created
solely by this Agreement entered into on an arm&rsquo;s length basis and in no event do the parties intend that the Underwriters
act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection
with any activity that the Underwriters may undertake or have undertaken in furtherance of the Offering, either before or after
the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection
with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms
its understanding and agreement to that effect. The Company and the Underwriters agree that they are each responsible for making
their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters
to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market
for the Company&rsquo;s securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases,
to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach
or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement
or any matters leading up to such transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]</I></B>&nbsp;</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">If the foregoing correctly
sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that
purpose, whereupon this letter shall constitute a binding agreement between us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Trident Acquisitions Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-size: 10pt">Vadim Komissarov </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; 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 COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Agreed to and accepted on the date first above written.</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Chardan Capital Markets, LLC, as Representative of the several Underwriters</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 39%"><FONT STYLE="font-size: 10pt">&nbsp;Jonas Grossman</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;President</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TRIDENT
ACQUISITIONS CORP.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>17,500,000 Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Underwriter</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of Firm Units </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to be Purchased</B></P></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Chardan Capital Markets, LLC</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">I-Bankers Securities, Inc. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">[__________]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">TOTAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17,500,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">77 Water St, Fl 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Telephone: 646 (229)-7549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: Vadim Komissarov, President and Chief Financial Officer</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is made to the
Final Prospectus of Trident Acquisitions Corp., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), dated May [____], 2018
(the &ldquo;<B>Prospectus</B>&rdquo;). Capitalized terms used and not otherwise defined herein shall have the meanings assigned
to them in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have read the Prospectus
and understand that the Company has established a &ldquo;trust account&rdquo;, initially in an amount of $178,500,000 (or $205,275,000
if the over-allotment option was exercised in full) for the benefit of the &ldquo;public shareholders&rdquo; and the underwriters
of the Company&rsquo;s initial public offering (the &ldquo;<B>Underwriters</B>&rdquo;) and that, except for (i) interest earned
on the trust account that may be released to the Company to pay any taxes it incurs, and (ii) interest earned by the trust account
that may be released to the Company from time to time to fund the Company&rsquo;s working capital and general corporate requirements,
proceeds in the trust account will not be released until (a) the consummation of a Business Combination, or (b) the dissolution
and liquidation of the Company if it is unable to consummate a Business Combination within the allotted time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For and in consideration
of the Company agreeing to evaluate the undersigned for purposes of consummating a business combination or other form of acquisition
with it, the undersigned hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies
in the trust account (the &ldquo;<B>Claim</B>&rdquo;) and hereby waives any Claim it may have in the future as a result of, or
arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the trust account
for any reason whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Print Name of Target Business</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 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Signature of Target Business</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">77 Water St, Fl 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Telephone: 646 (229)-7549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: Vadim Komissarov, President and Chief Financial Officer&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is made to the
Final Prospectus of Trident Acquisitions Corp., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), dated May [_____], 2018
(the &ldquo;<B>Prospectus</B>&rdquo;). Capitalized terms used and not otherwise defined herein shall have the meanings assigned
to them in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have read the Prospectus
and understand that the Company has established a &ldquo;trust account&rdquo;, initially in an amount of $178,500,000 (or $205,275,000
if the over-allotment option was exercised in full) for the benefit of the &ldquo;public shareholders&rdquo; and the underwriters
of the Company&rsquo;s initial public offering (the &ldquo;<B>Underwriters</B>&rdquo;) and that, except for (i) interest earned
on the trust account that may be released to the Company to pay any taxes it incurs, and (ii) interest earned by the trust account
that may be released to the Company from time to time to fund the Company&rsquo;s working capital and general corporate requirements,
proceeds in the trust account will not be released until (a) the consummation of a Business Combination, or (b) the dissolution
and liquidation of the Company if it is unable to consummate a Business Combination within the allotted time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For and in consideration
of the Company agreeing to use the products or services of the undersigned, the undersigned hereby agrees that it does not have
any right, title, interest or claim of any kind in or to any monies in the trust account (the &ldquo;<B>Claim</B>&rdquo;) and
hereby waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements
with the Company and will not seek recourse against the trust account for any reason whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Print Name of Vendor</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 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Signature of Vendor</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">77 Water St, Fl 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Telephone: 646 (229)-7549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: Vadim Komissarov, President and Chief Financial Officer&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned officer
or director of Trident Acquisitions Corp., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;) hereby acknowledges that the
Company has established the &ldquo;trust account&rdquo;, initially in an amount of $178,500,000 (or $205,275,000 if the over-allotment
option was exercised in full) for the benefit of the &ldquo;public shareholders&rdquo; and the underwriters of the Company&rsquo;s
initial public offering (the &ldquo;<B>Underwriters</B>&rdquo;) and that, except for (i) interest earned on the trust account that
may be released to the Company to pay any taxes it incurs, and (ii) interest earned by the trust account that may be released to
the Company from time to time to fund the Company&rsquo;s working capital and general corporate requirements, proceeds in the trust
account will not be released until (a) the consummation of a Business Combination, or (b) the dissolution and liquidation of the
Company if it is unable to consummate a Business Combination within the allotted time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the trust account (the &ldquo;<B>Claim</B>&rdquo;)
and hereby waives any Claim it may have in the future as a result of, or arising out of, any contracts or agreements with the Company
and will not seek recourse against the trust account for any reason whatsoever.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
such waiver shall not apply to any shares acquired by the undersigned in the public market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Print Name of Officer/Director</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 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Signature of Officer/Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>s110321_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 3.1</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TRIDENT
ACQUISITIONS CORP.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>THE UNDERSIGNED</B>, for
the purpose of incorporating and organizing a corporation under the General Corporation Law of the State of Delaware, does hereby
execute this Certificate of Incorporation and does hereby certify as follows:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>FIRST</B></FONT>:
The name of the corporation is Trident Acquisitions Corp. (hereinafter called the &quot;Corporation&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>SECOND</B></FONT>:
The registered office of the Corporation is to be located at 874 Walker Road, Suite C, in the City of Dover, County of Kent, State
of Delaware 19904. The name of its registered agent at that address is United Corporate Services, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>THIRD</B></FONT>:
The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General
Corporation Law of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>FOURTH</B></FONT>:
The name and mailing address of the incorporator is: Jaszick Maldonado, c/o Loeb &amp; Loeb LLP, 345 Park Avenue, New York NY 10154.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>FIFTH</B></FONT>:
The total number of shares which the Corporation shall have authority to issue is five million (5,000,000) shares of common stock,
