What changed in this filing

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Item 1. Business

2026-03-12 compared with 2025-03-24 · 579 added, 636 removed, 41 unchanged (97% of the section changed)

References in this Form

10-K to “we,” “us,” “our” or the “Company” refer to Centurion Acquisition Corp.

to our “management” or our “management team” refer to our officers and directors.

We are a blank check company

incorporated on January 18, 2024 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition,

share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).

have 24 months from the closing of our initial public offering (“IPO” or “Initial Public Offering”), or until

such earlier liquidation date as our board of directors may approve (the “Completion Window”) to complete our initial Business

We have reviewed, and continue

to review, a number of opportunities to enter into a Business Combination, but we are not able to determine at this time whether we will

complete a Business Combination with any of the target businesses that we have reviewed or with any other target business.

We may pursue

an acquisition opportunity in any industry, sector or geographic location.

We also have neither engaged in any operations nor generated

any revenue to date.

Based on our business activities, the Company is a “shell company” as defined under the Exchange Act

of 1934 (the “Exchange Act”) because we have no operations and nominal assets consisting almost entirely of cash.

The registration statement

for our IPO was declared effective on June 10, 2024.

On June 12, 2024, we consummated the IPO of 28,750,000 units (the “Units”

and, with respect to the Class A Ordinary Shares included in the Units being offered, the “Public Shares” or “Class

A Ordinary Shares”), which includes the full exercise by the underwriters of their over-allotment option in the amount of 3,750,000

Units, at $10.00 per Unit, generating gross proceeds of $287,500,000.

Each Unit consists of one Class A Ordinary Share

and one-half of one redeemable warrant of the Company (the “Public Warrants”), with each whole warrant entitling

the holder thereof to purchase one Class A Ordinary Share at $11.50 per share.

Simultaneously with the closing

of our IPO, we consummated the sale of an aggregate of 7,000,000 warrants (the “Private Placement Warrants”) at a price

of $1.00 per Private Placement Warrant, in a private placement to the Company’s Sponsor, Centurion Sponsor LP, a Cayman Islands

exempted limited partnership (the “Sponsor”), and Cantor Fitzgerald & Co.

(“Cantor”) and Odeon Capital Group,

LLC (“Odeon”), the representatives of the underwriters of the IPO, generating gross proceeds of $7,000,000.

Of those 7,000,000

Private Placement Warrants, the Sponsor purchased 4,500,000 Private Placement Warrants, Cantor purchased 1,750,000 Private Placement Warrants

and Odeon purchased 750,000 Private Placement Warrants.

Prior to the consummation

of the IPO, on January 23, 2024, our Sponsor made a capital contribution of $25,000, or approximately $0.004 per share, to cover certain

expenses on our behalf in exchange for issuance of 5,750,000 Class B ordinary shares (the “Founder Shares”).

2024, the Company affected a share capitalization of 1,437,500 Founder Shares, resulting in our Sponsor holding 7,187,500 Founder Shares.

The number of Founder Shares issued was determined based on the expectation that such Founder Shares would represent 20% of the outstanding

shares after the IPO.

Following the closing of the

IPO, on June 12, 2024, an amount of $287,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public

Offering and the sale of the Private Placement Warrants was placed in the Trust Account (the “Trust Account”) and will be

held as cash or invested in U.S.

government treasury obligations with a maturity of 185 days or less or in money market funds meeting

certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S.

in this Form 10-K to “we,” “us,” “our” or the “Company” refer to Centurion Acquisition

References to our “management” or our “management team” refer to our officers and directors.

are a blank check company incorporated on January 18, 2024 as a Cayman Islands exempted company for the purpose of effecting a merger,

amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses

(the “Business Combination”).

We have 24 months from the closing of our initial public offering (“IPO” or “Initial

Public Offering”), or until such earlier liquidation date as our board of directors may approve (the “Completion Window”)

to complete our initial Business Combination.

have reviewed, and continue to review, a number of opportunities to enter into a Business Combination, but we are not able to determine

at this time whether we will complete a Business Combination with any of the target businesses that we have reviewed or with any other

target business.

We may pursue an acquisition opportunity in any industry, sector or geographic location.

We also have neither engaged

in any operations nor generated any revenue to date.

Based on our business activities, the Company is a “shell company” as

defined under the Exchange Act of 1934 (the “Exchange Act”) because we have no operations and nominal assets consisting almost

entirely of cash.

registration statement for our IPO was declared effective on June 10, 2024.

On June 12, 2024, we consummated the IPO of 28,750,000 units

(the “Units” and, with respect to the Class A Ordinary Shares included in the Units being offered, the “Public Shares”

or “Class A Ordinary Shares”), which includes the full exercise by the underwriters of their over-allotment option in the

amount of 3,750,000 Units, at $10.00 per Unit, generating gross proceeds of $287,500,000.

Each Unit consists of one Class A Ordinary

Share and one-half of one redeemable warrant of the Company (the “Public Warrants”), with each whole warrant entitling the

holder thereof to purchase one Class A Ordinary Share at $11.50 per share.

Simultaneously

with the closing of our IPO, we consummated the sale of an aggregate of 7,000,000 warrants (the “Private Placement Warrants”)

at a price of $1.00 per Private Placement Warrant, in a private placement to the Company’s Sponsor, Centurion Sponsor LP, a Cayman

Islands exempted limited partnership (the “Sponsor”), and Cantor Fitzgerald & Co.

(“Cantor”) and Odeon Capital

Group, LLC (“Odeon”), the representatives of the underwriters of the IPO, generating gross proceeds of $7,000,000.

7,000,000 Private Placement Warrants, the Sponsor purchased 4,500,000 Private Placement Warrants, Cantor purchased 1,750,000 Private

Placement Warrants and Odeon purchased 750,000 Private Placement Warrants.

to the consummation of the IPO, on January 23, 2024, our Sponsor made a capital contribution of $25,000, or approximately $0.004 per

share, to cover certain expenses on our behalf in exchange for issuance of 5,750,000 Class B ordinary shares (the “Founder Shares”).

On April 29, 2024, the Company affected a share capitalization of 1,437,500 Founder Shares, resulting in our Sponsor holding 7,187,500

Founder Shares.

The number of Founder Shares issued was determined based on the expectation that such Founder Shares would represent

20% of the outstanding shares after the IPO.

Please see “ Item.

Security Ownership of Certain Beneficial Owners and Management

and Related Shareholder Matters ” for more information on the number of Founder Shares our Sponsor and our other initial shareholders

the closing of the IPO, on June 12, 2024, an amount of $287,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units

in the Initial Public Offering and the sale of the Private Placement Warrants was placed in the Trust Account (the “Trust Account”)

and will be held as cash or invested in U.S.

government treasury obligations with a maturity of 185 days or less or in money market funds

meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S.

government treasury obligations.

16 unchanged sentences

which risk increases the longer that the Company holds investments in the Trust Account, the Company may, at any time in its own discretion,

instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest

bearing bank demand deposit account.

Effecting Our Initial Business Combination

We are not presently engaged

in, and we will not engage in, any operations for an indefinite period of time.

We intend to effectuate our initial Business Combination

using cash held in the Trust Account, the proceeds of the sale of our shares in connection with our initial Business Combination (including

pursuant to forward purchase agreements or backstop agreements we may enter into), shares issued to the owners of the target, debt issued

to bank or other lenders or the owners of the target, or a combination of the foregoing.

We may seek to complete our initial Business

Combination with a company or business that may be financially unstable or in its early stages of development or growth, which would subject

us to the numerous risks inherent in such companies and businesses.

We may need to obtain additional

financing to complete our initial Business Combination, either because the transaction requires more cash than is available from the proceeds

held in our Trust Account or because we become obligated to redeem a significant number of our Public Shares upon completion of the Business

Combination, in which case we may issue additional securities or incur debt in connection with such business combination.

prohibitions on our ability to issue securities or incur debt in connection with our initial Business Combination.

We are not currently

a party to any arrangement or understanding with any third party with respect to raising any additional funds through the sale of securities,

the incurrence of debt or otherwise.

Business Strategy

The digital technology industry

is highly fragmented with hundreds of companies developing innovate and potentially disruptive technologies and services.

Continued tailwinds

should fuel this growth.

We anticipate cybersecurity concerns, the rise of, and growing use case for, artificial intelligence (“AI”),

the development of deep learning, and the launch of innovative new technology businesses and other emerging technologies, to foster the

continued growth of numerous new companies, many of which are privately owned.

As such, we believe that this universe of companies presents

a vast array of potential compelling business combination opportunities for us.

We plan to seek to leverage

our team’s skills and extensive industry experience to add significant value to the target company through our operating expertise

and focus on organic growth initiatives, as well as potential add-on acquisitions.

