What changed in this filing

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Item 1. Financial Statements

2019-11-14 compared with 2019-08-14 · 853 added, 745 removed, 130 unchanged (92% of the section changed)

Financial Statements.

SYMPHONY ACQUISITION CORPORATION

BALANCE SHEETS

TKK SYMPHONY ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS

September 30,

Current Assets

5 unchanged sentences

LIABILITIES AND SHAREHOLDERS’

Current Liabilities

Current Liabilities –

Accounts payable and accrued expenses

Advances from related party

Total Current Liabilities

Ordinary shares subject to possible redemption, 24,486,314 and 24,553,676 shares at redemption value at June 30, 2019 and December 31, 2018, respectively

Convertible promissory note –

related party

Total Liabilities

Ordinary shares subject to possible redemption, 24,421,453 and 24,553,676 shares at redemption value at September 30, 2019 and December 31, 2018, respectively

Shareholders’

4 unchanged sentences

200,000,000 shares authorized;

6,963,686 and 6,896,324 shares issued and outstanding (excluding 24,486,314 and 24,553,676 shares subject to possible redemption) at June 30, 2019 and December 31, 2018, respectively

7,028,547 and 6,896,324 shares issued and outstanding (excluding 24,421,453 and 24,553,676 shares subject to possible redemption) at September 30, 2019 and December 31, 2018, respectively

Additional paid-in capital

4 unchanged sentences

$ 252,412,991

accompanying notes are an integral part of the unaudited condensed financial statements.

SYMPHONY ACQUISITION CORPORATION

STATEMENTS OF OPERATIONS

The accompanying notes are an integral part

of the unaudited condensed financial statements.

TKK SYMPHONY ACQUISITION CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended

September 30,

For the Period

from February 5, 2018

September 30,

Operating costs

2 unchanged sentences

Interest income on marketable securities held in Trust Account

Unrealized gain on marketable securities held in Trust Account

Net income (loss)

Unrealized loss on marketable securities held in Trust Account

Weighted average shares outstanding, basic and diluted (1)

Basic and diluted net loss per ordinary share (2)

an aggregate of 24,486,314 shares subject to possible redemption at June 30, 2019 and 825,000 shares that were subject to

forfeiture at June 30, 2018 to the extent that the underwriters’

over-allotment option was not exercised in full.

a result of the underwriters’

election to partially exercise their over-allotment option, 750,000 Founder Shares are

no longer subject to forfeiture and 75,000 Founder Shares were forfeited.

loss per ordinary share –

basic and diluted excludes income attributable to ordinary shares subject to possible redemption

of $1,606,172 and $3,092,653 for the three and six months ended June 30, 2019, respectively.

accompanying notes are an integral part of the unaudited condensed financial statements.

SYMPHONY ACQUISITION CORPORATION

STATEMENTS OF CHANGES IN SHAREHOLDERS’

EQUITY (DEFICIT)

AND SIX MONTHS ENDED JUNE 30, 2019

Excludes an aggregate of 24,421,543 and 24,568,336 shares subject to possible redemption at September 30, 2019 and 2018.

ordinary share –

basic and diluted excludes income attributable to ordinary shares subject to possible redemption of

$1,214,055 and $4,298,499 for the three and nine months ended September 30, 2019, respectively, and $428,034 for each of the

three months ended September 30, 2018 and for the period from February 5, 2018 (inception) through September 30, 2018 (see

The accompanying notes are an integral part

of the unaudited condensed financial statements.

TKK SYMPHONY ACQUISITION CORPORATION

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019

Ordinary Shares

8 unchanged sentences

June 30, 2019

THE PERIOD FROM FEBRUARY 5, 2018 (INCEPTION) THROUGH JUNE 30, 2018

Change in value of ordinary shares subject to possible redemption

Balance –

September 30, 2019

FOR THE PERIOD FROM FEBRUARY 5, 2018 (INCEPTION) THROUGH

SEPTEMBER 30, 2018

Ordinary Shares

8 unchanged sentences

June 30, 2018

an aggregate of up to 825,000 shares that were subject to forfeiture to the extent that

the underwriters’

over-allotment option was not exercised in full.

of the underwriters’

election to partially exercise their over-allotment option,

750,000 Founder Shares are no longer subject to forfeiture and 75,000 Founder Shares

were forfeited.

accompanying notes are an integral part of the unaudited condensed financial statements.

SYMPHONY ACQUISITION CORPORATION

STATEMENTS OF CASH FLOWS

Six Months Ended

Sale of 25,000,000 Units, net of underwriting discounts and offering expenses

Sale of 13,000,000 Private Placement Warrants

Forfeiture of Founder Shares

Issuance of Representative Shares

Ordinary shares subject to possible redemption

(24,568,336 )

(246,108,950 )

(246,111,408 )

Balance –

September 30, 2018

The accompanying notes are an integral part

of the unaudited condensed financial statements.

TKK SYMPHONY ACQUISITION CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

For the Period

from February 5, 2018

September 30,

Cash flows from operating activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Adjustments to reconcile net income to net cash used in operating activities:

Interest earned on securities held in Trust Account

Unrealized gain on securities held in Trust Account

Unrealized loss on securities held in Trust Account

Changes in operating assets and liabilities:

2 unchanged sentences

Net cash used in operating activities

Cash flows from investing activities:

Investment of cash in Trust Account

(250,000,000 )

Net cash used in investing activities

(250,000,000 )

Cash flows from financing activities:

Proceeds from collection of share subscription receivable

Proceeds from issuance of ordinary shares to Sponsor

Proceeds from sale of Units, net of underwriting discounts paid

Proceeds from sale of Private Placement Warrants

Advances from related party

Repayment of advances from related party

Proceeds from promissory note –

related party

Advances from related party

Proceeds from convertible promissory note –

related party

Repayment of promissory note –

related party

Payment of offering costs

4 unchanged sentences

Non-cash investing and financing activities:

Initial classification of ordinary shares subject to possible redemption

$ 245,739,860

Change in value of ordinary shares subject to redemption

Deferred offering costs included in accrued offering costs

accompanying notes are an integral part of the unaudited condensed financial statements.

Conversion of advances from related party to convertible promissory note

The accompanying notes are an integral part

of the unaudited condensed financial statements.

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

SEPTEMBER 30, 2019

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Symphony Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on February

The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase,

recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business

Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business

However, the Company believes it is particularly well-positioned to capitalize on growing opportunities created by

consumer/lifestyle assets that may have particular application for the People’s Republic of China market.

June 30, 2019, the Company had not yet commenced any operations.

All activity through June 30, 2019 relates to the Company’s

formation, its initial public offering (“Initial Public Offering”), which is described below, and identifying a target

company for a Business Combination.

registration statements for the Company’s Initial Public Offering were declared effective on August 15, 2018.

20, 2018, the Company consummated the Initial Public Offering of 22,000,000 units (“Units”

and, with respect to the

ordinary shares included in the Units offered, the “Public Shares”), generating total gross proceeds of $220,000,000,

which is described in Note 3.

Simultaneously

with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 11,800,000 warrants (the

“Private Placement Warrants”) at a price of $0.50 per warrant in a private placement to Symphony Holdings Limited,

generating total gross proceeds of $5,900,000, which is described in Note 4.

the closing of the Initial Public Offering on August 20, 2018, an amount of $220,000,000 ($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 a trust account

(“Trust Account”) which may be invested in U.S.

government securities, within the meaning set forth in Section 2(a)(16)

of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less

or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions

of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of:

(i) the consummation of a Business

Combination or (ii) the distribution of the Trust Account, as described below.