$0.001 par value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>SIXTH</B>: A Director
of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty
as a Director of the Corporation, except to the extent that exculpation from liability is not permitted under the General Corporation
Law of the State of Delaware as in effect at the time such liability is determined. No amendment or repeal of this paragraph shall
apply to or have any effect on the liability or alleged liability of any Director of the Corporation for or with respect to any
acts or omissions of such Director occurring prior to such amendment or repeal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>SEVENTH</B>: In furtherance
and not in imitation of the powers conferred by statute, the Board of Directors of the Corporation is expressly authorized to make,
alter or repeal the By-Laws of the Corporation; provided, however, that no By-Laws hereafter adopted by the Board of Directors
or stockholders shall invalidate any prior act of the Directors which would have been valid if such By-Laws had not been adopted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>EIGHTH</B>: The Corporation
shall, to the maximum extent permitted from time to time under the law of the State of Delaware, indemnify and upon request advance
expenses to any person who is or was a party or is threatened to be made a party to any threatened, pending or completed action,
suit, proceeding or claim, whether civil, criminal, administrative or investigative, by reason of the fact that such person is
or was or has agreed to be a Director or officer of the Corporation or while a Director or officer is or was serving at the request
of the Corporation as a director, officer, partner, trustee, employee or agent of any corporation, partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorneys&rsquo;
fees and expenses), judgments, fines, penalties and amounts paid in settlement incurred (and not otherwise recovered) in connection
with the investigation, preparation to defend or defense of such action, suit, proceeding or claim; provided, however, that the
foregoing shall not require the Corporation to indemnify or advance expenses to any person in connection with any action, suit,
proceeding, claim or counterclaim initiated by or on behalf of such person. Such indemnification shall not be exclusive of other
indemnification rights arising under any By-Law, agreement, vote of Directors or stockholders or otherwise and shall inure to the
benefits of the heirs and legal representatives of such person. Any person seeking indemnification under this paragraph shall be
deemed to have met the standard of conduct required for such indemnification unless the contrary shall be established. Any repeal
or modification of the foregoing provisions of this paragraph shall not adversely affect any right or protection of a Director
or officer of the Corporation with respect to any acts or omissions of such Director or officer occurring prior to such repeal
or modification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>NINTH:</B> In furtherance
of and not in limitation of powers conferred by statute, it is further provided:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election
of Directors need not be by written ballot unless the By-Laws of the Corporation so provide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings
of stockholders may be held within or without the State of Delaware, as the By Laws may provide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by law, the books of the Corporation may be kept outside the State of Delaware at such place or places as
may be designated from time to time by the Board of Directors or in the By-Laws of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>TENTH</B>: Except as otherwise
provided herein, the Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate
of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted
subject to this reservation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B>,
the undersigned, being the incorporator herein before named, has executed this Certificate of Incorporation this 17<SUP>th</SUP>
day of March, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jaszick Maldonado</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jaszick Maldonado, Incorporator</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">&nbsp;</P>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Trident Acquisitions Corp., a Delaware corporation (the &ldquo;Corporation&rdquo;),
does hereby certify that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>First:</B> That the Board of Directors of the Corporation by
unanimous written consent dated as of March 15, 2018, adopted resolutions setting forth a proposed amendment to the Certificate
of Incorporation of the Corporation, declaring such amendment to be advisable and calling for the submission of such amendment
to the stockholders of the Corporation for consideration thereof. The resolutions setting forth the proposed amendments are as
follows:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RESOLVED</B></FONT>,
that, subject to receiving stockholder approval or consent, the Corporation&rsquo;s Certificate of Incorporation be amended as
follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE
FIFTH is amended and restated in its entirety to read as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&quot;The total number of shares
which the Corporation shall have authority to issue is ten million (10,000,000) shares of common stock, $0.001 par value.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Second:</B> That thereafter, pursuant to <B>&sect;</B>228 of
the General Corporation Law of the State of Delaware, a written consent approving the amendment set forth above was signed by the
holders of outstanding voting stock having not less than the minimum number of votes that would be necessary to authorize or take
such action at a meeting on such date at which all shares entitled to vote thereon were present and voted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Third:</B> That said amendment was duly adopted in accordance
with the provisions of <B>&sect;</B>242 of the General Corporation Law of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>IN WITNESS WHEREOF</B>, said corporation has caused this certificate
to be signed this 15<SUP>th</SUP> day of March 2018.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Vadim Komissarov</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Authorized Officer)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vadim Komissarov</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>4
<FILENAME>s110321_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: right"><B>Exhibit 3.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">AMENDED AND RESTATED<BR>
CERTIFICATE OF INCORPORATION<BR>
OF<BR>
TRIDENT ACQUISITIONS CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">Pursuant to Section 245 of the<BR>
Delaware General Corporation Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trident Acquisitions Corp., a corporation existing
under the laws of the State of Delaware (the &ldquo;Corporation&rdquo;), by its Chief Executive Officer, hereby certifies as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the corporation is Trident Acquisitions Corp. (hereinafter called the &ldquo;Corporation&rsquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation&rsquo;s Certificate of Incorporation was filed in the office of the Secretary of State of the State of Delaware on
March 17, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amended Restated Certificate of Incorporation restates, integrates and amends the Certificate of Incorporation of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amended and Restated Certificate of Incorporation was duly adopted by the written consent of the directors and stockholders of
the Corporation in accordance with the applicable provisions of Sections 141(f), 228, 242 and 245 of the General Corporation Law
of the State of Delaware (&ldquo;GCL&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
text of the Certificate of Incorporation of the Corporation is hereby amended and restated to read in full as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">FIRST: The name of the corporation
is Trident Acquisitions Corp. (hereinafter called the &ldquo;Corporation&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">SECOND: The registered office
of the Corporation is to be located at 28 Old Rudnick Lane, in the City of Dover, in the County of Kent, in the State of Delaware
19901. The name of its registered agent at that address is Corp1, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">THIRD: The purpose of the Corporation
is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware
(&ldquo;GCL&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">FOURTH: The name and mailing
address of the incorporator is: Jaszick Maldonado, c/o Loeb &amp; Loeb LLP, 345 Park Avenue, New York NY 10154.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">FIFTH: The total number of shares
of all classes of capital stock which the Corporation shall have authority to issue is 101,000,000, of which 100,000,000 shares
shall be common stock of the par value $.001 per share (&ldquo;Common Stock&rdquo;) and 1,000,000 shares shall be preferred stock
of the par value of $.001 per share (&ldquo;Preferred Stock&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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 0pt 1in; text-align: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preferred
Stock.</U> The Board of Directors is expressly granted authority to issue shares of the Preferred Stock, in one or more series,
and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating,
optional or other special rights and such qualifications, limitations or restrictions thereof as shall be stated and expressed
in the resolution or resolutions adopted by the Board of Directors providing for the issue of such series (a &ldquo;Preferred Stock
Designation&rdquo;) and as may be permitted by the GCL. The number of authorized shares of Preferred Stock may be increased or
decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of
the voting power of all of the then outstanding shares of the capital stock of the Corporation entitled to vote generally in the
election of directors, voting together as a single class, without a separate vote of the holders of the Preferred Stock, or any