Some of the core “pillars”

of our strategy, which are based in large part on our team’s extensive prior experience, include:

● IP-centric investment philosophy .

management team has a proven track record of building and nurturing IP to create enduring businesses across multiple industry segments;

● Operational excellence .

Our management team

has proven experience driving improved operational performance, as evidenced by their success running Jagex and significant experiences

in key roles at other companies;

● Technology innovation .

Our management team

has been at the forefront of disruption and innovation throughout their careers, such as identifying and implementing novel monetization

models in interactive entertainment, through to numerous patents ranging from robotics and IoT patents, recommender engines, through

to social-selling platforms;

● Financial discipline .

Our management team has

a proven ability to drive top line growth while maintaining profitability, resulting in significant valuation uplift.

We plan to engage with our

extensive network of industry relationships, which includes numerous private companies and entrepreneurs, private equity firms, venture

capitalists and private investors, to articulate the parameters of our search for a target company and a potential business combination

and begin the process of pursuing and reviewing potential opportunities.

Selection of a Target Business and Structuring of Our Initial

Business Combination

The rules of Nasdaq and our

amended and restated memorandum and articles of association require that we must complete one or more business combinations having an

aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding the amount of any deferred

underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of our signing a definitive agreement

in connection with our initial Business Combination.

Our board of directors will make the determination as to the fair market value of

instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an

interest bearing bank demand deposit account.

Our Initial Business Combination

If our board of directors is not able to independently determine the fair market value of our initial

Business Combination (including with the assistance of financial advisors), we will obtain an opinion from an independent investment banking

firm which is a member of FINRA or a valuation or appraisal firm with respect to the satisfaction of such criteria.

While we consider

it likely that our board of directors will be able to make an independent determination of the fair market value of our initial Business

Combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a

significant amount of uncertainty as to the value of the target’s assets or prospects, including if such company is at an early

stage of development, operations or growth, or if the anticipated transaction involves a complex financial analysis or other specialized

skills and the board of directors determines that outside expertise would be helpful or necessary in conducting such analysis.

such opinion, if obtained, would only state that the fair market value meets the 80% of net assets threshold, unless such opinion includes

material information regarding the valuation of the target or the consideration to be provided, it is not anticipated that copies of such

opinion would be distributed to our shareholders.

However, if required by Schedule 14A of the Exchange Act, any proxy solicitation

materials or tender offer documents that we will file with the SEC in connection with our initial Business Combination will include such

We anticipate structuring

our initial Business Combination so that the post transaction company in which our Public Shareholders own shares will own or acquire

100% of the equity interests or assets of the target business or businesses.

We may, however, structure our initial Business Combination

such that the post transaction company owns or acquires less than 100% of such interests or assets of the target business in order to

meet certain objectives of the target management team or shareholders or for other reasons, but we will only complete such business combination

if the post transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires

a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company

Act of 1940, as amended, or the Investment Company Act.

Even if the post transaction company owns or acquires 50% or more of

the voting securities of the target, our shareholders 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.

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, shares or other

equity interests of a target.

are not presently engaged in, and we will not engage in, any operations for an indefinite period of time.

We intend to effectuate our

initial Business Combination using cash held in the Trust Account, the proceeds of the sale of our shares in connection with our initial

Business Combination (including pursuant to forward purchase agreements or backstop agreements we may enter into), shares issued to the

owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.

to complete our initial Business Combination with a company or business that may be financially unstable or in its early stages of development

or growth, which would subject us to the numerous risks inherent in such companies and businesses.

may need to obtain additional financing to complete our initial Business Combination, either because the transaction requires more cash

than is available from the proceeds held in our Trust Account or because we become obligated to redeem a significant number of our Public

Shares upon completion of the Business Combination, in which case we may issue additional securities or incur debt in connection with

such business combination.

There are no prohibitions on our ability to issue securities or incur debt in connection with our initial

Business Combination.

We are not currently a party to any arrangement or understanding with any third party with respect to raising any

additional funds through the sale of securities, the incurrence of debt or otherwise.

digital technology industry is highly fragmented with hundreds of companies developing innovate and potentially disruptive technologies

and services.

Continued tailwinds should fuel this growth.

We anticipate cybersecurity concerns, the rise of, and growing use case for,

artificial intelligence (“AI”), the development of deep learning, and the launch of innovative new technology businesses

and other emerging technologies, to foster the continued growth of numerous new companies, many of which are privately owned.

we believe that this universe of companies presents a vast array of potential compelling business combination opportunities for us.

plan to seek to leverage our team’s skills and extensive industry experience to add significant value to the target company through

our operating expertise and focus on organic growth initiatives, as well as potential add-on acquisitions.

of the core “pillars” of our strategy, which are based in large part on our team’s extensive prior experience, include:

investment philosophy .

Our management team has a proven track record of building

and nurturing IP to create enduring businesses across multiple industry segments;

● Operational

Our management team has proven experience driving improved operational

performance, as evidenced by their success running Jagex and significant experiences in key

roles at other companies;

Our management team has been at the forefront of disruption and innovation

throughout their careers, such as identifying and implementing novel monetization models

in interactive entertainment, through to numerous patents ranging from robotics and IoT patents,

recommender engines, through to social-selling platforms;

Our management team has a proven ability to drive top line growth while

maintaining profitability, resulting in significant valuation uplift.

plan to engage with our extensive network of industry relationships, which includes numerous private companies and entrepreneurs, private

equity firms, venture capitalists and private investors, to articulate the parameters of our search for a target company and a potential

business combination and begin the process of pursuing and reviewing potential opportunities.

of a Target Business and Structuring of Our Initial Business Combination

rules of Nasdaq and our amended and restated memorandum and articles of association require that we must complete one or more business

combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding the

amount of any deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of our signing

a definitive agreement in connection with our initial Business Combination.

Our board of directors will make the determination as to

the fair market value of our initial Business Combination.

If our board of directors is not able to independently determine the fair

market value of our initial Business Combination (including with the assistance of financial advisors), we will obtain an opinion from

an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm with respect to the satisfaction of

such criteria.

While we consider it likely that our board of directors will be able to make an independent determination of the fair

market value of our initial Business Combination, it may be unable to do so if it is less familiar or experienced with the business of

a particular target or if there is a significant amount of uncertainty as to the value of the target’s assets or prospects, including

if such company is at an early stage of development, operations or growth, or if the anticipated transaction involves a complex financial

analysis or other specialized skills and the board of directors determines that outside expertise would be helpful or necessary in conducting

such analysis.

As any such opinion, if obtained, would only state that the fair market value meets the 80% of net assets threshold, unless

such opinion includes material information regarding the valuation of the target or the consideration to be provided, it is not anticipated

that copies of such opinion would be distributed to our shareholders.

However, if required by Schedule 14A of the Exchange Act, any proxy

solicitation materials or tender offer documents that we will file with the SEC in connection with our initial Business Combination will

include such opinion.

anticipate structuring our initial Business Combination so that the post transaction company in which our Public Shareholders own shares

will own or acquire 100% of the equity interests or assets of the target business or businesses.

We may, however, structure our initial

Business Combination such that the post transaction company owns or acquires less than 100% of such interests or assets of the target

business in order to meet certain objectives of the target management team or shareholders or for other reasons, but we will only complete

such business combination if the post transaction company owns or acquires 50% or more of the outstanding voting securities of the target

or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company

under the Investment Company Act.

Even if the post transaction company owns or acquires 50% or more of the voting securities of the target,

our shareholders 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.

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, shares or other equity interests 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 shareholders immediately prior to our initial Business Combination could own less than a majority

of our issued and outstanding shares subsequent to our initial Business Combination.

If less than 100% of the equity interests or assets

of a target business or businesses are owned or acquired by the post transaction company, the portion of such business or businesses that

is owned or acquired is what will be taken into account for purposes of the 80% of net assets test described above.

If the business combination

involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses.

We expect to seek to identify

companies that have compelling growth potential and a combination of the following characteristics.

We expect to use these criteria and

guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial Business Combination with a target business

that does not meet these criteria and guidelines.

We intend to acquire companies or assets that we believe have the following attributes:

● are in the digital technology segments where we can utilize

our management team’s expertise and network of industry contacts to add value;

● possess and/or leverages a robust and differentiated intellectual

property and a scalable platform with long-term growth potential;

● possess and/or utilize innovative and disruptive technology;

● participate in a large addressable market with highly engaged

● generate stable revenue and cash flows and are profitable

or have a clear path to profitability;

● are managed by experienced leadership teams with the ability

and desire to oversee a larger organization;

● have an established entrepreneurial culture of disruption,

adaptability to changing sector dynamics and growth;

● have alignment of long-term vision and target shareholder

willingness to retain meaningful equity post-business combination;

● offer the potential to serve as a platform for future synergistic

M&A roll-up activity;

● possess identifiable valuation upside for all stakeholders.