August 22, 2018, in connection with the underwriters’

partial exercise of their over-allotment option, the Company consummated

the sale of an additional 3,000,000 Units at $10.00 per Unit and the sale of an additional 1,200,000 Private Placement Warrants

$0.50 per Private Placement Warrants, generating total gross proceeds of $30,600,000.

A total of $30,000,000 of the net proceeds

were deposited in the Trust Account, bringing the aggregate proceeds held in the Trust Account to $250,000,000.

costs amounted to $5,744,938, consisting of $5,000,000 of underwriting fees and $744,938 of offering costs.

As of June 30, 2019,

$141,069 of cash was held outside of the Trust Account and is available for working capital purposes.

Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public

Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied

generally toward consummating a Business Combination.

The Company’s initial Business Combination must be with one or more

target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding

taxes payable on income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination.

The Company will only complete a Business Combination if the post-Business Combination 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.

There is no assurance that the Company will

be able to successfully effect a Business Combination.

Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion

of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii)

by means of a tender offer.

The decision as to whether the Company will seek shareholder approval of a Business Combination or

conduct a tender offer will be made by the Company, solely in its discretion.

The shareholders will be entitled to redeem their

Public Shares for a pro rata portion of the amount then on deposit in the Trust Account ($10.00 per share, plus any pro rata interest

earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).

TKK Symphony Acquisition Corporation (the

“Company”) is a blank check company incorporated in the Cayman Islands on February 5, 2018.

The Company was formed

for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization

or other similar business combination with one or more businesses or entities (a “Business Combination”).

is not limited to a particular industry or geographic region for purposes of consummating a Business Combination.

Company believes it is particularly well-positioned to capitalize on growing opportunities created by consumer/lifestyle assets

that may have particular application for the People’s Republic of China market.

At September 30, 2019, the Company had

not yet commenced any operations.

All activity through September 30, 2019 relates to the Company’s formation, its initial

public offering (“Initial Public Offering”), which is described below, identifying a target company for a Business

Combination and the proposed acquisition of Glory Star New Media Group Limited, a Cayman Islands exempted company (“Glory

Star”) (see Note 6).

The registration statements for the Company’s

Initial Public Offering were declared effective on August 15, 2018.

On August 20, 2018, the Company consummated the Initial Public

Offering of 22,000,000 units (“Units”

and, with respect to the ordinary shares included in the Units offered, the “Public

Shares”), generating total gross proceeds of $220,000,000, which is described in Note 3.

Simultaneously with the closing of the

Initial Public Offering, the Company consummated the sale of an aggregate of 11,800,000 warrants (the “Private Placement

Warrants”) at a price of $0.50 per warrant in a private placement to Symphony Holdings Limited, generating total gross proceeds

of $5,900,000, which is described in Note 4.

Following the closing of the Initial Public

Offering on August 20, 2018, an amount of $220,000,000 ($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 a trust account (“Trust Account”)

which may be invested in U.S.

government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company

Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment

company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment

Company Act, as determined by the Company, until the earlier of:

(i) the consummation of a Business Combination or (ii) the distribution

of the Trust Account, as described below.

On August 22, 2018, in connection with

the underwriters’

partial exercise of their over-allotment option, the Company consummated the sale of an additional 3,000,000

Units at $10.00 per Unit and the sale of an additional 1,200,000 Private Placement Warrants $0.50 per Private Placement Warrants,

generating total gross proceeds of $30,600,000.

A total of $30,000,000 of the net proceeds were deposited in the Trust Account,

bringing the aggregate proceeds held in the Trust Account to $250,000,000.

Transaction costs amounted to $5,744,938,

consisting of $5,000,000 of underwriting fees and $744,938 of offering costs.

As of September 30, 2019, $47,270 of cash was held

outside of the Trust Account and is available for working capital purposes.

The Company’s management has broad

discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private

Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business

The Company’s initial Business Combination must be with one or more target businesses that together have a fair

market value equal to at least 80% of the balance in the Trust Account (excluding taxes payable on income earned on the Trust Account)

at the time of the signing of an agreement to enter into a Business Combination.

The Company will only complete a Business Combination

if the post-Business Combination 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.

There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its shareholders

with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i)

in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer.

as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the

Company, solely in its discretion.

The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the

amount then on deposit in the Trust Account ($10.00 per share, plus any pro rata interest earned on the funds held in the Trust

Account and not previously released to the Company to pay its tax obligations).

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation

of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted

in favor of the Business Combination.

If a shareholder vote is not required and the Company does not decide to hold a shareholder

vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association,

offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file

tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior

to completing a Business Combination.

Symphony Sponsor 1 (the “Sponsor”) and the other initial shareholders (collectively, the “Initial Shareholders”)

have agreed (a) to vote their Founder Shares (as defined in Note 5), and any Public Shares purchased during or after the Initial

Public Offering in favor of a Business Combination;

(b) not to propose, or vote in favor of, an amendment to the Company’s

Amended and Restated Memorandum and Articles of Association with respect to the Company’s pre-Business Combination activities

prior to the consummation of a Business Combination unless the Company provides dissenting public shareholders with the opportunity

to redeem their Public Shares in conjunction with any such amendment;

for any Founder Shares in connection with an extension of the period of time for the Company to consummate a Business Combination,

as described in the following paragraph;

(d) not to convert any Founder Shares (as well as any Public Shares purchased during

or after the Initial Public Offering) into the right to receive cash from the Trust Account in connection with a shareholder vote

to approve a Business Combination (or sell any shares in a tender offer in connection with a Business Combination if the Company

does not seek shareholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Memorandum

and Articles of Association relating to shareholders’

rights or pre-Business Combination activity and (e) that the Founder

Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated.

the Initial Shareholders will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares

purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.

Company has until February 20, 2020 to consummate a Business Combination.

However, if the Company anticipates that it may not

be able to consummate a Business Combination by February 20, 2020, the Company may, by resolution of the Company’s Board

of Directors, extend the period of time to consummate a Business Combination for no more than four months (the “Combination

Period”).

In order to extend the time available for the Company to consummate a Business Combination, the Company must issue

to the holders of record of its Public Shares on February 20, 2020 one warrant to purchase one-half of one ordinary per share

for an aggregate of up to 25,000,000 warrants.

the Company is unable to complete a Business Combination within the Combination Period, it will trigger the automatic winding

up, dissolution and liquidation pursuant to the terms of the Company’s Amended and Restated Memorandum and Articles of Association.

If the Company is forced to liquidate, the amount in the Trust Account (less the aggregate nominal par value of the shares of

the Company’s public shareholders) under the Companies Law (2018 Revision) of the Cayman Islands (the “Companies Law”)

will be treated as share premium which is distributable under the Companies Law provided that immediately following the date on

which the proposed distribution is proposed to be made, the Company is able to pay the debts as they fall due in the ordinary

course of business.

If the Company is forced to liquidate the Trust Account, the public shareholders would be distributed the

amount in the Trust Account calculated as of the date that is two days prior to the distribution (including any accrued interest,

net of taxes payable).

order to protect the amounts held in the Trust Account, TKK Capital Holding, an affiliate of the Sponsor, has agreed to be liable

to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective

target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account

to below $10.00 per share.

This liability will not apply with respect to any claims by a third party who executed a waiver of

any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s

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

Act of 1933, as amended (the “Securities Act”).