series thereof, unless a vote of any such holders is required pursuant to any Preferred Stock Designation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Common
Stock.</U> Except as otherwise required by law or as otherwise provided in any Preferred Stock Designation, the holders of the
Common Stock shall exclusively possess all voting power and each share of Common Stock shall have one vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">SIXTH: This Article Sixth shall
apply during the period commencing upon the filing of this Certificate of Incorporation and terminating upon the consummation of
any &ldquo;Business Combination&rdquo; (as defined below). A &ldquo;Business Combination&rdquo; shall mean any merger, capital
stock exchange, asset, stock purchase, reorganization or other similar business combination involving the Corporation and one or
more businesses or entities (&ldquo;Target Business&rdquo;), or entering into contractual arrangements that give the Corporation
control over such a Target Business, and, if the Corporation is then listed on a national securities exchange, the Target Business
has a fair market value equal to at least 80% of the balance in the Trust Fund (defined below), less any deferred underwriting
commissions and taxes payable on interest earned, at the time of signing a definitive agreement in connection with the initial
Business Combination. &ldquo;IPO Shares&rdquo; shall mean the shares sold pursuant to the registration statement on Form S-1 (&ldquo;Registration
Statement&rdquo;) filed with the Securities and Exchange Commission (&ldquo;Commission&rdquo;) in connection with the Corporation&rsquo;s
initial public offering (&ldquo;IPO&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation may not consummate a Business Combination unless its Board of Directors unanimously approves the Business Combination.
Prior to the consummation of a Business Combination, the Corporation shall either (i) submit any Business Combination to its holders
of Common Stock for approval (&ldquo;Proxy Solicitation&rdquo;) pursuant to the proxy rules promulgated under the Securities Exchange
Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), or (ii) provide its holders of IPO Shares with the opportunity to sell their
shares to the Corporation by means of a tender offer (&ldquo;Tender Offer&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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 0pt 1in; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Corporation engages in a Proxy Solicitation with respect to a Business Combination, the Corporation will consummate the Business
Combination only if a majority of the then outstanding shares of Common Stock present and entitled to vote at the meeting to approve
the Business Combination are voted for the approval of such Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a Business Combination is consummated by the Corporation or the Corporation holds a vote of its stockholders to
amend its Certificate of Incorporation, any holder of IPO Shares who (i) voted on the proposal to approve such Business Combination
or amend the Certificate of Incorporation, whether such holder voted in favor or against such Business Combination or amendment,
and followed the procedures contained in the proxy materials to perfect the holder&rsquo;s right to convert the holder&rsquo;s
IPO Shares into cash, if any, or (ii) tendered the holder&rsquo;s IPO Shares as specified in the tender offer materials therefore,
shall be entitled to receive the Conversion Price (as defined below) in exchanges for the holder&rsquo;s IPO Shares. The Corporation
shall, promptly after consummation of the Business Combination or the filing of the amendment to the Certificate of Incorporation
with the Secretary of State of the State of Delaware, convert such shares into cash at a per share price equal to the quotient
determined by dividing (i) the amount then held in the Trust Fund (as defined below) less any income taxes owed on such funds but
not yet paid, calculated as of two business days prior to the consummation of the Business Combination or the filing of the amendment,
as applicable, by (ii) the total number of IPO Shares then outstanding (such price being referred to as the &ldquo;Conversion Price&rdquo;).
&ldquo;Trust Fund&rdquo; shall mean the trust account established by the Corporation at the consummation of its IPO and into which
the amount specified in Registration Statement is deposited. Notwithstanding the foregoing, a holder of IPO Shares, together with
any affiliate of his or any other person with whom he is acting in concert or as a &ldquo;group&rdquo; (within the meaning of Section
13(d)(3) of the Exchange Act) (&ldquo;Group&rdquo;) with, will be restricted from demanding conversion in connection with a proposed
Business Combination with respect to 20.0% or more of the IPO Shares. Accordingly, all IPO Shares beneficially owned by such holder
or any other person with whom such holder is acting in concert or as a Group with in excess of 20.0% or more of the IPO Shares
will remain outstanding following consummation of such Business Combination in the name of the stockholder and not be converted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will not consummate any Business Combination unless it has net tangible assets of at least $5,000,001 upon consummation
of such Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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 0pt 1in; text-align: justify">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Corporation does not consummate a Business Combination by 18 months from the consummation of the IPO (the &ldquo;Termination
Date&rdquo;), the Corporation shall (i) cease all operations except for the purposes of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter redeem 100% of the IPO Shares for cash for a redemption price per share
as described below (which redemption will completely extinguish such holders&rsquo; rights as stockholders, including the right
to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption,
subject to approval of the Corporation&rsquo;s then stockholders and subject to the requirements of the GCL, including the adoption
of a resolution by the Board of Directors pursuant to Section 275(a) of the GCL finding the dissolution of the Corporation advisable
and the provision of such notices as are required by said Section 275(a) of the GCL, dissolve and liquidate the balance of the
Corporation&rsquo;s net assets to its remaining stockholders, as part of the Corporation&rsquo;s plan of dissolution and liquidation,
subject (in the case of (ii) and (iii) above) to the Corporation&rsquo;s obligations under the GCL to provide for claims of creditors
and other requirements of applicable law. In such event, the per-share redemption price shall be equal to a pro rata share of the
Trust Account plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Corporation
for its working capital requirements or necessary to pay its taxes divided by the total number of IPO Shares then outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
holder of IPO Shares shall only be entitled to receive distributions from the Trust Fund in the event (i) he demands conversion
of his shares in accordance with paragraph C above or (ii) that the Corporation has not consummated a Business Combination by the
Termination Date as described in paragraph E above. In no other circumstances shall a holder of IPO Shares have any right or interest
of any kind in or to the Trust Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to a Business Combination, the Board of Directors may not issue (i) any shares of Common Stock or any securities convertible into
Common Stock&#894; or (ii) any securities which participate in or are otherwise entitled in any manner to any of the proceeds in
the Trust Fund or which vote as a class with the Common Stock on a Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors shall be divided into three classes: First Class, Second Class and Third Class. The number of directors in each
class shall be as nearly equal as possible. At the first election of directors by the incorporator, the incorporator shall elect
a Third Class director for a term expiring at the Corporation&rsquo;s third Annual Meeting of Stockholders. The Third Class director
shall then appoint additional First Class, Second Class and Third Class directors, as necessary. The directors in First Class shall
be elected for a term expiring at the first Annual Meeting of Stockholders, the directors in Second Class shall be elected for
a term expiring at the second Annual Meeting of Stockholders and the directors in Third Class shall be elected for a term expiring
at the third Annual Meeting of Stockholders. Commencing at the first Annual Meeting of Stockholders, and at each annual meeting
thereafter, directors elected to succeed those directors whose terms expire shall be elected for a term of office to expire at
the third succeeding annual meeting of stockholders after their election. Except as the GCL may otherwise require, in the interim
between annual meetings of stockholders or special meetings of stockholders called for the election of directors and/or the removal
of one or more directors and the filling of any vacancy in that connection, newly created directorships and any vacancies in the
Board of Directors, including unfilled vacancies resulting from the removal of directors for cause, may be filled by the vote of
a majority of the remaining directors then in office, although less than a quorum (as defined in the Corporation&rsquo;s Bylaws),
or by the sole remaining director. All directors shall hold office until the expiration of their respective terms of office and
until their successors shall have been elected and qualified or until his or her earlier resignation, removal or death. A director
elected to fill a vacancy resulting from the death, resignation or removal of a director shall serve for the remainder of the full
term of the director whose death, resignation or removal shall have created such vacancy and until his or her successor shall have
been elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 0pt 0.5in; text-align: justify">SEVENTH: The following provisions
are inserted for the management of the business and for the conduct of the affairs of the Corporation, and for further definition,
limitation and regulation of the powers of the Corporation and of its directors and stockholders:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election