These criteria are not intended

to be exhaustive.

Any evaluation relating to the merits of a particular initial Business Combination may be based, to the extent relevant,

on these general guidelines as well as other considerations, factors and criteria that our management may deem relevant.

that we decide to enter into our initial Business Combination with a target business that does not meet the above criteria and guidelines,

we will disclose that the target business does not meet the above criteria in our shareholder communications related to our initial Business

Combination, which would be in the form of proxy solicitation materials or tender offer documents that we would file with the U.S.

and Exchange Commission (“SEC”).

In evaluating a prospective

target business, we expect to conduct a thorough due diligence review that will encompass, among other things, meetings with incumbent

management and employees, document reviews and inspection of facilities, as well as a review of financial and other information that will

be made available to us.

However, as a result of the issuance of a substantial number

of new shares, our shareholders immediately prior to our initial Business Combination could own less than a majority of our issued and

outstanding shares subsequent to our initial Business Combination.

If less than 100% of the equity interests or assets of a target business

or businesses are owned or acquired by the post transaction company, the portion of such business or businesses that is owned or acquired

is what will be taken into account for purposes of the 80% of net assets test described above.

If the business combination involves more

than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses.

expect to seek to identify companies that have compelling growth potential and a combination of the following characteristics.

to use these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial Business Combination

with a target business that does not meet these criteria and guidelines.

We intend to acquire companies or assets that we believe have

the following attributes:

in the digital technology segments where we can utilize our management team’s expertise

and network of industry contacts to add value;

and/or leverages a robust and differentiated intellectual property and a scalable platform

with long-term growth potential;

and/or utilize innovative and disruptive technology;

● participate

in a large addressable market with highly engaged customers;

stable revenue and cash flows and are profitable or have a clear path to profitability;

managed by experienced leadership teams with the ability and desire to oversee a larger organization;

an established entrepreneurial culture of disruption, adaptability to changing sector dynamics

alignment of long-term vision and target shareholder willingness to retain meaningful equity

post-business combination;

the potential to serve as a platform for future synergistic M&A roll-up activity;

identifiable valuation upside for all stakeholders.

criteria are not intended to be exhaustive.

Any evaluation relating to the merits of a particular initial Business Combination may be

based, to the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management

may deem relevant.

In the event that we decide to enter into our initial Business Combination with a target business that does not meet

the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder communications

related to our initial Business Combination, which would be in the form of proxy solicitation materials or tender offer documents that

we would file with the U.S.

Securities and Exchange Commission (“SEC”).

evaluating a prospective target business, we expect to conduct a thorough due diligence review that will encompass, among other things,

meetings with incumbent management and employees, document reviews and inspection of facilities, as well as a review of financial and

other information that will be made available to us.

We also plan to utilize our operational and capital planning experience.

The time required to select

and evaluate a target business and to structure and complete our initial Business Combination, and the costs associated with this process,

are not currently ascertainable with any degree of certainty.

Any costs incurred with respect to the identification and evaluation of

a prospective target business with which our initial Business Combination is not ultimately completed will result in our incurring losses

and will reduce the funds we can use to complete another business combination.

We are not prohibited from

pursuing an initial Business Combination with a company that is affiliated with our Sponsor, officers or directors, or completing the

business combination through a joint venture or other form of shared ownership with our Sponsor, officers or directors.

In the event we

seek to complete an initial Business Combination with a target that is affiliated with our Sponsor, officers or directors, we, or a committee

of independent directors, would obtain an opinion from an independent investment banking firm that is a member of FINRA or a valuation

or appraisal firm that such an initial Business Combination is fair to our company from a financial point of view.

Members of our management

team and our independent directors directly or indirectly own Founder Shares and Private Placement Warrants and, accordingly, may have

a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial

Business Combination.

The low price that our Sponsor, executive officers and directors (directly or indirectly) paid for the Founder Shares

creates an incentive whereby our officers and directors could potentially make a substantial profit even if we select an acquisition target

that subsequently declines in value and is unprofitable for Public Shareholders.

If we are unable to complete our initial Business Combination

within the Completion Window, the Founder Shares and Private Placement Warrants may expire worthless, except to the extent they receive

liquidating distributions from assets outside the Trust Account, which could create an incentive for our Sponsor, executive officers and

directors to complete a transaction even if we select an acquisition target that subsequently declines in value and is unprofitable for

Public Shareholders.

Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular

business combination if the retention or resignation of any such officers and directors was included by a target business as a condition

to any agreement with respect to our initial Business Combination.

Each of our officers and directors

presently has, and any of them in the future may have additional, fiduciary or contractual obligations to another entity pursuant to which

such officer or director is or will be required to present a business combination opportunity to such entity.

Accordingly, if any of our

officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then

current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business

combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands law.

Our amended and restated memorandum

and articles of association provide that to the fullest extent permitted by applicable law:

(i) no individual serving as a director or

an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly

in the same or similar business activities or lines of business as us, and (ii) we renounce any interest or expectancy in, or in being

offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or

officer, on the one hand, and us, on the other.

In addition, our Sponsor and

our officers and directors may Sponsor or form other special purpose acquisition companies similar to ours or may pursue other business

or investment ventures during the period in which we are seeking an initial Business Combination.

Any such companies, businesses or investments

may present additional conflicts of interest in pursuing an initial Business Combination.

However, we do not believe that such duties

or obligations will materially affect our ability to complete our initial Business Combination.

Redemption Rights for Public Shareholders upon Completion of

time required to select and evaluate a target business and to structure and complete our initial Business Combination, and the costs

associated with this process, are not currently ascertainable with any degree of certainty.

Any costs incurred with respect to the identification

and evaluation of a prospective target business with which our initial Business Combination is not ultimately completed will result in

our incurring losses and will reduce the funds we can use to complete another business combination.

are not prohibited from pursuing an initial Business Combination with a company that is affiliated with our Sponsor, officers or directors,

or completing the business combination through a joint venture or other form of shared ownership with our Sponsor, officers or directors.

In the event we seek to complete an initial Business Combination with a target that is affiliated with our Sponsor, officers or directors,

we, or a committee of independent directors, would obtain an opinion from an independent investment banking firm that is a member of

FINRA or a valuation or appraisal firm that such an initial Business Combination is fair to our company from a financial point of view.

of our management team and our independent directors directly or indirectly own Founder Shares and Private Placement Warrants and, accordingly,

may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate

our initial Business Combination.

We will provide our Public

Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of our initial Business Combination

either (i) in connection with a general meeting called to approve the business combination or (ii) without a shareholder vote

by means of a tender offer.

Each Public Shareholder may elect to redeem its Public Shares irrespective of whether they vote for or against

the initial Business Combination, or whether they do not vote or abstain from voting on the initial Business Combination, or whether they

were a shareholder on the record date for the shareholder meeting held to approve the initial Business Combination.

The decision as to

whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our

discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would

require us to seek shareholder approval under applicable law or stock exchange listing requirement or whether we were deemed to be a foreign

private issuer (which would require a tender offer rather than seeking shareholder approval under SEC rules).

Asset acquisitions and share

purchases would not typically require shareholder approval while direct mergers with our company and any transactions where we issue more

than 20% of our issued and outstanding ordinary shares or seek to amend our amended and restated memorandum and articles of association

would require shareholder approval.

So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply

with Nasdaq’s shareholder approval rules.

The requirement that we provide

our Public Shareholders with the opportunity to redeem their Public Shares by one of the two methods listed above are contained in provisions

of our amended and restated memorandum and articles of association and will apply whether or not we maintain our registration under the

Exchange Act or our listing on Nasdaq.

Such provisions may be amended if approved by a special resolution, which requires the affirmative

vote of at least two-thirds of the votes cast by the shareholders of the issued shares present in person or represented by proxy

and entitled to vote on such matter at a general meeting of the company, so long as we offer redemption in connection with such amendment.

If we provide our Public Shareholders

with the opportunity to redeem their Public Shares in connection with a general meeting, we will, pursuant to our amended and restated

memorandum and articles of association:

● conduct the redemptions in conjunction with a proxy solicitation

pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender

The low price that our Sponsor, executive officers and directors (directly or indirectly) paid for

the Founder Shares creates an incentive whereby our officers and directors could potentially make a substantial profit even if we select

an acquisition target that subsequently declines in value and is unprofitable for Public Shareholders.

If we are unable to complete our

initial Business Combination within the Completion Window, the Founder Shares and Private Placement Warrants may expire worthless, except

to the extent they receive liquidating distributions from assets outside the Trust Account, which could create an incentive for our Sponsor,

executive officers and directors to complete a transaction even if we select an acquisition target that subsequently declines in value

and is unprofitable for Public Shareholders.