Moreover, in the event that an executed waiver is deemed to be unenforceable

against a third party, TKK Capital Holding will not be responsible to the extent of any liability for such third party claims.

The Company will seek to reduce the possibility that TKK Capital Holding 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

the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to

monies held in the Trust Account.

SEPTEMBER 30, 2019

The Company will proceed with a Business

Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and,

if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons,

the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, offer such redemption pursuant to

the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing

substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

TKK Symphony Sponsor 1 (the “Sponsor”)

and the other initial shareholders (collectively, the “Initial Shareholders”) have agreed (a) to vote their Founder

Shares (as defined in Note 5), and any Public Shares purchased during or after the Initial Public Offering in favor of a Business

(b) not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles

of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business

Combination unless the Company provides dissenting public shareholders with the opportunity to redeem their Public Shares in conjunction

with any such amendment;

an extension of the period of time for the Company to consummate a Business Combination, as described in the following paragraph;

(d) not to convert any Founder Shares (as well as any Public Shares purchased during or after the Initial Public Offering) into

the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or sell

any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval in connection

therewith) or a vote to amend the provisions of the Amended and Restated Memorandum and Articles of Association relating to shareholders’

rights or pre-Business Combination activity and (e) that the Founder Shares shall not participate in any liquidating distributions

upon winding up if a Business Combination is not consummated.

However, the Initial Shareholders will be entitled to liquidating

distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if

the Company fails to complete its Business Combination.

The Company has until February 20, 2020

to consummate a Business Combination.

However, if the Company anticipates that it may not be able to consummate a Business Combination

by February 20, 2020, the Company may, by resolution of the Company’s Board of Directors, extend the period of time to consummate

a Business Combination for no more than four months (the “Combination Period”).

In order to extend the time available

for the Company to consummate a Business Combination, the Company must issue to the holders of record of its Public Shares on February

20, 2020 one warrant to purchase one-half of one ordinary per share for an aggregate of up to 25,000,000 warrants.

If the Company is unable to complete a

Business Combination within the Combination Period, it will trigger the automatic winding up, dissolution and liquidation pursuant

to the terms of the Company’s Amended and Restated Memorandum and Articles of Association.

If the Company is forced to liquidate,

the amount in the Trust Account (less the aggregate nominal par value of the shares of the Company’s public shareholders)

under the Companies Law (2018 Revision) of the Cayman Islands (the “Companies Law”) will be treated as share premium

which is distributable under the Companies Law provided that immediately following the date on which the proposed distribution

is proposed to be made, the Company is able to pay the debts as they fall due in the ordinary course of business.

If the Company

is forced to liquidate the Trust Account, the public shareholders would be distributed the amount in the Trust Account calculated

as of the date that is two days prior to the distribution (including any accrued interest, net of taxes payable).

In order to protect the amounts held in

the Trust Account, TKK Capital Holding, an affiliate of the Sponsor, has agreed to be liable to the Company, if and to the extent

any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company

has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.00 per share.

This liability

will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any

kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of

the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the

“Securities Act”).

Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party,

TKK Capital Holding will not be responsible to the extent of any liability for such third-party claims.

The Company will seek to

reduce the possibility that TKK Capital Holding 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 the Company does business, execute

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

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its shareholders

prior to the Initial Public Offering and such amount of proceeds from the Initial Public Offering that were placed in an account

outside of the Trust Account for working capital purposes.

As of June 30, 2019, the Company had $141,069 in its operating bank

accounts, $255,043,484 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem

its ordinary shares in connection therewith and a working capital deficit of $240,490.

SEPTEMBER 30, 2019

The Company has principally financed its

operations from inception using proceeds from the sale of its equity securities to its shareholders prior to the Initial Public

Offering and such amount of proceeds from the Initial Public Offering that were placed in an account outside of the Trust Account

for working capital purposes.

As of September 30, 2019, the Company had $47,270 in its operating bank accounts, $256,286,247 in

securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection

therewith and a working capital deficit of $80,945.

In February 2019, the Sponsor committed

to provide an aggregate of $300,000 in loans to the Company and in April 2019, the Sponsor committed to provide an additional

aggregate amount of $300,000 in loans to the Company.

The loans, as well as any future loans that may be made by the Company’s

Sponsor (or its affiliates), will be evidenced by notes and will only be repaid upon the completion of a Business Combination.

Up to $1,000,000 of the notes may be converted into warrants.

As of June 30, 2019, the Company had $350,000 outstanding under

Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through February 20, 2020,

its scheduled liquidation date.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

of Presentation

accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted

in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions

to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”).

Certain information

or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted,

pursuant to the rules and regulations of the SEC for interim financial reporting.

Accordingly, they do not include all the information

and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows.

In the opinion

of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring

nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods

accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on

Form 10-K for the period ended December 31, 2018 as filed with the SEC on March 11, 2019, which contains the audited financial

statements and notes thereto.

The interim results for the three and six months ended June 30, 2019 are not necessarily indicative

of the results to be expected for the year ending December 31, 2019 or for any future interim periods.

Growth Company

Company is an “emerging growth company,”

as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart

Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting

requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to,

not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure

obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements

of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not

previously approved.

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial

accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared

effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised

financial accounting standards.

The JOBS Act provides that a company can elect to opt out of the extended transition period and

comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.

Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and

it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the

new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s

financial statements with another public company which is neither an emerging growth company nor an emerging growth company which

has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting

standards used.

to provide an aggregate of $300,000 in loans to the Company and in April 2019, the Sponsor committed to provide an additional aggregate

amount of $300,000 in loans to the Company.

On September 6, 2019, the Company issued the Sponsor an unsecured promissory note in

a principal amount of up to $1,100,000 (the “Note”) for working capital loans made or to be made by the Sponsor.

Note replaced the above commitments provided by the Sponsor.

Up to $1,000,000 of the loans under the Note may be converted into

As of September 30, 2019, there was $850,000 outstanding under the Note.

Based on the foregoing, the Company believes

it will have sufficient cash to meet its needs through February 20, 2020, its scheduled liquidation date.

SUMMARY OF SIGNIFICANT ACCOUNTING

Basis of Presentation

The accompanying unaudited condensed financial

statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)

for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities

and Exchange Commission (“SEC”).

Certain information or footnote disclosures normally included in financial statements

prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial

Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial

position, results of operations, or cash flows.

In the opinion of management, the accompanying unaudited condensed financial statements

include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial

position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial

statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the period ended December 31,

2018 as filed with the SEC on March 11, 2019, which contains the audited financial statements and notes thereto.

The interim results

for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the year

ending December 31, 2019 or for any future interim periods.

Emerging Growth Company

The Company is an “emerging growth

company,”

as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012

(the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable

to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with

the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive

compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory

vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS

Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private

companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of

securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply

to non-emerging growth companies but any such election to opt out is irrevocable.

The Company has elected not to opt out of such

extended transition period which means that when a standard is issued or revised and it has different application dates for public

or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies

adopt the new or revised standard.

This may make comparison of the Company’s financial statements with another public company

which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition

period difficult or impossible because of the potential differences in accounting standards used.

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect

the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial

statements and the reported amounts of revenues and expenses during the reporting period.

estimates requires management to exercise significant judgment.

It is at least reasonably possible that the estimate of the effect

of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered

in formulating its estimate, could change in the near term due to one or more future confirming events.