of directors need not be by ballot unless the by-laws of the Corporation so provide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors shall have the power, without the assent or vote of the stockholders, to make, alter, amend, change, add to
or repeal the by-laws of the Corporation as provided in the by-laws of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors in their discretion may submit any contract or act for approval or ratification at any annual meeting of the stockholders
or at any meeting of the stockholders called for the purpose of considering any such act or contract, and any contract or act that
shall be approved or be ratified by the vote of the holders of a majority of the stock of the Corporation which is represented
in person or by proxy at such meeting and entitled to vote thereat (provided that a lawful quorum of stockholders be there represented
in person or by proxy) shall be as valid and binding upon the Corporation and upon all the stockholders as though it had been approved
or ratified by every stockholder of the Corporation, whether or not the contract or act would otherwise be open to legal attack
because of directors&rsquo; interests, or for any other reason.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the powers and authorities hereinbefore or by statute expressly conferred upon them, the directors are hereby empowered
to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation; subject, nevertheless,
to the provisions of the statutes of Delaware, of this Certificate of Incorporation, and to any bylaws from time to time made by
the stockholders; provided, however, that no bylaw so made shall invalidate any prior act of the directors which would have been
valid if such bylaw had not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0">EIGHTH:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach
of fiduciary duty as a director, except for liability (i) for any breach of the director&rsquo;s duty of loyalty to the Corporation
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii) under Section 174 of the GCL, or (iv) for any transaction from which the director derived an improper personal benefit.
If the GCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the
liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the GCL, as so amended.
Any repeal or modification of this paragraph A by the stockholders of the Corporation shall not adversely affect any right or protection
of a director of the Corporation with respect to events occurring prior to the time of such repeal or modification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation, to the full extent permitted by Section 145 of the GCL, as amended from time to time, shall indemnify all persons
whom it may indemnify pursuant thereto. Expenses (including attorneys&rsquo; fees) incurred by an officer or director in defending
any civil, criminal, administrative, or investigative action, suit or proceeding for which such officer or director may be entitled
to indemnification hereunder shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding
upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined
that he is not entitled to be indemnified by the Corporation as authorized hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing provisions of this Article Eighth, no indemnification nor advancement of expenses will extend to any claims made
by the Company&rsquo;s officers and directors to cover any loss that such individuals may sustain as a result of such individuals&rsquo;
agreement to pay debts and obligations to target businesses or vendors or other entities that are owed money by the Corporation
for services rendered or contracted for or products sold to the Corporation, as described in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">NINTH: Whenever a compromise
or arrangement is proposed between this Corporation and its creditors or any class of them and/or between this Corporation and
its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application
in a summary way of this Corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers
appointed for this Corporation under Section 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution
or of any receiver or receivers appointed for this Corporation under Section 279 of Title 8 of the Delaware Code order a meeting
of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may
be, to be summoned in such manner as the said court directs. If a majority in number representing three fourths in value of the
creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree
to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise or arrangement,
the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application
has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders,
of this Corporation, as the case may be, and also on this Corporation.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the Corporation has caused this Amended
and Restated Certificate of Incorporation to be signed by Vadim Komissarov, its President, as of the [_____] day of May, 2018.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Vadim Komissarov, President</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>s110321_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</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 0pt 3.75in">____________, 2018</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">Trident Acquisitions Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">77 Water Street, Fl 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10005</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">Chardan Capital Markets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">17 State Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">New York, NY 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Initial Public
Offering</U></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">Gentlemen:</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: 1in">This letter is being
delivered to you in accordance with the Underwriting Agreement (the &ldquo;<B><I>Underwriting Agreement</I></B>&rdquo;) entered
into by and between Trident Acquisitions Corp., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Chardan Capital
Markets LLC, as Representative (the &ldquo;<B><I>Representative</I></B>&rdquo;) of the several Underwriters named in Schedule I
thereto (the &ldquo;<B><I>Underwriters</I></B>&rdquo;), relating to an underwritten initial public offering (the &ldquo;<B><I>IPO</I></B>&rdquo;)
of the Company&rsquo;s units (the &ldquo;<B><I>Units</I></B>&rdquo;), each comprised of one share of Common Stock of the Company,
par value $0.001 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;), and one warrant, with each warrant being exercisable
to purchase one share of Common Stock at a price of $11.50 per share (&ldquo;<B><I>Warrant</I></B>&rdquo;). Certain capitalized
terms used herein are defined in paragraph 14 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit
that such IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company 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; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all shares of Common Stock
beneficially owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
In the event that the Company fails to consummate a Business Combination within 18 months from the closing of the Company&rsquo;s
IPO, the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders
of IPO Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.3in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining
net assets of the Company as a result of such liquidation with respect to his, her or its Insider Shares, [Private Units] (and
the underlying Common Stock) (&ldquo;<B><I>Claim</I></B>&rdquo;) and hereby waives any Claim the undersigned may have in the future
as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund
for any reason whatsoever. [The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund with
respect to any Warrants underlying the Private Units, all rights of which will terminate on the Company&rsquo;s liquidation.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.3in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of
the liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any and all loss,
liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably
incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever)
which the Company may become subject as a result of any claim by any vendor or other person who is owed money by the Company for
services rendered or products sold or contracted for, but only to the extent necessary to ensure that such loss, liability, claim,
damage or expense does not reduce the amount of funds in the Trust Fund; <U>provided</U>, that such indemnity shall not apply if
such vendor or other person has executed an agreement waiving any claims against the Trust Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.3in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not
to seek repayment for such expenses.</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: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned will escrow all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement which the Company
will enter into with the undersigned and an escrow agent acceptable to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">[4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
agrees that until the Company consummates a Business Combination, the undersigned&rsquo;s Private Units will be subject to the
transfer restrictions described in the Subscription Agreement relating to the undersigned&rsquo;s Private Units.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present
to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire
a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company,
subject to any pre-existing fiduciary and contractual obligations the undersigned might have.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise affiliated
with, or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, such transaction
must be approved by a majority of the Company&rsquo;s disinterested independent directors and the Company must obtain an opinion
from an independent investment banking firm that such Business Combination is fair to the Company&rsquo;s unaffiliated shareholders
from a financial point of view.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
and will not accept any compensation or other cash payment prior to, or for services rendered in connection with, the consummation