Further, each of our officers and directors may have a conflict of interest with respect

to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a

target business as a condition to any agreement with respect to our initial Business Combination.

of our officers and directors presently has, and any of them in the future may have additional, fiduciary or contractual obligations

to another entity pursuant to which such officer or director is or will be required to present a business combination opportunity to

Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for

an entity to which he or she has then current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual

obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands

Our amended and restated memorandum and articles of association provide that to the fullest extent permitted by applicable law:

(i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to

refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us, and (ii) we renounce

any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be

a corporate opportunity for any director or officer, on the one hand, and us, on the other.

addition, our Sponsor and our officers and directors may Sponsor or form other special purpose acquisition companies similar to ours

or may pursue other business or investment ventures during the period in which we are seeking an initial Business Combination.

companies, businesses or investments may present additional conflicts of interest in pursuing an initial Business Combination.

we do not believe that such duties or obligations will materially affect our ability to complete our initial Business Combination.

Rights for Public Shareholders upon Completion of our Initial Business Combination

will provide our Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of our

initial Business Combination either (i) in connection with a general meeting called to approve the business combination or (ii) without

a shareholder vote by means of a tender offer.

Each Public Shareholder may elect to redeem its Public Shares irrespective of whether

they vote for or against the initial Business Combination, or whether they do not vote or abstain from voting on the initial Business

Combination, or whether they were a shareholder on the record date for the shareholder meeting held to approve the initial Business Combination.

The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made

by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms

of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement or whether

we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval under SEC

Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with our company

and any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our amended and restated

memorandum and articles of association would require shareholder approval.

So long as we obtain and maintain a listing for our securities

on Nasdaq, we will be required to comply with Nasdaq’s shareholder approval rules.

requirement that we provide our Public Shareholders with the opportunity to redeem their Public Shares by one of the two methods listed

above are contained in provisions of our amended and restated memorandum and articles of association and will apply whether or not we

maintain our registration under the Exchange Act or our listing on Nasdaq.

Such provisions may be amended if approved by a special resolution,

which requires the affirmative vote of at least two-thirds of the votes cast by the shareholders of the issued shares present in person

or represented by proxy and entitled to vote on such matter at a general meeting of the company, so long as we offer redemption in connection

with such amendment.

we provide our Public Shareholders with the opportunity to redeem their Public Shares in connection with a general meeting, we will,

pursuant to our amended and restated memorandum and articles of association:

the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the

Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender

offer rules, and

● file proxy materials with the SEC.

In the event that we seek

shareholder approval of our initial Business Combination, we will distribute proxy materials and, in connection therewith, provide our

Public Shareholders with the redemption rights described above upon completion of the initial Business Combination.

If we seek shareholder approval,

we will complete our initial Business Combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which

requires the affirmative vote of at least a majority of the votes cast by the shareholders of the issued shares present in person or represented

by proxy and entitled to vote on such matter at a general meeting of the company.

A quorum for such meeting will be present if the holders

of one-third of issued and outstanding shares entitled to vote at the meeting are represented in person or by proxy.

officers and directors will count toward this quorum and, pursuant to the letter agreement, our Sponsor, officers and directors have agreed

to vote their Founder Shares and any Public Shares purchased during or after our Initial Public Offering (including in open market and

privately-negotiated transactions) in favor of our initial Business Combination.

For purposes of seeking approval of an ordinary

resolution, non-votes will have no effect on the approval of our initial Business Combination once a quorum is obtained.

that only one-third of our issued and outstanding ordinary shares, representing a quorum under our amended and restated memorandum

and articles of association, are voted, we will not need any Public Shares in addition to our Founder Shares to be voted in favor of an

initial Business Combination in order to have an initial Business Combination approved.

However, if our initial Business Combination is

structured as a statutory merger or consolidation with another company under Cayman Islands law, the approval of our initial Business

Combination will require a special resolution, which requires the affirmative vote of at least two-thirds of the votes cast by the

shareholders of the issued shares present in person or represented by proxy and entitled to vote on such matter at a general meeting of

Each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed

transaction or whether they were a Public Shareholder on the record date for the general meeting held to approve the proposed transaction.

If a shareholder vote is not

required and we do not decide to hold a shareholder vote for business or other legal reasons, we will:

● conduct the redemptions pursuant to Rule 13e-4 and

Regulation 14E of the Exchange Act, which regulate issuer tender offers, and

● file tender offer documents with the SEC prior to completing

our initial Business Combination which contain substantially the same financial and other information about the initial Business Combination

and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.

In the event we conduct redemptions

pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under

the Exchange Act, and we will not be permitted to complete our initial Business Combination until the expiration of the tender offer

In addition, the tender offer will be conditioned on Public Shareholders not tendering more than the number of Public Shares we

are permitted to redeem.

If Public Shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer

and not complete the initial Business Combination.

Upon the public announcement

of our initial Business Combination, if we elect to conduct redemption pursuant to the tender offer rules, we or our Sponsor will terminate

any plan established in accordance with Rule 10b5-1 to purchase our Class A Ordinary Shares in the open market, in order to

comply with Rule 14e-5 under the Exchange Act.

We intend to require our Public

Shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name,”

to, at the holder’s option, either deliver their share certificates to our transfer agent or deliver their shares to our transfer

agent electronically using the Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth

in the proxy materials or tender offer documents, as applicable.

In the case of proxy materials, this date may be up to two business

days prior to the scheduled vote on the proposal to approve the initial Business Combination.

In addition, if we conduct redemptions in

connection with a shareholder vote, we intend to require a Public Shareholder seeking redemption of its Public Shares to also submit a

written request for redemption to our transfer agent two business days prior to the scheduled vote in which the name of the beneficial

owner of such shares is included.

The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our

Public Shares in connection with our initial Business Combination will indicate whether we are requiring Public Shareholders to satisfy

such delivery requirements.

We believe that this will allow our transfer agent to efficiently process any redemptions without the need

for further communication or action from the redeeming Public Shareholders, which could delay redemptions and result in additional administrative

If the proposed initial Business Combination is not approved and we continue to search for a target company, we will promptly return

any certificates or shares delivered by Public Shareholders who elected to redeem their shares.

We will provide our Public

Shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial Business Combination,

all or a portion of their Public Shares upon the completion of our initial Business Combination at a per-share price, payable in cash,

equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the

initial Business Combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued

and outstanding Public Shares, subject to the limitations and on the conditions described herein.

The amount in the Trust Account is initially

anticipated to be $10.00 per Public Share.

The per share amount we will distribute to investors who properly redeem their shares will

not be reduced by the deferred underwriting commissions we will pay to the underwriters.

The redemption rights will include the requirement

that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in order to validly redeem its shares.

Our Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption

rights with respect to their Founder Shares and any Public Shares they may hold in connection with the completion of our initial Business

Combination or an earlier redemption in connection with the commencement of the consummation of the initial Business Combination if we

determine it is desirable to facilitate the completion of the initial Business Combination.

Our proposed initial Business

Combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash

for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions.

the aggregate cash consideration we would be required to pay for all Class A Ordinary Shares that are validly submitted for redemption

plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial Business Combination exceed the aggregate

amount of cash available to us, we will not complete the initial Business Combination or redeem any shares, and all Class A Ordinary Shares

submitted for redemption will be returned to the holders thereof.

We may, however, raise funds through the issuance of equity-linked securities

or through loans, advances or other indebtedness in connection with our initial Business Combination, including pursuant to forward purchase

agreements or backstop arrangements we may enter into following the consummation of our Initial Public Offering, in order to, among other

reasons, satisfy such net tangible assets or minimum cash requirements.

If we seek shareholder approval

of our initial Business Combination and we do not conduct redemptions in connection with our initial Business Combination pursuant to

the tender offer rules, our Sponsor, initial shareholders, directors, officers, advisors or their affiliates may purchase shares or Public

Warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial Business

Combination, although they are under no obligation or duty to do so.

Any such price per share may be different than the amount per share

a Public Shareholder would receive if it elected to redeem its shares in connection with our initial Business Combination.

Such a purchase

may include a contractual acknowledgment that such shareholder, although still the record holder of our shares is no longer the beneficial

owner thereof and therefore agrees not to exercise its redemption rights.

In the event that our Sponsor,

initial shareholders, directors, officers, advisors or their affiliates purchase shares in privately negotiated transactions from Public

Shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their

prior elections to redeem their shares.

The purpose of any such purchases

of shares could be to (i) vote such shares in favor of the business combination and thereby increase the likelihood of obtaining

shareholder 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 initial Business Combination, where it appears that such

requirement would otherwise not be met.

The purpose of any such purchases of Public Warrants could be to reduce the number of Public Warrants

outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection with our initial Business

Any such purchases of our securities may result in the completion of our initial Business Combination that may not otherwise

have been possible.