Accordingly, the actual

results could differ from those estimates.

and Cash Equivalents

Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company did not have any cash equivalents as of June 30, 2019 and December 31, 2018.

Securities Held in Trust Account

June 30, 2019 and December 31, 2018, the assets held in the Trust Account were substantially held in U.S.

SEPTEMBER 30, 2019

Use of Estimates

The preparation of financial statements

in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities

and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues

and expenses during the reporting period.

Making estimates requires management to

exercise significant judgment.

It is at least reasonably possible that the estimate of the effect of a condition, situation or

set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,

could change in the near term due to one or more future confirming events.

Accordingly, the actual results could differ from those

Cash and Cash Equivalents

The Company considers all short-term investments

with an original maturity of three months or less when purchased to be cash equivalents.

The Company did not have any cash equivalents

as of September 30, 2019 and December 31, 2018.

Marketable Securities Held in Trust

At September 30, 2019 and December 31,

2018, the assets held in the Trust Account were substantially held in U.S.

Treasury Bills.

Shares Subject to Possible Redemption

Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards

Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

Ordinary shares subject to mandatory

redemption are classified as a liability instrument and are measured at fair value.

Conditionally redeemable ordinary shares (including

ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon

the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity.

times, ordinary shares are classified as shareholders’

The Company’s ordinary shares feature certain redemption

rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events.

Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of

the shareholders’

equity section of the Company’s condensed balance sheets.

Company complies with the accounting and reporting requirements of ASC 740, “Income Taxes,”

which requires an asset

and liability approach to financial accounting and reporting for income taxes.

Deferred income tax assets and liabilities are

computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable

or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to

affect taxable income.

Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected

to be realized.

Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement

of tax positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more-likely-than-not

to be sustained upon examination by taxing authorities.

The Company’s management determined that the Cayman Islands is the

Company’s major tax jurisdiction.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits

as income tax expense.

As of June 30, 2019 and December 31, 2018, there were no unrecognized tax benefits and no amounts accrued

for interest and penalties.

The Company is currently not aware of any issues under review that could result in significant payments,

accruals or material deviation from its position.

Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements

in the Cayman Islands or the United States.

Ordinary Shares Subject to Possible

The Company accounts for its ordinary shares

subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480

“Distinguishing Liabilities from Equity.”

Ordinary shares subject to mandatory redemption are classified as a liability

instrument and are measured at fair value.

Conditionally redeemable ordinary shares (including ordinary shares that feature redemption

rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely

within the Company’s control) are classified as temporary equity.

At all other times, ordinary shares are classified as shareholders’

The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s

control and subject to occurrence of uncertain future events.

Accordingly, ordinary shares subject to possible redemption are presented

at redemption value as temporary equity, outside of the shareholders’

equity section of the Company’s condensed balance

The Company complies with the accounting

and reporting requirements of ASC 740, “Income Taxes,”

which requires an asset and liability approach to financial

accounting and reporting for income taxes.

Deferred income tax assets and liabilities are computed for differences between the

financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on

enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition

threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected

to be taken in a tax return.

For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon

examination by taxing authorities.

The Company’s management determined that the Cayman Islands is the Company’s major

tax jurisdiction.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

As of September 30, 2019 and December 31, 2018, there were no unrecognized tax benefits and no amounts accrued for interest and

The Company is currently not aware of any issues under review that could result in significant payments, accruals or

material deviation from its position.

The Company is considered an exempted Cayman

Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United

As such, the Company’s tax provision is zero for the period presented.

1 unchanged sentence

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

Loss per Ordinary Share

loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the

The Company applies the two-class method in calculating earnings per share.

Ordinary shares subject to possible redemption

at June 30, 2019, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation

of basic loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings.

The Company has not considered the effect of (1) warrants sold in the Public Offering and private placement to purchase 19,000,000

ordinary shares and (2) rights sold in the Initial Public Offering that convert into 2,500,000 ordinary shares in the calculation

of diluted loss per share, since the exercise of the warrants and the conversion of the rights into ordinary shares are contingent

upon the occurrence of future events.

As a result, diluted loss per ordinary share is the same as basic loss per ordinary share

for the periods presented.

Reconciliation

of Net Loss per Ordinary Share

Company’s net income (loss) is adjusted for the portion of income that is attributable to ordinary shares subject to possible

redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company.

Accordingly, basic and diluted loss per ordinary share is calculated as follows:

SEPTEMBER 30, 2019

Net Loss per Ordinary Share

Net loss per ordinary share is computed

by dividing net loss by the weighted average number of ordinary shares outstanding for the period.

The Company applies the two-class

method in calculating earnings per share.

Ordinary shares subject to possible redemption at September 30, 2019 and 2018, which

are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic loss per share

since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings.

The Company has not considered

the effect of (1) warrants sold in the Public Offering and private placement to purchase 19,000,000 ordinary shares and (2) rights

sold in the Initial Public Offering that convert into 2,500,000 ordinary shares in the calculation of diluted loss per share, since

the exercise of the warrants and the conversion of the rights into ordinary shares are contingent upon the occurrence of future

As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the periods presented.

Reconciliation of Net Loss per Ordinary

The Company’s net income (loss) is

adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only

participate in the earnings of the Trust Account and not the income or losses of the Company.

Accordingly, basic and diluted loss

per ordinary share is calculated as follows:

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

For the Period

from February 5, 2018 (Inception)

Net income (loss)

September 30,

Income attributable to ordinary shares subject to possible redemption

2 unchanged sentences

Basic and diluted net loss per ordinary share

Concentration

of Credit Risk

instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution

which, at times may exceed the Federal depository insurance coverage of $250,000.

At June 30, 2019 and December 31, 2018, the

Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on

such account.

Value of Financial Instruments

fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair

Value Measurements and Disclosures”

(“ASC 820”), approximates the carrying amounts represented in the accompanying

condensed balance sheets, primarily due to their short-term nature.

Accounting Pronouncements

does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have

a material effect on the Company’s condensed financial statements.

Concentration of Credit Risk

Financial instruments that potentially

subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed

the Federal depository insurance coverage of $250,000.

At September 30, 2019 and December 31, 2018, the Company had not experienced

losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets

and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures”

(“ASC 820”), approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily

due to their short-term nature.

Recent Accounting Pronouncements

Management does not believe that any recently

issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s

condensed financial statements.

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

SEPTEMBER 30, 2019

INITIAL PUBLIC OFFERING

to the Initial Public Offering, the Company sold 25,000,000 Units at a purchase price of $10.00 per Unit, inclusive of 3,000,000

Units sold to the underwriters on August 22, 2018 upon the underwriters’

election to partially exercise their over-allotment

Each Unit consists of one ordinary share, one warrant (“Public Warrant”) and one right (“Public Right”).

Each Public Warrant entitles the holder to purchase one-half of one ordinary share at an exercise price of $11.50 per whole share

(see Note 7).

Each Public Right entitles the holder to receive one-tenth of one ordinary share at the closing of a Business Combination

(see Note 7).

Pursuant to the Initial Public Offering,

the Company sold 25,000,000 Units at a purchase price of $10.00 per Unit, inclusive of 3,000,000 Units sold to the underwriters

on August 22, 2018 upon the underwriters’

election to partially exercise their over-allotment option.

Each Unit consists

of one ordinary share, one warrant (“Public Warrant”) and one right (“Public Right”).