of the Business Combination[; <U>provided</U> that the Company shall be allowed to repay a non-interest bearing loan in an aggregate
amount of $400,000 made to the Company by the undersigned to cover the IPO expenses]<SUP>1</SUP>. Notwithstanding the foregoing,
the undersigned and any affiliate of the undersigned shall be entitled to reimbursement from the Company for their out-of-pocket
expenses incurred in connection with identifying, investigating and consummating a Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
or accept a finder&rsquo;s fee or any other compensation in the event the undersigned, any member of the family of the undersigned
or any affiliate of the undersigned originates a Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The
undersigned agrees to be the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] of the Company until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company.] The undersigned&rsquo;s biographical information previously
furnished to the Company and the Representative is true and accurate in all material respects, does not omit any material information
with respect to the undersigned&rsquo;s biography and contains all of the information required to be disclosed pursuant to Item
401 of Regulation S-K, promulgated under the Securities Act of 1933. The undersigned&rsquo;s FINRA Questionnaire and Director and
Officer Questionnaire previously furnished to the Company and the Representative is true and accurate in all material respects.
The undersigned represents and warrants that, except as disclosed in the undersigned&rsquo;s Director and Officer Questionnaire:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>he/she/it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i)
him/her/it or any partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii)
any corporation or business association of which he/she/it was an executive officer at or within two years before the time of such
filing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>he/she/it has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property,
or any such partnership;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> To be inserted in VK&rsquo;s letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>he/she/it has never been convicted of fraud in a civil or criminal proceeding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>he/she/it/ has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding
traffic violations and minor offenses);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of
any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting as a
futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction
merchant, any other person regulated by the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) or an associated person of
any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing
any conduct or practice in connection with any such activity; or&nbsp;(ii) engaging in any type of business practice; or (iii)&nbsp;engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of
any federal or state authority barring, suspending or otherwise limiting for more than 60 days his/her/its right to engage in any
activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>he/she/it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal
or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended
or vacated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>he/she/it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal
commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or
vacated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>he/she/it has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree
or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities
or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including,
but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary
or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud
or fraud in connection with any business entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD>he/she/it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated,
or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that
has disciplinary authority over its members or persons associated with a member;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD>he/she/it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security;
(ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter,
broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD>he/she/it was never subject to a final order of a state securities commission (or an agency of officer of a state performing
like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance
commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or
the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,
or deceptive conduct;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD>he/she/it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time
of such sale, restrained or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i) in connection
with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of
the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD>he/she/it has never been subject to any order of the SEC that orders him/her/it to cease and desist from committing or causing
a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to,
Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the
Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD>he/she/it has never been named as an underwriter in any registration statement or Regulation A offering statement filed with
the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently,
the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD>he/she/it has never been subject to a United States Postal Service false representation order, or is currently subject to a
temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute
a scheme or device for obtaining money or property through the mail by means of false representations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD>he/she/it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like
functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
(or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National
Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority,
agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD>he/she/it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act
of 1934 (the &ldquo;Exchange Act&rdquo;) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the &ldquo;Advisers
Act&rdquo;) that: (i) suspends or revokes the undersigned&rsquo;s registration as a broker, dealer, municipal securities dealer
or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties
on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any
penny stock; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD>he/she/it has never been suspended or expelled from membership in, or suspended or barred from association with a member of,
a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated
securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of
trade.</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; text-indent: 1in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement
and to serve as [<FONT STYLE="font-family: Symbol">&middot;</FONT>] of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby waives his, her or its right to exercise conversion rights with respect to any shares of Common Stock owned
or to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or
in the aftermarket, and agrees that he, she or it will not seek conversion with respect to or otherwise sell, such shares in connection
with any vote to approve a Business Combination with respect thereto, a vote to amend the provisions of the Company&rsquo;s Amended
and Restated Certificate of Incorporation, or a tender offer by the Company prior to a Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company&rsquo;s Amended and Restated Certificate
of Incorporation with respect to the Company&rsquo;s pre-Business Combination activities prior to the consummation of a Business
Combination unless the Company offers holders of IPO Shares the right to receive their pro rata portion of the funds then held
in the Trust Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would
result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding
or claim arising out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration
in accordance with the International Arbitration Rules of the American Arbitration Association (&ldquo;AAA&rdquo;). The arbitration
shall be brought before the AAA International Center for Dispute Resolution&rsquo;s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel&rsquo;s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party&rsquo;s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used herein, (i) a &ldquo;<B><I>Business Combination</I></B>&rdquo; shall mean a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii)
&ldquo;<B><I>Insiders</I></B>&rdquo; shall mean all officers, directors and shareholders of the Company immediately prior to the
IPO; (iii) &ldquo;<B><I>Insider Shares</I></B>&rdquo; shall mean all of the shares of Common Stock of the Company acquired by an
Insider prior to the IPO and the Purchase of the Private Units; (iv) &ldquo;<B><I>IPO Shares</I></B>&rdquo; shall mean the shares
of Common Stock issued in the Company&rsquo;s IPO; (v) &ldquo;<B><I>Private Units</I></B>&rdquo; shall mean (x) the Units purchased
in the private placement taking place simultaneously with the consummation of the Company&rsquo;s IPO and (y) the additional Units
that may be purchased in connection with the exercise of the over-allotment option by the underwriters in the IPO as described
in the Registration Statement; (vi) &ldquo;<B><I>Registration Statement</I></B>&rdquo; means the registration statement on Form
S-1 filed by the Company with respect to the IPO; and (vii) &ldquo;<B><I>Trust Fund</I></B>&rdquo; shall mean the trust fund into
which a portion of the net proceeds of the Company&rsquo;s IPO will be deposited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice, consent or request to be given in connection with any of the terms or provisions of this letter agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission.</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; background-color: white">If to the Representative:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chardan Capital Markets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">17 State Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, NY 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attn:
[</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Facsimile:
[</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Copy (which copy shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">[</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attn:
[</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">] </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Facsimile:
[</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If to the Company:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">77 Water Street, Fl 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Attn: Vadim Komissarov</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Facsimile:
[</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Copy (which copy shall not constitute
notice) to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Loeb &amp; Loeb LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">345 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, NY 10154</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Attn: Mitchell S. Nussbaum, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Facsimile: (212) 504-3013</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding on the
parties hereto and any successors and assigns thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO.</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Print Name of Insider</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</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: center"><I>[Signature page to Insider Letter]</I></P>

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


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



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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>s110321_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>INVESTMENT MANAGEMENT TRUST AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">This Agreement is made as of [________], 2018
by and between Trident Acquisitions Corp. (the &ldquo;Company&rdquo;) and Continental Stock Transfer &amp; Trust Company (&ldquo;Trustee&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">WHEREAS, the Company&rsquo;s registration statement
on Form S-1, No. 333-[_____] (&ldquo;Registration Statement&rdquo;) for its initial public offering of securities (&ldquo;IPO&rdquo;)
has been declared effective as of the date hereof (&ldquo;Effective Date&rdquo;) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">WHEREAS, Chardan Capital Markets LLC (&ldquo;Chardan&rdquo;)
is acting as the underwriter in the IPO; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">WHEREAS, as described in the Registration Statement,
and in accordance with the Company&rsquo;s Amended and Restated Certificate of Incorporation, $178,500 of the gross proceeds of
the IPO ($205,275,000 if the over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held
in a trust account for the benefit of the Company and the holders of the Company&rsquo;s common stock, par value $.001 per share
(&ldquo;Common Stock&rdquo;), issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee will be referred
to herein as the &ldquo;Property&rdquo;; the shareholders for whose benefit the Trustee shall hold the Property will be referred
to as the &ldquo;Public Shareholders,&rdquo; and the Public Shareholders and the Company will be referred to together as the &ldquo;Beneficiaries&rdquo;);
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">WHEREAS, the Company and the Trustee desire to
enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify"><U>Agreements and Covenants of Trustee</U>. The Trustee
hereby agrees and covenants to:</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (&ldquo;Trust
Account&rdquo;) established by the Trustee at Morgan Stanley Bank, N.A. in the United States, maintained by Trustee, and at a brokerage
institution selected by the Trustee that is reasonably satisfactory to the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government treasury
bills, notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined
by the Company;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collect
and receive, when due, all principal and income arising from the Property, which shall become part of the &ldquo;Property,&rdquo;
as such term is used herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notify
the Company and Chardan of all communications received by it with respect to any Property requiring action by the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supply
any necessary information or documents as may be requested by the Company in connection with the Company&rsquo;s preparation of
its tax returns;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (&ldquo;Termination
Letter&rdquo;), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the
Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case
of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, and complete the liquidation of the
Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents
referred to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee by the
18-month anniversary of the closing of the IPO (&ldquo;Closing&rdquo;), the Trust Account shall be liquidated in accordance with
the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of
the Closing.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify"><U>Limited Distributions of Income from Trust Account</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by
the Company to cover any income or other tax obligation owed by the Company as a result of such interest income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided
in Section 2(a) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i)
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall provide Chardan with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after such issuance.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify"><U>Agreements and Covenants of the Company</U>. The Company
hereby agrees and covenants to:</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Give
all instructions to the Trustee hereunder in writing, signed by the Company&rsquo;s Chairman of the Board, Chief Executive Officer,
President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i) and 2(a) above, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which
it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any
claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee&rsquo;s
gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the &ldquo;Indemnified Claim&rdquo;). The Trustee shall
have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent
of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section
2(a) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be deducted
by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely in connection with the consummation
of a Business Combination. The Company shall pay the Trustee the initial acceptance fee and first year&rsquo;s fee at the consummation
of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company any paid annual fees
(on a pro rata basis) with respect to the period after the liquidation of the Trust Fund. Except as set forth in this Section 3(c)
and Section 3(b) hereof, the Company shall not be responsible for any other fees or charges of the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any vote of the Company&rsquo;s shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes verifying
the vote of the Company&rsquo;s shareholders regarding such Business Combination; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify"><U>Limitations of Liability</U>. The Trustee shall have
no responsibility or liability to:</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take
any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence or willful misconduct;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
the investment of any Property, other than in compliance with paragraph 1(c);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund
any depreciation in principal of any Property;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The
Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or
any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties
and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section
2(a) hereof);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i) or 2(a) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust
Account Waiver</U>. The Trustee has no right of set-off or any right, title, interest or claim of any kind (&ldquo;Claim&rdquo;)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and
its assets outside the Trust Account and not against the Property or any monies in the Trust Account.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify"><U>Termination</U>. This Agreement shall terminate as follows:</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Paragraph 3(b).</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify"><U>Miscellaneous</U>.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds
transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers and
all other identifying information relating to a beneficiary, beneficiary&rsquo;s bank or intermediary bank. The Trustee shall not
be liable for any loss, liability or expense resulting from any error in the information or transmission of the wire.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. It
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) (which may only be amended with the approval of the holders of a majority of the outstanding shares of Common
Stock sold in the IPO), this Agreement or any provision hereof may only be changed, amended or modified by a writing signed by
each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written
consent of Chardan. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right
to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or by facsimile transmission:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Continental Stock Transfer &amp; Trust Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">17 Battery Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">New York, New York 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Attn: [Steven Nelson and Frank Di Paolo]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Fax No.: (212) 509-5150</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">Trident Acquisitions Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">77 Water Street, Fl 8</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">New York, NY 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">Attn: Vadim Komissarov</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Fax No.: (___) ___-____</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">in either case with a copy (which copy shall not