In addition, if such purchases

are made, the public “float” of our Class A Ordinary Shares or Public Warrants may be reduced and the number of beneficial

holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities

on a national securities exchange.

Our Sponsor, officers, directors

and/or their affiliates anticipate that they may identify the shareholders with whom our initial shareholders, officers, directors or

their affiliates may pursue privately negotiated purchases by either the shareholders contacting us directly or by our receipt of redemption

requests submitted by shareholders (in the case of Class A Ordinary Shares) following our mailing of proxy materials in connection with

our initial Business Combination.

To the extent that our Sponsor, officers, directors, advisors or their affiliates enter into a private

purchase, they would identify and contact only potential selling shareholders who have expressed their election to redeem their shares

for a pro rata share of the Trust Account or vote against our initial Business Combination, whether or not such shareholder has already

submitted a proxy with respect to our initial Business Combination but only if such shares have not already been voted at the general

meeting related to our initial Business Combination.

Our Sponsor, officers, directors, advisors or any of their affiliates will select

which shareholders to purchase shares from based on a negotiated price and number of shares and any other factors that they may deem relevant,

and will only purchase shares if such purchases comply with Regulation M under the Exchange Act and the other federal securities

Our Sponsor, officers, directors and/or their affiliates will not make purchases of shares if the purchases would violate Section 9(a)(2) or

Rule 10b-5 of the Exchange Act.

Any such purchases will be reported pursuant to Section 13 and Section 16 of

the Exchange Act to the extent such purchasers are subject to such reporting requirements.

Our Sponsor, initial shareholders,

directors, officers and their affiliates will be restricted from making purchases of shares if the purchases would violate Section 9(a)(2) or

Rule 10b-5 of the Exchange Act.

Any such purchases will be reported pursuant to Section 13 and Section 16 of

the Exchange Act to the extent such purchasers are subject to such reporting requirements.

proxy materials with the SEC.

the event that we seek shareholder approval of our initial Business Combination, we will distribute proxy materials and, in connection

therewith, provide our Public Shareholders with the redemption rights described above upon completion of the initial Business Combination.

we seek shareholder approval, we will complete our initial Business Combination only if we obtain the approval of an ordinary resolution

under Cayman Islands law, which requires the affirmative vote of at least a majority of the votes cast by the shareholders of the issued

shares present in person or represented by proxy and entitled to vote on such matter at a general meeting of the company.

such meeting will be present if the holders of one-third of issued and outstanding shares entitled to vote at the meeting are represented

in person or by proxy.

Our Sponsor, officers and directors will count toward this quorum and, pursuant to the letter agreement, our Sponsor,

officers and directors have agreed to vote their Founder Shares and any Public Shares purchased during or after our Initial Public Offering

(including in open market and privately-negotiated transactions) in favor of our initial Business Combination.

For purposes of seeking

approval of an ordinary resolution, non-votes will have no effect on the approval of our initial Business Combination once a quorum is

Assuming that only one-third of our issued and outstanding ordinary shares, representing a quorum under our amended and restated

memorandum and articles of association, are voted, we will not need any Public Shares in addition to our Founder Shares to be voted in

favor of an initial Business Combination in order to have an initial Business Combination approved.

However, if our initial Business

Combination is structured as a statutory merger or consolidation with another company under Cayman Islands law, the approval of our initial

Business Combination will require a special resolution, which requires the affirmative vote of at least two-thirds of the votes cast

by the shareholders of the issued shares present in person or represented by proxy and entitled to vote on such matter at a general meeting

of the company.

Each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the

proposed transaction or whether they were a Public Shareholder on the record date for the general meeting held to approve the proposed

a shareholder vote is not required and we do not decide to hold a shareholder vote for business or other legal reasons, we will:

the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate

issuer tender offers, and

tender offer documents with the SEC prior to completing our initial Business Combination

which contain substantially the same financial and other information about the initial Business

Combination and the redemption rights as is required under Regulation 14A of the Exchange

Act, which regulates the solicitation of proxies.

the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days,

in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial Business Combination until

the expiration of the tender offer period.

In addition, the tender offer will be conditioned on Public Shareholders not tendering more

than the number of Public Shares we are permitted to redeem.

If Public Shareholders tender more shares than we have offered to purchase,

we will withdraw the tender offer and not complete the initial Business Combination.

the public announcement of our initial Business Combination, if we elect to conduct redemption pursuant to the tender offer rules, we

or our Sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase our Class A Ordinary Shares in the open

market, in order to comply with Rule 14e-5 under the Exchange Act.

intend to require our Public Shareholders seeking to exercise their redemption rights, whether they are record holders or hold their

shares in “street name,” to, at the holder’s option, either deliver their share certificates to our transfer agent

or deliver their shares to our transfer agent electronically using the Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian)

system, prior to the date set forth in the proxy materials or tender offer documents, as applicable.

In the case of proxy materials,

this date may be up to two business days prior to the scheduled vote on the proposal to approve the initial Business Combination.

addition, if we conduct redemptions in connection with a shareholder vote, we intend to require a Public Shareholder seeking redemption

of its Public Shares to also submit a written request for redemption to our transfer agent two business days prior to the scheduled vote

in which the name of the beneficial owner of such shares is included.

The proxy materials or tender offer documents, as applicable, that

we will furnish to holders of our Public Shares in connection with our initial Business Combination will indicate whether we are requiring

Public Shareholders to satisfy such delivery requirements.

We believe that this will allow our transfer agent to efficiently process

any redemptions without the need for further communication or action from the redeeming Public Shareholders, which could delay redemptions

and result in additional administrative cost.

If the proposed initial Business Combination is not approved and we continue to search

for a target company, we will promptly return any certificates or shares delivered by Public Shareholders who elected to redeem their

will provide our Public Shareholders with the opportunity to redeem, regardless of whether they abstain, vote for, or against, our initial

Business Combination, all or a portion of their Public Shares upon the completion of our initial Business Combination at a per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to

the consummation of the initial Business Combination, including interest (which interest shall be net of taxes payable), divided by the

number of then issued and outstanding Public Shares, subject to the limitations and on the conditions described herein.

The amount in

the Trust Account is initially anticipated to be $10.00 per Public Share.

The per share amount we will distribute to investors who properly

redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.

The redemption rights

will include the requirement that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in

order to validly redeem its shares.

Our Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which

they have agreed to waive their redemption rights with respect to their Founder Shares and any Public Shares they may hold in connection

with the completion of our initial Business Combination or an earlier redemption in connection with the commencement of the consummation

of the initial Business Combination if we determine it is desirable to facilitate the completion of the initial Business Combination.

proposed initial Business Combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its

owners, (ii) cash for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions.

In the event the aggregate cash consideration we would be required to pay for all Class A Ordinary Shares that are validly submitted

for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial Business Combination

exceed the aggregate amount of cash available to us, we will not complete the initial Business Combination or redeem any shares, and

all Class A Ordinary Shares submitted for redemption will be returned to the holders thereof.

We may, however, raise funds through the

issuance of equity-linked securities or through loans, advances or other indebtedness in connection with our initial Business Combination,

including pursuant to forward purchase agreements or backstop arrangements we may enter into following the consummation of our Initial

Public Offering, in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements.

we seek shareholder approval of our initial Business Combination and we do not conduct redemptions in connection with our initial Business

Combination pursuant to the tender offer rules, our Sponsor, initial shareholders, directors, officers, advisors or their affiliates

may purchase shares or Public Warrants in privately negotiated transactions or in the open market either prior to or following the completion

of our initial Business Combination, although they are under no obligation or duty to do so.

Any such price per share may be different

than the amount per share a Public Shareholder would receive if it elected to redeem its shares in connection with our initial Business

Such a purchase may include a contractual acknowledgment that such shareholder, although still the record holder of our

shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights.

the event that our Sponsor, initial shareholders, directors, officers, advisors or their affiliates purchase shares in privately negotiated

transactions from Public Shareholders who have already elected to exercise their redemption rights, such selling shareholders would be

required to revoke their prior elections to redeem their shares.

purpose of any such purchases of shares could be to (i) vote such shares in favor of the business combination and thereby increase the

likelihood of obtaining shareholder 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 initial Business Combination,

where it appears that such requirement would otherwise not be met.

The purpose of any such purchases of Public Warrants could be to reduce

the number of Public Warrants outstanding or to vote such warrants on any matters submitted to the warrant holders for approval in connection

with our initial Business Combination.

Any such purchases of our securities may result in the completion of our initial Business Combination

that may not otherwise have been possible.

addition, if such purchases are made, the public “float” of our Class A Ordinary Shares or Public Warrants may be reduced

and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation,

listing or trading of our securities on a national securities exchange.