Each Public Warrant

entitles the holder to purchase one-half of one ordinary share at an exercise price of $11.50 per whole share (see Note 7).

Public Right entitles the holder to receive one-tenth of one ordinary share at the closing of a Business Combination (see Note

PRIVATE PLACEMENT

Simultaneously

with the closing of the Initial Public Offering, Symphony Holdings Limited (“Symphony”) purchased an aggregate of

11,800,000 Private Placement Warrants at $0.50 per Private Placement Warrant for an aggregate purchase price of $5,900,000.

August 22, 2018, the Company consummated the sale of an additional 1,200,000 Private Placement Warrants at a price of $0.50 per

Private Placement Warrant, generating gross proceeds of $600,000.

Each Private Placement Warrant is exercisable to purchase one-half

of one ordinary share at an exercise price of $11.50 per whole share (see Note 5).

The proceeds from of the Private Placement

Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account.

If the Company does not complete

a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used

to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants

will expire worthless.

There will be no redemption rights or liquidating distributions from the Trust Account with respect to

the Private Placement Warrants.

Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except

that the Private Placement Warrants (i) are not redeemable by the Company and (ii) may be exercised for cash or on a cashless

basis, so long as they are held by the initial purchaser or any of its permitted transferees.

If the Private Placement Warrants

are held by holders other than the initial purchasers or any of their permitted transferees, the Private Placement Warrants will

be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.

In addition, the Private

Placement Warrants may not be transferable, assignable or salable until the consummation of a Business Combination, subject to

certain limited exceptions.

Simultaneously with the closing of the

Initial Public Offering, Symphony Holdings Limited (“Symphony”) purchased an aggregate of 11,800,000 Private Placement

Warrants at $0.50 per Private Placement Warrant for an aggregate purchase price of $5,900,000.

On August 22, 2018, the Company

consummated the sale of an additional 1,200,000 Private Placement Warrants at a price of $0.50 per Private Placement Warrant, generating

gross proceeds of $600,000.

Each Private Placement Warrant is exercisable to purchase one-half of one ordinary share at an exercise

price of $11.50 per whole share (see Note 5).

The proceeds from of the Private Placement Warrants were added to the proceeds from

the Initial Public Offering held in the Trust Account.

If the Company does not complete a Business Combination within the Combination

Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject

to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

There will be no redemption rights

or liquidating distributions from the Trust Account with respect to the Private Placement Warrants.

The Private Placement Warrants are identical

to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants (i)

are not redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, so long as they are held by the initial

purchaser or any of its permitted transferees.

If the Private Placement Warrants are held by holders other than the initial purchasers

or any of their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the

holders on the same basis as the Public Warrants.

In addition, the Private Placement Warrants may not be transferable, assignable

or salable until the consummation of a Business Combination, subject to certain limited exceptions.

RELATED PARTY TRANSACTIONS

March 2018, the Company issued an aggregate of 5,750,000 ordinary shares to the Sponsor (“Founder Shares”) for an

aggregate purchase price of $25,000.

On August 15, 2018, the Company effectuated a 1.1-for-1 share dividend resulting in an aggregate

of 6,325,000 Founder Shares outstanding.

The 6,325,000 Founder Shares included an aggregate of up to 825,000 shares subject to

forfeiture by the Sponsor to the extent that the underwriters’

over-allotment was not exercised in full or in part, so that

the initial shareholders would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public

Founder Shares

In March 2018, the Company issued an aggregate

of 5,750,000 ordinary shares to the Sponsor (“Founder Shares”) for an aggregate purchase price of $25,000.

15, 2018, the Company effectuated a 1.1-for-1 share dividend resulting in an aggregate of 6,325,000 Founder Shares outstanding.

The 6,325,000 Founder Shares included an aggregate of up to 825,000 shares subject to forfeiture by the Sponsor to the extent that

the underwriters’

over-allotment was not exercised in full or in part, so that the initial shareholders would collectively

own 20% of the Company’s issued and outstanding shares after the Initial Public Offering.

As a result of the underwriters’

election to partially exercise their over-allotment option to purchase 3,000,000

Units and the waiver of the remainder of their overallotment option, 750,000 Founder Shares are no longer subject to forfeiture

and 75,000 Founder Shares were forfeited.

Initial Shareholders have agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees)

until (1) with respect to 50% of the Founder Shares, the earlier of six months after the completion of a Business Combination

and the date on which the closing price of the ordinary shares equals or exceeds $12.50 per share for any 20 trading days within

any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares,

one year after the completion of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination,

the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s

shareholders having the right to exchange their ordinary shares for cash, securities or other property.

election to partially exercise their over-allotment option to purchase 3,000,000 Units and the waiver of the remainder of their

overallotment option, 750,000 Founder Shares are no longer subject to forfeiture and 75,000 Founder Shares were forfeited.

The Initial Shareholders have agreed not

to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until (1) with respect to 50% of

the Founder Shares, the earlier of six months after the completion of a Business Combination and the date on which the closing

price of the ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing

after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares, one year after the completion of

a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation,

merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to

exchange their ordinary shares for cash, securities or other property.

Promissory Note —

Related Party

March 31, 2018, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to

which the Company borrowed an aggregate principal amount of $299,784.

The Promissory Note is non-interest bearing and payable

on the earlier of December 31, 2018 or the closing of the Initial Public Offering.

On March 31, 2018, the Company issued an

unsecured promissory note (the “Promissory Note”) to the Sponsor, pursuant to which the Company borrowed an aggregate

principal amount of $299,784.

The Promissory Note is non-interest bearing and payable on the earlier of December 31, 2018 or the

closing of the Initial Public Offering.

The Promissory Note was repaid in full in August 2018.

from Related Party

Capital Holding advanced the Company an aggregate of $140,237 to be used for the payment of costs related to the Initial Public

The advance is unsecured, non-interest bearing and due on demand.

Advance from Related Party

TKK Capital Holding advanced the Company

an aggregate of $140,237 to be used for the payment of costs related to the Initial Public Offering.

The advance is unsecured,

non-interest bearing and due on demand.

The advances were repaid in full in August 2018.

1 unchanged sentence

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

Administrative

Services Agreement

Company entered into an agreement, commencing on August 15, 2018 through the earlier of the consummation of a Business Combination

or the Company’s liquidation, to pay an affiliate of the Company’s Chief Executive Officer a monthly fee of $15,000

for general and administrative services, including office space, utilities and administrative services, which replaced the Company’s

prior arrangement of reimbursing the Sponsor for its office lease.

For the three and six months ended June 30, 2019, the Company

incurred $45,000 and $90,000 in fees for these services.

At June 30, 2019 and December 31, 2018, there are $7,500 in administrative

fees included in accounts payable and accrued expenses in the accompanying condensed balance sheets.

order to finance transaction costs in connection with a Business Combination, the initial shareholders, the Company’s officers

and directors or their affiliates may, but are not obligated to, loan the Company funds from time to time or at any time, as may

be required (“Working Capital Loans”).

SEPTEMBER 30, 2019

Administrative Services Agreement

The Company entered into an agreement,

commencing on August 15, 2018 through the earlier of the consummation of a Business Combination or the Company’s liquidation,

to pay an affiliate of the Company’s Chief Executive Officer a monthly fee of $15,000 for general and administrative services,

including office space, utilities and administrative services, which replaced the Company’s prior arrangement of reimbursing

the Sponsor for its office lease.