constitute notice) to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Chardan Capital Markets, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">17 State Street, Suite 1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">New York, NY 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Attn: George Kaufman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Facsimile: (646) 465-9039</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">Loeb &amp; Loeb LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">345 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">New York, New York 10154</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">Attn: Mitchell S. Nussbaum, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">Fax No.: (212) 407-4990</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may not be assigned by the Trustee without the prior consent of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Trustee hereby acknowledge that Chardan is a third party beneficiary of this Agreement.</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTINENTAL STOCK TRANSFER &amp; TRUST COMPANY, as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIDENT ACQUISITIONS CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Vadim Komissarov</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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 NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Fee Item</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Time and method of payment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 43%; text-align: left">Initial acceptance fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 43%; text-align: left">Initial closing of IPO by wire transfer</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">[$5,000]</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Annual fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&bull;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Transaction processing fee for disbursements to Company under Section 2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Deduction by Trustee from accumulated income following disbursement made to Company under Section 2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&bull;]</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Paying Agent services as required pursuant to section 1(i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Billed to Company upon delivery of service pursuant to section 1(i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[&bull;]</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17 Battery Place, 8<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, N.Y. 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: [Steven Nelson and Frank Di Paolo]</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Trust Account No. [_____________] - Termination Letter</U></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Trident Acquisitions Corp. (&ldquo;Company&rdquo;) and Continental Stock
Transfer &amp; Trust Company (&ldquo;Trustee&rdquo;), dated as of [________], 2018 (&ldquo;Trust Agreement&rdquo;), this is to
advise you that the Company has entered into an agreement with [__________________] (&ldquo;Target Business&rdquo;) to consummate
a business combination with Target Business (&ldquo;Business Combination&rdquo;) on or about <B>[insert date]</B>. The Company
shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (&ldquo;Consummation
Date&rdquo;). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on [__________] and to transfer the
proceeds to the above-referenced account at [&bull;] to the effect that, on the Consummation Date, all of funds held in the Trust
Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution, the Company
will not earn any interest or dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">On the Consummation Date
(i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated and (ii)
the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies the vote of the Company&rsquo;s
shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company
and Chardan Capital Markets LLC with respect to the transfer of the funds held in the Trust Account (&ldquo;Instruction Letter&rdquo;).
You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel's
letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held
in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and
the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement
shall be terminated.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before
the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company,
the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following
the Consummation Date as set forth in the notice.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIDENT ACQUISITIONS CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;], Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;], Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc: Chardan Capital Markets LLC</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17 Battery Place, 8<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, N.Y. 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: [Steven Nelson, Frank Di Paolo and Mark
Zimkind]</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Trust Account No. [______________] - Termination Letter</U></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between Trident Acquisitions Corp. (&ldquo;Company&rdquo;) and Continental Stock Transfer
&amp; Trust Company (&ldquo;Trustee&rdquo;), dated as of [________], 2018 (&ldquo;Trust Agreement&rdquo;), this is to advise you
that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the
Company&rsquo;s Amended and Restated Certificate of Incorporation, as described in the Company&rsquo;s prospectus relating to its
IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 143.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [______________] and to transfer
the total proceeds to the Trust Checking Account at [&bull;] to await distribution to the Public Shareholders. The Company has
selected [____________, 20__] as the record date for the purpose of determining the Public Shareholders entitled to receive their
share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds
while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying
Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the
Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIDENT ACQUISITIONS CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;], Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;], Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">cc: Chardan Capital Markets LLC</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17 Battery Place, 8<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, N.Y. 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: [Cynthia Jordan and Sally Williams]
at Accounting Department</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Trust Account No. [___________]</U></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Pursuant to paragraph 2(a)
of the Investment Management Trust Agreement between Trident Acquisitions Corp. (&ldquo;Company&rdquo;) and Continental Stock Transfer
&amp; Trust Company (&ldquo;Trustee&rdquo;), dated as of [________], 2018 (&ldquo;Trust Agreement&rdquo;), the Company hereby requests
that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof. The Company needs
such funds to pay for its tax obligations as a result of such interest income. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company&rsquo;s operating account at:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIDENT ACQUISITIONS CORP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;], Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;], Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">cc: Chardan Capital Markets LLC</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>7
<FILENAME>s110321_ex10-8.htm
<DESCRIPTION>EXHIBIT 10.8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 10.8</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">______________, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 3in">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">77 Water Street, Fl 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10005</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Trident Acquisitions Corp. (the &ldquo;Company&rdquo;),
a blank check company formed for the purpose of acquiring one or more businesses or entities (a &ldquo;Business Combination&rdquo;),
intends to register its securities under the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;), in connection with
its initial public offering (&ldquo;IPO&rdquo;), pursuant to a registration statement on Form S-1 (&ldquo;Registration Statement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned hereby commits that it will
purchase an aggregate of [<FONT STYLE="font-family: Symbol">&middot;</FONT>] units of the Company (&ldquo;Private Units&rdquo;),
each Private Unit consisting of one share of Common Stock of the Company, par value $0.001 per share (the &ldquo;Common Stock&rdquo;),
and one warrant to purchase a share of Common Stock (a &ldquo;Warrant&rdquo;), at $10.00 per Private Unit, for an aggregate purchase
price of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] (the &ldquo;Private Unit Purchase Price&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At least twenty-four (24) hours prior to the
effective date of the Registration Statement, the undersigned will cause the Private Unit Purchase Price to be delivered to Continental
Stock Transfer &amp; Trust Company (&ldquo;Continental&rdquo;) by wire transfer as set forth in the instructions attached as Exhibit
A to hold in a non-interest bearing account until the Company consummates the IPO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The consummation of the purchase and issuance
of the Private Units shall occur simultaneously with the consummation of the IPO. Simultaneously with the consummation of the IPO,
Continental shall deposit the Private Unit Purchase Price, without interest or deduction, into the trust fund (&ldquo;Trust Fund&rdquo;)
established by the Company for the benefit of the Company&rsquo;s public stockholders as described in the Registration Statement.