Sponsor, officers, directors and/or their affiliates anticipate that they may identify the shareholders with whom our initial shareholders,

officers, directors or their affiliates may pursue privately negotiated purchases by either the shareholders contacting us directly or

by our receipt of redemption requests submitted by shareholders (in the case of Class A Ordinary Shares) following our mailing of proxy

materials in connection with our initial Business Combination.

To the extent that our Sponsor, officers, directors, advisors or their

affiliates enter into a private purchase, they would identify and contact only potential selling shareholders who have expressed their

election to redeem their shares for a pro rata share of the Trust Account or vote against our initial Business Combination, whether or

not such shareholder has already submitted a proxy with respect to our initial Business Combination but only if such shares have not

already been voted at the general meeting related to our initial Business Combination.

Our Sponsor, officers, directors, advisors or

any of their affiliates will select which shareholders to purchase shares from based on a negotiated price and number of shares and any

other factors that they may deem relevant, and will only purchase shares if such purchases comply with Regulation M under the Exchange

Act and the other federal securities laws.

Our Sponsor, officers, directors and/or their affiliates will not make purchases of shares

if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act.

Any such purchases will be reported pursuant to Section

13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements.

Sponsor, initial shareholders, directors, officers and their affiliates will be restricted from making purchases of shares if the purchases

would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act.

Any such purchases will be reported pursuant to Section 13 and Section

16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements.

Additionally, in the event our Sponsor,

initial shareholders, directors, officers and their affiliates were to purchase Public Shares or warrants from Public Shareholders, such

purchases would be structured in compliance with the requirements of Rule 14e-5 under the Exchange Act including, in pertinent

part, through adherence to the following:

● our registration statement/proxy statement filed for our

business combination transaction would disclose the possibility that our Sponsor, initial shareholders, directors, officers and their

affiliates may purchase Public Shares or warrants from Public Shareholders outside the redemption process, along with the purpose of

such purchases;

● if our Sponsor, initial shareholders, directors, officers

and their affiliates were to purchase Public Shares or warrants from Public Shareholders, they would do so at a price no higher than

the price offered through our redemption process;

● our registration statement/proxy statement filed for our

business combination transaction would include a representation that any of our securities purchased by our Sponsor, initial shareholders,

directors, officers and their affiliates would not be voted in favor of approving the business combination transaction;

● our Sponsor, initial shareholders, directors, officers and

their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption

purchases would be structured in compliance with the requirements of Rule 14e-5 under the Exchange Act including, in pertinent part,

through adherence to the following:

registration statement/proxy statement filed for our business combination transaction would

disclose the possibility that our Sponsor, initial shareholders, directors, officers and

their affiliates may purchase Public Shares or warrants from Public Shareholders outside

the redemption process, along with the purpose of such purchases;

our Sponsor, initial shareholders, directors, officers and their affiliates were to purchase

Public Shares or warrants from Public Shareholders, they would do so at a price no higher

than the price offered through our redemption process;

registration statement/proxy statement filed for our business combination transaction would

include a representation that any of our securities purchased by our Sponsor, initial shareholders,

directors, officers and their affiliates would not be voted in favor of approving the business

combination transaction;

Sponsor, initial shareholders, directors, officers and their affiliates would not possess

any redemption rights with respect to our securities or, if they do acquire and possess redemption

rights, they would waive such rights;

● we would disclose in a Form 8-K, before our security

holder meeting to approve the business combination transaction, the following material items:

● the amount of our securities purchased outside of the redemption

offer by our Sponsor, initial shareholders, directors, officers and their affiliates, along with the purchase price;

● the purpose of the purchases by our Sponsor, initial shareholders,

would disclose in a Form 8-K, before our security holder meeting to approve the business

combination transaction, the following material items:

amount of our securities purchased outside of the redemption offer by our Sponsor, initial

shareholders, directors, officers and their affiliates, along with the purchase price;

purpose of the purchases by our Sponsor, initial shareholders, directors, officers and their

impact, if any, of the purchases by our Sponsor, initial shareholders, directors, officers

and their affiliates on the likelihood that the business combination transaction will be

identities of our security holders who sold to our Sponsor, initial shareholders, directors,

officers and their affiliates (if not purchased on the open market) or the nature of our

security holders (e.g., 5% security holders) who sold to our Sponsor, initial shareholders,

directors, officers and their affiliates;

● the impact, if any, of the purchases by our Sponsor, initial

shareholders, directors, officers and their affiliates on the likelihood that the business combination transaction will be approved;

● the identities of our security holders who sold to our Sponsor,

initial shareholders, directors, officers and their affiliates (if not purchased on the open market) or the nature of our security holders

(e.g., 5% security holders) who sold to our Sponsor, initial shareholders, directors, officers and their affiliates;

● the number of our securities for which we have received redemption

requests pursuant to our redemption offer.

Please see “ Item

number of our securities for which we have received redemption requests pursuant to our redemption

see “ Item 1A.

Risk Factors - If we seek shareholder approval of our initial Business Combination, our Sponsor, initial shareholders,

1 unchanged sentence

a vote on a proposed business combination and reduce the public “float” of our Class A Ordinary Shares or Public Warrants.”

Notwithstanding the foregoing,

if we seek shareholder approval of our initial Business Combination and we do not conduct redemptions in connection with our initial Business

Combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a Public

Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as

a “group” (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with

respect to more than an aggregate of 15% of the Public Shares without our prior consent, which we refer to as the “Excess Shares.”

We believe this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders

to use their ability to exercise their redemption rights against a proposed business combination as a means to force us or our management

to purchase their shares at a significant premium to the then-current market price or on other undesirable terms.

Absent this provision,

a Public Shareholder holding more than an aggregate of 15% of the Public Shares could threaten to exercise its redemption rights if such

holder’s shares are not purchased by us, our Sponsor or our management at a premium to the then-current market price or on

other undesirable terms.

By limiting our shareholders’ ability to redeem no more than 15% of the Public Shares, we believe we will

limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our initial Business Combination,

particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth

or a certain amount of cash.

However, we would not be restricting our shareholders’ ability to vote all of their shares (including

Excess Shares) for or against our initial Business Combination.

Redemption of Public Shares if No Initial

Business Combination

Our amended and restated memorandum

and articles of association provide that we will have only the duration of the Completion Window to complete our initial Business Combination.

If we are unable to complete our initial Business Combination within the Completion Window, we will as promptly as reasonably possible

but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the

aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and up to $100,000

of interest to pay liquidation expenses), divided by the number of then issued and outstanding Public Shares, which redemption will constitute

full and complete payment for the Public Shares and completely extinguish Public Shareholders’ rights as shareholders (including

the right to receive further liquidation or other distributions, if any) subject to our obligations under Cayman Islands law to provide

for claims of creditors and subject to the other requirements of applicable law.

Our Sponsor, officers and

directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from

the Trust Account with respect to any Founder Shares held by them if we fail to complete our initial Business Combination within the Completion

Window, although they will be entitled to liquidating distributions from assets outside the Trust Account.

However, if our Sponsor or

management team acquire Public Shares in or after our Initial Public Offering, they will be entitled to liquidating distributions from

the Trust Account with respect to such Public Shares, and to liquidating distributions from assets outside the Trust Account, if we fail

to complete our initial Business Combination within the allotted Completion Window.

Our Sponsor, officers and

directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum

and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial

Business Combination or to redeem 100% of our Public Shares if we do not complete our initial Business Combination within the Completion

Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination

activity, unless we provide our Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment

at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which

interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares.

We expect that all costs and

expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining

out of the approximately $1,000,000 of proceeds held outside the Trust Account, although we cannot assure you that there will be sufficient

funds for such purpose.

However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan

of dissolution, to the extent that there is any interest accrued in the Trust Account not required to pay income taxes on interest income

earned on the Trust Account balance, we may request the trustee to release to us an additional amount of up to $100,000 of such accrued

interest to pay those costs and expenses.

If we were to expend all of

the net proceeds of our Initial Public Offering and the sale of the Private Placement Warrants, other than the proceeds deposited in the

Trust Account, and without taking into account interest, if any, earned on the Trust Account, the per-share redemption amount received

by shareholders upon our dissolution would be approximately $10.00.

The proceeds deposited in the Trust Account could, however, become

subject to the claims of our creditors which would have higher priority than the claims of our Public Shareholders.

We cannot assure you

that the actual per-share redemption amount received by shareholders will not be substantially less than $10.00.

While we intend

to pay such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide for all creditors’ claims.

Although we will seek to have

all vendors, service providers, prospective target businesses and other entities with which we do business execute agreements with us

waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of our Public Shareholders,

there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from

bringing claims against the Trust Account including but not limited to fraudulent inducement, breach of fiduciary responsibility or other

similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect

to a claim against our assets, including the funds held in the Trust Account.