For the three and nine months ended September 30, 2019, the Company incurred $45,000 and $135,000

in fees for these services.

For each of the three months ended September 30, 2018 and for the period from February 5, 2018 (inception)

through September 30, 2018, the Company incurred $22,500 in fees for these services.

At September 30, 2019 and December 31, 2018,

there are $7,500 in administrative fees included in accounts payable and accrued expenses in the accompanying condensed balance

Related Party Loans

In order to finance transaction costs in

connection with a Business Combination, the initial shareholders, the Company’s officers and directors or their affiliates

may, but are not obligated to, loan the Company funds from time to time or at any time, as may be required (“Working Capital

Loans”).

Each Working Capital Loan would be evidenced by a promissory note.

Capital Loans would either be paid upon consummation of a Business Combination, without interest, or, at the lender’s discretion,

up to $1,000,000 of the Working Capital Loans may be converted into warrants at a price of $0.50 per warrant.

The warrants would

be identical to the Private Placement Warrants.

In the event that a Business Combination does not close, the Company may use a

portion of the proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account

would be used to repay the Working Capital Loans.

In February 2019, the Sponsor committed to

provide an aggregate of $300,000 in loans to the Company and in April 2019, the Sponsor committed to provide an additional aggregate

amount of $300,000 in loans to the Company.

The loans, as well as any future loans that may be made by the Sponsor (or its affiliates),

will be evidenced by notes and would either be repaid upon the consummation of a Business Combination or up to $1,000,000 of the

notes may be converted into warrants at a price of $0.50 per warrant at the option of the lender.

As of June 30, 2019 and December

31, 2018, there was $350,000 and $0 outstanding under the loans, which has been recorded as advances from related party in the

accompanying condensed balance sheet.

to a registration rights agreement entered into on August 15, 2018, the holders of the Founder Shares, Private Placement Warrants

(and their underlying securities), Representative Shares (as defined in Note 7) and any warrants that may be issued upon conversion

of the Working Capital Loans (and their underlying securities) are entitled to registration rights.

The holders of a majority

of these securities are entitled to make up to two demands that the Company register such securities.

The holders of the majority

of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on

which these shares are to be released from escrow.

The holders of a majority of the Private Placement Warrants (and underlying

securities) and warrants issued in payment of Working Capital Loans (or underlying securities) can elect to exercise these registration

rights at any time after the Company consummates a Business Combination.

Notwithstanding anything herein to the contrary, EarlyBirdCapital,

(“EarlyBirdCapital”) and/or its designees may only make a demand registration (i) on one occasion and (ii) during

the five year period beginning on the effective date of the registration statements related to the Initial Public Offering.

addition, the holders will have certain “piggy-back”

registration rights with respect to registration statements filed

subsequent to the completion of a Business Combination.

The Company will bear the expenses incurred in connection with the filing

of any such registration statements.

Combination Marketing Agreement

Company has engaged EarlyBirdCapital as an advisor in connection with a Business Combination to assist the Company in locating

target businesses, holding meetings with its shareholders to discuss a potential Business Combination and the target business’

attributes, introduce the Company to potential investors that are interested in purchasing securities, assist the Company in obtaining

shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection

with a Business Combination.

The Company will pay EarlyBirdCapital a cash fee equal to 3.5% of the gross proceeds of the Initial

Public Offering for such services upon the consummation of a Business Combination (exclusive of any applicable finders’

The Working Capital Loans would either be paid

upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,000,000 of the Working

Capital Loans may be converted into warrants at a price of $0.50 per warrant.

The warrants would be identical to the Private Placement

In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the

Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working

Capital Loans.

On September 6, 2019, the Company issued

the Sponsor an unsecured promissory note in a principal amount of up to $1,100,000 (the “Note”) for working capital

loans made or to be made by the Sponsor, pursuant to which $350,000 of previously provided advances were converted into loans

under the Note.

The Note bears no interest and is due on the earlier of (i) the consummation of a Business Combination or (ii)

the liquidation of the Company.

Up to $1,000,000 of the loans under the Note may be converted into warrants, each warrant entitles

the holders to receive one half of one ordinary share, at $0.50 per warrant.

In September 2019, the Company received an additional

$500,000 under the Note, bringing the total outstanding balance due under the Note as of September 30, 2019 to an aggregate of

Registration Rights

Pursuant to a registration rights agreement

entered into on August 15, 2018, the holders of the Founder Shares, Private Placement Warrants (and their underlying securities),

Representative Shares (as defined in Note 7) and any warrants that may be issued upon conversion of the Working Capital Loans (and

their underlying securities) are entitled to registration rights.

The holders of a majority of these securities are entitled to

make up to two demands that the Company register such securities.

The holders of the majority of the Founder Shares can elect to

exercise these registration rights at any time commencing three months prior to the date on which these shares are to be released

The holders of a majority of the Private Placement Warrants (and underlying securities) and warrants issued in payment

of Working Capital Loans (or underlying securities) can elect to exercise these registration rights at any time after the Company

consummates a Business Combination.

Notwithstanding anything herein to the contrary, EarlyBirdCapital, Inc.

(“EarlyBirdCapital”)

and/or its designees may only make a demand registration (i) on one occasion and (ii) during the five-year period beginning on

the effective date of the registration statements related to the Initial Public Offering.

In addition, the holders will have certain

“piggy-back”

registration rights with respect to registration statements filed subsequent to the completion of a Business

The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Business Combination Marketing Agreement

The Company has engaged EarlyBirdCapital

as an advisor in connection with a Business Combination to assist the Company in locating target businesses, holding meetings with

its shareholders to discuss a potential Business Combination and the target business’

attributes, introduce the Company to

potential investors that are interested in purchasing securities, assist the Company in obtaining shareholder approval for the

Business Combination and assist the Company with its press releases and public filings in connection with a Business Combination.

The Company will pay EarlyBirdCapital a cash fee equal to 3.5% of the gross proceeds of the Initial Public Offering for such services

upon the consummation of a Business Combination (exclusive of any applicable finders’

fees which might become payable).

The Company will also pay EarlyBirdCapital a cash fee equal to 1.0% of the transaction value

if EarlyBirdCapital locates the target business with which the Company consummates a Business Combination.

Company will also pay EarlyBirdCapital a cash fee equal to 1.0% of the transaction value if EarlyBirdCapital locates the target

business with which the Company consummates a Business Combination.

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

SEPTEMBER 30, 2019

Share Exchange Agreement

On September 6, 2019, the Company entered

into a Share Exchange Agreement (the “Share Exchange Agreement”) with Glory Star, Glory Star New Media (Beijing) Technology

Co., Ltd., a wholly foreign-owned enterprise limited liability company (“WFOE”) incorporated in the People’s

Republic of China (“PRC”) and indirectly wholly-owned by Glory Star, Xing Cui Can International Media (Beijing) Co.,

Ltd., a limited liability company incorporated in the PRC (“Xing Cui Can”), Horgos Glory Star Media Co., Ltd., a limited

liability company incorporated in the PRC (“Horgos,”

and collectively with Xing Cui Can, the “VIEs”, and

the VIEs, the WFOE and Glory Star, collectively, the “Glory Star Parties”, and the Glory Star Parties collectively

with their respective subsidiaries, the “Glory Star Group”), each of Glory Star’s shareholders (collectively,

the “Sellers”), the Sponsor, in the capacity as the representative from and after the closing of the Transactions (as

defined below) (the “Closing”) for the Company’s shareholders other than the Sellers (the “Purchaser Representative”),

and Zhang Bing, in the capacity as the representative for the Sellers thereunder (the “Seller Representative”).

to the Share Exchange Agreement, among other things and subject to the terms and conditions contained therein, the Company will

effect an acquisition of the Glory Star Group, which primarily conducts its business through the WFOE and the VIEs, by acquiring

from the Sellers all of the issued and outstanding equity interests of Glory Star (together with the other transactions contemplated

by the Share Exchange Agreement, the “Transactions”).