If the Company does not complete the IPO within ten (10) days from the date of this letter, the Purchase Price (without interest
or deduction) will be returned to the undersigned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each of the Company, Chardan and the undersigned
acknowledges and agrees that Continental is serving hereunder solely as a convenience to the parties to facilitate the purchase
of the Private Units and Continental&rsquo;s sole obligation under this letter agreement is to act with respect to holding and
disbursing the Purchase Price for the Private Units as described above. Continental shall not be liable to the Company, Chardan
or the undersigned or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with
performing its services hereunder unless Continental has acted in a manner constituting gross negligence or willful misconduct.
The Company and the undersigned shall indemnify Continental against any claim made against it (including reasonable attorney&rsquo;s
fees) by reason of it acting or failing to act in connection with this letter agreement except as a result of its gross negligence
or willful misconduct. Continental may rely and shall be protected in acting or refraining from acting upon any written notice,
instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper
party or parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Private Units will be identical to the
units to be sold by the Company in the IPO. Additionally, the undersigned agrees:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to vote the Common Stock included in the Private Units in favor of any proposed Business Combination;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>not to propose, or vote in favor of, an amendment to the Company&rsquo;s Amended and Restated Certificate of Incorporation
that would affect the substance or timing of the Company&rsquo;s obligation to redeem 100% of the Company&rsquo;s shares of Common
Stock sold in the IPO if the Company does not complete an initial Business Combination within 18 months from the closing of the
IPO, unless the Company provides the holders of shares of Common Stock sold in the IPO with the opportunity to redeem their shares
of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the
Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company&rsquo;s franchise
and income taxes, divided by the number of then outstanding shares of Common Stock sold in the IPO;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>not to convert any Common Stock included in the Private Units into the right to receive cash from the Trust Fund in connection
with a shareholder vote to approve either a Business Combination or an amendment to the provisions of the Company&rsquo;s Amended
and Restated Certificate of Incorporation, or to tender the Private Units in connection with a tender offer conducted prior to
the closing of a Business Combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the undersigned will not participate in any liquidation distribution with respect to the Private Units (but will participate
in liquidation distributions with respect to any units or Common Stock purchased by the undersigned in the IPO or in the open market)
if the Company fails to consummate a Business Combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that the Private Units and underlying securities will not be transferable until after the consummation of a Business Combination
except (i) to the Company&rsquo;s pre-IPO stockholders, or to the Company&rsquo;s officers, directors, advisors and employees,
(ii) transfers to the undersigned&rsquo;s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate
planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations
order, (vi) by private sales at prices no greater than the price at which the Private Units were originally purchased or (vii)
to the Company for cancellation in connection with the consummation of a Business Combination, in each case (except for clause
vii) where the transferee agrees to the terms of the transfer restrictions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Private Units will include any additional terms or restrictions as is customary in other similarly structured blank check
company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which
will be set forth in the Registration Statement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned acknowledges and agrees that
the purchaser of the Private Units will execute agreements in form and substance typical for transactions of this nature necessary
to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to the
undersigned, including but not limited to an insider letter.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned hereby represents and warrants
that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>it has been advised that the Private Units have not been registered under the Securities Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>it will be acquiring the Private Units for its account for investment purposes only;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>it has no present intention of selling or otherwise disposing of the Private Units in violation of the securities laws of the
United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>it is an &ldquo;accredited investor&rdquo; as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933,
as amended;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all
persons acting on its behalf concerning the terms and conditions of the offer made hereunder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>it is familiar with the proposed business, management, financial condition and affairs of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or
needed to consummate the transactions contemplated in this letter; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>this letter constitutes its legal, valid and binding obligation, and is enforceable against it.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter agreement constitutes the entire agreement between
the undersigned and the Company with respect to the purchase of the Private Units, and supersedes all prior and contemporaneous
understandings, agreements, representations and warranties, both written and oral, with respect to the same.&#9;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD>
    <TD>&nbsp;</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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>Exhibit A</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">Wire Instructions</P>



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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>s110321_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>Independent
Registered Public Accounting Firm&rsquo;s Consent</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the inclusion in this
Registration Statement of Trident Acquisitions Corp. (the &ldquo;Company&rdquo;) on Amendment No. 2  to Form S-1, File No.
333-223655, of our report dated March 14, 2018, which includes an explanatory paragraph as to the Company&rsquo;s ability to
continue as a going concern, with respect to our audits of the financial statements of Trident Acquisitions Corp. as of
December 31, 2017 and 2016 and for the year ended December 31, 2017, and for the period from March 17, 2016 (inception)
through December 31, 2016, which report appears in the Prospectus, which is part of this Registration Statement. We also
consent to the reference to our Firm under the heading &ldquo;Experts&rdquo; in such Prospectus.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Marcum <FONT STYLE="font-variant: small-caps">llp</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Marcum <FONT STYLE="font-variant: small-caps">llp</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 21, 2018</P>

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


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