If any third party refuses to execute an agreement waiving

such claims to the monies held in the Trust Account, our management will consider whether competitive alternatives are reasonably available

to us and will only enter into an agreement with such third party if management believes that such third party’s engagement would

be in the best interests of the company under the circumstances.

Examples of possible instances where we may engage a third party that

refuses to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed by management

to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable

to find a service provider willing to execute a waiver.

WithumSmith+Brown, PC, our independent registered public accounting firm, and

the underwriters of our Initial Public Offering will not execute agreements with us waiving such claims to the monies held in the Trust

In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result

of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the Trust Account for any

In order to protect the amounts held in the Trust Account, our Sponsor has agreed that it will be liable to us if and to the extent

any claims by a third party for services rendered or products sold to us (except for the company’s independent auditors), or a prospective

target business with which we have entered into a written letter of intent, confidentiality or other similar agreement or business combination

agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual

amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share

due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a

third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether

or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of our Initial Public Offering

against certain liabilities, including liabilities under the Securities Act.

However, we have not asked our Sponsor to reserve for such

indemnification obligations, nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations

and we believe that our Sponsor’s only assets are securities of our company.

Therefore, we cannot assure you that our Sponsor would

be able to satisfy those obligations.

As a result, if any such claims were successfully made against the Trust Account, the funds available

for our initial Business Combination and redemptions could be reduced to less than $10.00 per Public Share.

In such event, we may not

be able to complete our initial Business Combination, and you would receive such lesser amount per share in connection with any redemption

of your Public Shares.

None of our officers or directors will indemnify us for claims by third parties including, without limitation,

claims by vendors and prospective target businesses.

In the event that the proceeds

in the Trust Account are reduced below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share

held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per share due to reductions in the

value of the trust assets, in each case less taxes payable, and our Sponsor asserts that it is unable to satisfy its indemnification obligations

or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take

legal action against our Sponsor to enforce its indemnification obligations.

While we currently expect that our independent directors

would take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent

directors in exercising their business judgment may choose not to do so in any particular instance if, for example, the cost of such legal

action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors determine

that a favorable outcome is not likely.

Accordingly, we cannot assure you that due to claims of creditors the actual value of the per-share redemption

price will not be less than $10.00 per share.

We will seek to reduce the

possibility that our Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service

providers, prospective target businesses or other entities with which we do business execute agreements with us waiving any right, title,

interest or claim of any kind in or to monies held in the Trust Account.

Our Sponsor will also not be liable as to any claims under our

indemnity of the underwriters of our Initial Public Offering against certain liabilities, including liabilities under the Securities Act.

We will have access to up to approximately $1,000,000 from the proceeds of our Initial Public Offering with which to pay any such potential

claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately

In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient,

shareholders who received funds from our Trust Account could be liable for claims made by creditors.

If we file a bankruptcy or

winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the proceeds

held in the Trust Account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy estate and

subject to the claims of third parties with priority over the claims of our shareholders.

To the extent any bankruptcy claims deplete

the Trust Account, we cannot assure you we will be able to return $10.00 per share to our Public Shareholders.

Additionally, if we file

a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed,

Notwithstanding

the foregoing, if we seek shareholder approval of our initial Business Combination and we do not conduct redemptions in connection with

our initial Business Combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association

provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is

acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption

rights with respect to more than an aggregate of 15% of the Public Shares without our prior consent, which we refer to as the “Excess

Shares.” We believe this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts

by such holders to use their ability to exercise their redemption rights against a proposed business combination as a means to force

us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms.

Absent this provision, a Public Shareholder holding more than an aggregate of 15% of the Public Shares could threaten to exercise its

redemption rights if such holder’s shares are not purchased by us, our Sponsor or our management at a premium to the then-current

market price or on other undesirable terms.

By limiting our shareholders’ ability to redeem no more than 15% of the Public Shares,

we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our initial

Business Combination, particularly in connection with a business combination with a target that requires as a closing condition that

we have a minimum net worth or a certain amount of cash.

However, we would not be restricting our shareholders’ ability to vote

all of their shares (including Excess Shares) for or against our initial Business Combination.

of Public Shares if No Initial Business Combination

amended and restated memorandum and articles of association provide that we will have only the duration of the Completion Window to complete

our initial Business Combination.

If we are unable to complete our initial Business Combination within the Completion Window, we will

as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable

in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes

payable and up to $100,000 of interest to pay liquidation expenses), divided by the number of then issued and outstanding Public Shares,

which redemption will constitute full and complete payment for the Public Shares and completely extinguish Public Shareholders’

rights as shareholders (including the right to receive further liquidation or other distributions, if any) subject to our obligations

under Cayman Islands law to provide for claims of creditors and subject to the other requirements of applicable law.

Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating

distributions from the Trust Account with respect to any Founder Shares held by them if we fail to complete our initial Business Combination

within the Completion Window, although they will be entitled to liquidating distributions from assets outside the Trust Account.

if our Sponsor or management team acquire Public Shares in or after our Initial Public Offering, they will be entitled to liquidating

distributions from the Trust Account with respect to such Public Shares, and to liquidating distributions from assets outside the Trust

Account, if we fail to complete our initial Business Combination within the allotted Completion Window.

Sponsor, officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our

amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption

in connection with our initial Business Combination or to redeem 100% of our Public Shares if we do not complete our initial Business

Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights

or pre-initial Business Combination activity, unless we provide our Public Shareholders with the opportunity to redeem their Public Shares

upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust

Account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public

expect that all costs and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be

funded from amounts remaining out of the approximately $1,000,000 of proceeds held outside the Trust Account, although we cannot assure

you that there will be sufficient funds for such purpose.

However, if those funds are not sufficient to cover the costs and expenses

associated with implementing our plan of dissolution, to the extent that there is any interest accrued in the Trust Account not required

to pay income taxes on interest income earned on the Trust Account balance, we may request the trustee to release to us an additional

amount of up to $100,000 of such accrued interest to pay those costs and expenses.

we were to expend all of the net proceeds of our Initial Public Offering and the sale of the Private Placement Warrants, other than the

proceeds deposited in the Trust Account, and without taking into account interest, if any, earned on the Trust Account, the per-share

redemption amount received by shareholders upon our dissolution would be approximately $10.00.

The proceeds deposited in the Trust Account

could, however, become subject to the claims of our creditors which would have higher priority than the claims of our Public Shareholders.

We cannot assure you that the actual per-share redemption amount received by shareholders will not be substantially less than $10.00.

While we intend to pay such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide for all creditors’

we will seek to have all vendors, service providers, prospective target businesses and other entities with which we do business execute

agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit

of our Public Shareholders, there is no guarantee that they will execute such agreements or even if they execute such agreements that

they would be prevented from bringing claims against the Trust Account including but not limited to fraudulent inducement, breach of

fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order

to gain an advantage with respect to a claim against our assets, including the funds held in the Trust Account.

If any third party refuses

to execute an agreement waiving such claims to the monies held in the Trust Account, our management will consider whether competitive

alternatives are reasonably available to us and will only enter into an agreement with such third party if management believes that such

third party’s engagement would be in the best interests of the company under the circumstances.

Examples of possible instances

where we may engage a third party that refuses to execute a waiver include the engagement of a third party consultant whose particular

expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute

a waiver or in cases where management is unable to find a service provider willing to execute a waiver.

WithumSmith+Brown, PC, our independent

registered public accounting firm, and the underwriters of our Initial Public Offering will not execute agreements with us waiving such

claims to the monies held in the Trust Account.

In addition, there is no guarantee that such entities will agree to waive any claims

they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse

against the Trust Account for any reason.

In order to protect the amounts held in the Trust Account, our Sponsor has agreed that it will

be liable to us if and to the extent any claims by a third party for services rendered or products sold to us (except for the Company’s

independent auditors), or a prospective target business with which we have entered into a written letter of intent, confidentiality or

other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i)

$10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the

Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such

liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to

the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity

of the underwriters of our Initial Public Offering against certain liabilities, including liabilities under the Securities Act.

we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently verified whether our Sponsor

has sufficient funds to satisfy its indemnity obligations and we believe that our Sponsor’s only assets are securities of our company.

Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations.

As a result, if any such claims were successfully

made against the Trust Account, the funds available for our initial Business Combination and redemptions could be reduced to less than

$10.00 per Public Share.

In such event, we may not be able to complete our initial Business Combination, and you would receive such lesser

amount per share in connection with any redemption of your Public Shares.

None of our officers or directors will indemnify us for claims

by third parties including, without limitation, claims by vendors and prospective target businesses.

the event that the proceeds in the Trust Account are reduced below the lesser of (i) $10.00 per Public Share and (ii) the actual amount

per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per share due to

reductions in the value of the trust assets, in each case less taxes payable, and our Sponsor asserts that it is unable to satisfy its

indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent directors would

determine whether to take legal action against our Sponsor to enforce its indemnification obligations.