Pursuant to the Share Exchange Agreement,

in exchange for all of the outstanding shares of Glory Star, the Company will issue to the Sellers a number of the Company’s

ordinary shares (the “Exchange Shares”) equal in value to US$425 million, with the Company’s ordinary shares

valued at a price per share equal to the price per share at which each of the Company’s ordinary share is redeemed or converted

pursuant to the redemption by the Company of its public shareholders in connection with the Company’s Business Combination,

as required by its amended and restated memorandum and articles of association (the “Redemption”).

After the Closing, the Sellers will have

the contingent right to receive up to 10,000,000 shares in additional consideration from the Company based on the performance of the Company and its subsidiaries

(including the Glory Star Group) for the fiscal year ended December 31, 2019 (the “2019 Earnout Year”) and the fiscal

year ended December 31, 2020 (the “2020 Earnout Year”).

The Transactions will be consummated subject

to the deliverables and provisions as further described in the Share Exchange Agreement.

SHAREHOLDERS’

Shares —

The Company is authorized to issue 2,000,000 preferred shares with a par value of $0.0001 per share with

such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors.

June 30, 2019 and December 31, 2018, there were no preferred shares issued or outstanding.

Shares —

The Company is authorized to issue 200,000,000 ordinary shares with a par value of $0.0001 per share.

of the ordinary shares are entitled to one vote for each share.

At June 30, 2019 and December 31, 2018, there were 6,963,686 and

6,896,324 ordinary shares issued and outstanding, excluding 24,486,314 and 24,553,676 ordinary shares to possible redemption,

respectively.

Public Warrants may only be exercised for a whole number of shares.

No fractional ordinary shares will be issued

upon exercise of the Public Warrants.

The Public Warrants will become exercisable on the later of (a) the completion of a Business

Combination and (b) 12 months from the closing of the Initial Public Offering.

No Public Warrants will be exercisable for cash

unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of

the Public Warrants and a current prospectus relating to such ordinary shares.

Notwithstanding the foregoing, if a registration

statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within 90 days from

the consummation of a Business Combination, the holders may, until such time as there is an effective registration statement and

during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public Warrants

on a cashless basis pursuant to an available exemption from registration under the Securities Act.

If an exemption from registration

is not available, holders will not be able to exercise their Public Warrants on a cashless basis.

The Public Warrants will expire

five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

Company may redeem the Public Warrants:

whole and not in part;

a price of $0.01 per warrant;

any time while the Public Warrants are exercisable;

not less than 30 days’

Preferred Shares —

The Company is authorized to issue 2,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights

and preferences as may be determined from time to time by the Company’s Board of Directors.

At September 30, 2019 and December

31, 2018, there were no preferred shares issued or outstanding.

Ordinary Shares —

Company is authorized to issue 200,000,000 ordinary shares with a par value of $0.0001 per share.

Holders of the ordinary shares

are entitled to one vote for each share.

At September 30, 2019 and December 31, 2018, there were 7,028,547 and 6,896,324 ordinary

shares issued and outstanding, excluding 24,421,453 and 24,553,676 ordinary shares to possible redemption, respectively.

Warrants —

Public Warrants

may only be exercised for a whole number of shares.

No fractional ordinary shares will be issued upon exercise of the Public Warrants.

The Public Warrants will become exercisable on the later of (a) the completion of a Business Combination and (b) 12 months from

the closing of the Initial Public Offering.

No Public Warrants will be exercisable for cash unless the Company has an effective

and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus

relating to such ordinary shares.

Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable

upon the exercise of the Public Warrants is not effective within 90 days from the consummation of a Business Combination, the holders

may, until such time as there is an effective registration statement and during any period when the Company shall have failed to

maintain an effective registration statement, exercise the Public Warrants on a cashless basis pursuant to an available exemption

from registration under the Securities Act.

If an exemption from registration is not available, holders will not be able to exercise

their Public Warrants on a cashless basis.

The Public Warrants will expire five years from the consummation of a Business Combination

or earlier upon redemption or liquidation.

The Company may redeem the Public Warrants:

in whole and not in part;

at a price of $0.01 per warrant;

at any time while the Public Warrants are exercisable;

upon not less than 30 days’

prior written notice of redemption to each Public Warrant holder;

and only if, the reported last sale price of the Company’s ordinary shares equals or exceeds $18.00 per share, for any

20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to the warrant

and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants

at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until

the date of redemption.

the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise

the Public Warrants to do so on a “cashless basis,”

if, and only if, the reported last sale price of the Company’s ordinary shares equals or exceeds $18.00 per share, for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders;

if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2019

If the Company calls the Public Warrants

for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a

“cashless basis,”

as described in the warrant agreement.

exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including

in the event of a capitalization of shares, extraordinary dividend or recapitalization, reorganization, merger or consolidation.

However, the warrants will not be adjusted for issuances of ordinary shares at a price below their exercise price or issuance

of potential extension warrants in connection with an extension of the period of time for the Company to complete a Business Combination.

Additionally, in no event will the Company be required to net cash settle the warrants.

If the Company is unable to complete a

Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of

warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s

assets held outside of the Trust Account with the respect to such warrants.

The exercise price and number of ordinary

shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a capitalization

of shares, extraordinary dividend or recapitalization, reorganization, merger or consolidation.

However, the warrants will not

be adjusted for issuances of ordinary shares at a price below their exercise price or issuance of potential extension warrants

in connection with an extension of the period of time for the Company to complete a Business Combination.

Additionally, in no event

will the Company be required to net cash settle the warrants.

If the Company is unable to complete a Business Combination within

the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any

of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside

of the Trust Account with the respect to such warrants.

Accordingly, the warrants may expire worthless.

Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Public

Right will automatically receive one-tenth (1/10) of an ordinary share upon consummation of a Business Combination, even if the

holder of a Public Right converted all ordinary shares held by him, her or it in connection with a Business Combination or an

amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to its pre-business

combination activities.

In the event that the Company will not be the surviving company upon completion of the initial Business

Combination, each holder of a Public Right will be required to affirmatively convert his, her or its rights in order to receive

the one-tenth (1/10) of a share underlying each Public Right upon consummation of the Business Combination.

No additional consideration

will be required to be paid by a holder of Public Rights in order to receive his, her or its additional ordinary shares upon consummation

Rights —

cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically

receive one-tenth (1/10) of an ordinary share upon consummation of a Business Combination, even if the holder of a Public Right

converted all ordinary shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s

Amended and Restated Memorandum and Articles of Association with respect to its pre-business combination activities.

that the Company will not be the surviving company upon completion of the initial Business Combination, each holder of a Public

Right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying

each Public Right upon consummation of the Business Combination.

No additional consideration will be required to be paid by a holder

of Public Rights in order to receive his, her or its additional ordinary shares upon consummation of a Business Combination.

shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity,

the definitive agreement will provide for the holders of Public Rights to receive the same per share consideration the holders

of ordinary shares will receive in the transaction on an as-converted into ordinary shares basis.