While we currently expect that

our independent directors would take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us,

it is possible that our independent directors in exercising their business judgment may choose not to do so in any particular instance

if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable

or if the independent directors determine that a favorable outcome is not likely.

Accordingly, we cannot assure you that due to claims

of creditors the actual value of the per-share redemption price will not be less than $10.00 per share.

will seek to reduce the possibility that our Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring

to have all vendors, service providers, prospective target businesses or other entities with which we do business execute agreements

with us waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Our Sponsor will also not

be liable as to any claims under our indemnity of the underwriters of our Initial Public Offering against certain liabilities, including

liabilities under the Securities Act.

We will have access to up to approximately $1,000,000 from the proceeds of our Initial Public Offering

with which to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated

to be no more than approximately $100,000).

In the event that we liquidate and it is subsequently determined that the reserve for claims

and liabilities is insufficient, shareholders who received funds from our Trust Account could be liable for claims made by creditors.

we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed,

the proceeds held in the Trust Account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy

estate and subject to the claims of third parties with priority over the claims of our shareholders.

To the extent any bankruptcy claims

deplete the Trust Account, we cannot assure you we will be able to return $10.00 per share to our Public Shareholders.

Additionally,

if we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed,

any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy or insolvency laws as either

4 unchanged sentences

damages, by paying Public Shareholders from the Trust Account prior to addressing the claims of creditors.

We cannot assure you that claims

will not be brought against us for these reasons.

Our Public Shareholders will

be entitled to receive funds from the Trust Account only (i) in the event of the redemption of our Public Shares if we do not complete

our initial Business Combination within the Completion Window, (ii) in connection with a shareholder vote to amend our amended and

restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection

with our initial Business Combination or to redeem 100% of our Public Shares if we do not complete our initial Business Combination within

the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial

Business Combination activity or (iii) if they redeem their respective shares for cash upon the completion of our initial Business

We cannot assure you that

claims will not be brought against us for these reasons.

Public Shareholders will be entitled to receive funds from the Trust Account only (i) in the event of the redemption of our Public Shares

if we do not complete our initial Business Combination within the Completion Window, (ii) in connection with a shareholder vote to amend

our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption

in connection with our initial Business Combination or to redeem 100% of our Public Shares if we do not complete our initial Business

Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights

or pre-initial Business Combination activity or (iii) if they redeem their respective shares for cash upon the completion of our initial

Business Combination.

In no other circumstances will a shareholder have any right or interest of any kind to or in the Trust Account.

we seek shareholder approval in connection with our initial Business Combination, a shareholder’s voting in connection with the

business combination alone will not result in a shareholder’s redeeming its shares to us for an applicable pro rata share of the

Trust Account.

In the event we seek shareholder approval in connection with our initial Business Combination, a shareholder’s voting in connection

with the business combination alone will not result in a shareholder’s redeeming its shares to us for an applicable pro rata share

of the Trust Account.

Such shareholder must have also exercised its redemption rights described above.

These provisions of our amended and restated

memorandum and articles of association, like all provisions of our amended and restated memorandum and articles of association, may be

amended with a shareholder vote.

In identifying, evaluating

and selecting a target business for our initial Business Combination, we may encounter competition from other entities having a business

objective similar to ours, including other special purpose acquisition companies, private equity groups and leveraged buyout funds, public

companies and operating businesses seeking strategic acquisitions.

Many of these entities are well established and have extensive experience

identifying and effecting Business Combinations directly or through affiliates.

Moreover, many of these competitors possess similar or

greater financial, technical, human and other resources than us.

Our ability to acquire larger target businesses will be limited by our

available financial resources.

This inherent limitation gives others an advantage in pursuing the acquisition of a target business.

our obligation to pay cash in connection with our Public Shareholders who exercise their redemption rights may reduce the resources available

to us for our initial Business Combination and our outstanding warrants, and the future dilution they potentially represent, may not be

viewed favorably by certain target businesses.

Either of these factors may place us at a competitive disadvantage in successfully negotiating

an initial Business Combination.

We currently have three officers:

These provisions of our amended

and restated memorandum and articles of association, like all provisions of our amended and restated memorandum and articles of association,

may be amended with a shareholder vote.

identifying, evaluating and selecting a target business for our initial Business Combination, we may encounter competition from other

entities having a business objective similar to ours, including other special purpose acquisition companies, private equity groups and

leveraged buyout funds, public companies and operating businesses seeking strategic acquisitions.

Many of these entities are well established

and have extensive experience identifying and effecting Business Combinations directly or through affiliates.

Moreover, many of these

competitors possess similar or greater financial, technical, human and other resources than us.

Our ability to acquire larger target

businesses will be limited by our available financial resources.

This inherent limitation gives others an advantage in pursuing the acquisition

of a target business.

Furthermore, our obligation to pay cash in connection with our Public Shareholders who exercise their redemption

rights may reduce the resources available to us for our initial Business Combination and our outstanding warrants, and the future dilution

they potentially represent, may not be viewed favorably by certain target businesses.

Either of these factors may place us at a competitive

disadvantage in successfully negotiating an initial Business Combination.

currently have three officers:

Mark Gerhard, Riaan Hodgson and David Gomberg.

These individuals are not obligated to devote any specific number of hours to our matters

but they intend to devote as much of their time as they deem necessary to our affairs until we have completed our initial Business Combination.

The amount of time they will devote in any time period will vary based on whether a target business has been selected for our initial

Business Combination and the stage of the business combination process we are in.

We do not intend to have any full time employees prior

to the completion of our initial Business Combination.

Available Information

We are required to file Annual

Reports on Form 10-K and Quarterly Reports on Form 10-Q with the SEC on a regular basis, and are required to disclose certain material

events (e.g., changes in corporate control, acquisitions or dispositions of a significant amount of assets other than in the ordinary

course of business and bankruptcy) in a Current Report on Form 8-K.

The SEC maintains an Internet website that contains reports, proxy

and information statements and other information regarding issuers that file electronically with the SEC.

The SEC’s Internet website

is located at http://www.sec.gov .

In addition, we will provide copies of these documents without charge upon request from us in

writing at 667 Madison Avenue, 5th Floor, New York, New York 10065 or by telephone at (212) 209-6126.

Emerging Growth Company and Smaller Reporting

We are an “emerging

growth company,” as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act.

As such, we are eligible to

take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “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 our periodic reports and proxy statements,

and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder 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.

In addition, Section 107

of the JOBS Act also provides that an “emerging growth company” 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 “emerging

growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

These individuals are not obligated to devote any specific

number of hours to our matters but they intend to devote as much of their time as they deem necessary to our affairs until we have completed

our initial Business Combination.

The amount of time they will devote in any time period will vary based on whether a target business

has been selected for our initial Business Combination and the stage of the business combination process we are in.

We do not intend

to have any full time employees prior to the completion of our initial Business Combination.

are required to file Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q with the SEC on a regular basis, and are required

to disclose certain material events (e.g., changes in corporate control, acquisitions or dispositions of a significant amount of assets

other than in the ordinary course of business and bankruptcy) in a Current Report on Form 8-K.

The SEC maintains an Internet website

that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

The SEC’s Internet website is located at http://www.sec.gov .

In addition, we will provide copies of these documents without

charge upon request from us in writing at 667 Madison Avenue, 5th Floor, New York, New York 10065 or by telephone at (212) 209-6126.

Growth Company and Smaller Reporting Company

are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act.

we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies

that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation

requirements of Section 404 of the Sarbanes- Oxley Act reduced disclosure obligations regarding executive compensation in our periodic

reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and

shareholder 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.

addition, Section 107 of the JOBS Act also provides that an “emerging growth company” 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.

words, an “emerging growth company” 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.

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 our IPO, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to

be a large accelerated filer, which means the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds $700 million

as of the prior June 30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt securities

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 our IPO, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed

to be a large accelerated filer, which means the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds

$700 million as of the prior June 30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt securities

during the prior three-year period.

Additionally, we are a “smaller

reporting company” as defined in Item 10(f)(1) of Regulation S-K.

Smaller reporting companies may take advantage of certain

reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.

remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares held

by non-affiliates is equal to or exceeds $250 million as of the prior June 30th, or (2) our annual revenues equaled to

or exceeded $100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates is

equal to or exceeds $700 million as of the prior June 30th.

Additionally,

we are a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K.

Smaller reporting companies may take

advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.

We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our ordinary shares

held by non-affiliates is equal to or exceeds $250 million as of the prior June 30th, or (2) our annual revenues equaled to or exceeded

$100 million during such completed fiscal year and the market value of our ordinary shares held by non-affiliates is equal to or exceeds

$700 million as of the prior June 30th.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business