The Company will not issue fractional shares

in connection with an exchange of Public Rights.

Fractional shares will either be rounded down to the nearest whole share or otherwise

addressed in accordance with the applicable provisions of the Cayman Islands law.

As a result, the holders of the Public Rights

must hold rights in multiples of 10 in order to receive shares for all of the holders’

rights upon closing of a Business

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates

the funds held in the Trust Account, holders of Public Rights will not receive any of such funds with respect to their Public Rights,

nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public

Rights, and the Public Rights will expire worthless.

Further, there are no contractual penalties for failure to deliver securities

to the holders of the Public Rights upon consummation of a Business Combination.

Additionally, in no event will the Company be

required to net cash settle the rights.

Accordingly, the rights may expire worthless.

Representative Shares

At the closing of the Initial Public Offering,

the Company issued EarlyBirdCapital (and its designees) 200,000 ordinary shares (the “Representative Shares”).

Company accounted for the Representative Shares as an expense of the Initial Public Offering, resulting in a charge directly to

shareholders’

The Company estimated that the fair value of Representative Shares was $2,000,000 based upon the offering

price of the Units of $10.00 per Unit.

EarlyBirdCapital has agreed not to transfer, assign or sell any such shares until the completion

of a Business Combination.

The shares issuable upon exchange of the rights will be freely tradable (except to the extent held

by affiliates of the Company).

If the Company enters into a definitive agreement for a Business Combination in which the Company

will not be the surviving entity, the definitive agreement will provide for the holders of Public Rights to receive the same per

share consideration the holders of ordinary shares will receive in the transaction on an as-converted into ordinary shares basis.

In addition, EarlyBirdCapital (and its designees) has agreed (i) to waive its redemption rights with

respect to such shares in connection with the completion of a Business Combination (ii) to waive its right to receive potential

extension warrants with respect to such shares in connection with an extension of the period of time for the Company to consummate

a Business Combination, and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares

if the Company fails to complete a Business Combination within the Combination Period.

TKK SYMPHONY ACQUISITION CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2019

Company will not issue fractional shares in connection with an exchange of Public Rights.

Fractional shares will either be rounded

down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of the Cayman Islands law.

As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive shares for all of the holders’

rights upon closing of a Business Combination.

If the Company is unable to complete a Business Combination within the Combination

Period and the Company liquidates the funds held in the Trust Account, holders of Public Rights will not receive any of such funds

with respect to their Public Rights, nor will they receive any distribution from the Company’s assets held outside of the

Trust Account with respect to such Public Rights, and the Public Rights will expire worthless.

Further, there are no contractual

penalties for failure to deliver securities to the holders of the Public Rights upon consummation of a Business Combination.

Additionally,

in no event will the Company be required to net cash settle the rights.

Accordingly, the rights may expire worthless.

Representative

the closing of the Initial Public Offering, the Company issued EarlyBirdCapital (and its designees) 200,000 ordinary shares (the

“Representative Shares”).

The Company accounted for the Representative Shares as an expense of the Initial Public

Offering, resulting in a charge directly to shareholders’

The Company estimated that the fair value of Representative

Shares was $2,000,000 based upon the offering price of the Units of $10.00 per Unit.

EarlyBirdCapital has agreed not to transfer,

assign or sell any such shares until the completion of a Business Combination.

In addition, EarlyBirdCapital (and its designees)

has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of a Business Combination

(ii) to waive its right to receive potential extension warrants with respect to such shares in connection with an extension of

the period of time for the Company to consummate a Business Combination, and (ii) to waive its rights to liquidating distributions

from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination

Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately

following the effective date of the registration statement related to the Initial Public Offering pursuant to Rule 5110(g)(1)

of FINRA’s NASD Conduct Rules.

Pursuant to FINRA Rule 5110(g)(1), these securities will not be the subject of any hedging,

short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person

for a period of 180 days immediately following the effective date of the registration statements related to the Initial Public

Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following

the effective date of the registration statements related to the Initial Public Offering except to any underwriter and selected

dealer participating in the Initial Public Offering and their bona fide officers or partners.

SEPTEMBER 30, 2019

The Representative Shares have been deemed

compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date

of the registration statement related to the Initial Public Offering pursuant to Rule 5110(g)(1) of FINRA’s NASD Conduct

Pursuant to FINRA Rule 5110(g)(1), these securities will not be the subject of any hedging, short sale, derivative, put

or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately

following the effective date of the registration statements related to the Initial Public Offering, nor may they be sold, transferred,

assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements

related to the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering

and their bona fide officers or partners.

FAIR VALUE MEASUREMENTS

Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value

at each reporting period and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company

would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an

orderly transaction between market participants at the measurement date.

In connection with measuring the fair value of its assets

and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and

to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable

inputs used in order to value the assets and liabilities:

prices in active markets for identical assets or liabilities.

An active market for an asset or liability is a market in which

transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing

inputs other than Level 1 inputs.

Examples of Level 2 inputs include quoted prices in active markets for similar assets or

liabilities and quoted prices for identical assets or liabilities in markets that are not active.

inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

following table presents information about the Company’s assets that are measured at fair value on a recurring basis at

June 30, 2019 and December 31, 2018, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine

such fair value:

The Company follows the guidance in ASC

820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period and non-financial

assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company’s financial

assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with

the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants

at the measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize

the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal

assumptions about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify

assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Quoted prices in active markets for identical assets or liabilities.

An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Observable inputs other than Level 1 inputs.

Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information

about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018,

and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

September 30,

Marketable securities held in Trust Account

2 unchanged sentences

SUBSEQUENT EVENTS

Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial

statements were issued.

Based upon this review, the Company did not identify any subsequent events that would have required adjustment

or disclosure in the financial statements.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

in this report (the “Quarterly Report”) to “we,”

The Company evaluates subsequent events

and transactions that occur after the balance sheet date up to the date that the financial statements were issued.

Based upon this

review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

MANAGEMENT’S DISCUSSION

AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (the “Quarterly

Report”) to “we,”

“us”

or the “Company”

TKK Symphony Acquisition Corporation.

refer to TKK Symphony Acquisition Corporation.

References to our “management”

or our “management team”

our officers and directors, and references to our “Sponsor”

refer to our officers and directors, and references

to our “Sponsor”

refer to TKK Symphony Sponsor 1.

The following discussion

and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited

condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report.

Certain information contained

in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Note Regarding Forward-Looking Statements

Quarterly Report includes “forward-looking statements”

within the meaning of Section 27A of the Securities Act and

Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results

to differ materially from those expected and projected.

All statements, other than statements of historical fact included in this

Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial

Condition and Results of Operations”

regarding the Company’s financial position, business strategy and the plans and

objectives of management for future operations, are forward-looking statements.

The following discussion and analysis of the Company’s financial

condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes

thereto contained elsewhere in this Quarterly Report.

Certain information contained in the discussion and analysis set forth below

includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking

This Quarterly Report includes “forward-looking

statements”

within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical

facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected.

All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements

in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

regarding the

Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking

Words such as “expect,”

4 unchanged sentences

“seek”

and variations and similar words and

expressions are intended to identify such forward-looking statements.

Such forward-looking statements relate to future events

or future performance, but reflect management’s current beliefs, based on information currently available.

A number of factors

could cause actual events, performance or results to differ materially from the events, performance and results discussed in the

forward-looking statements.

For information identifying important factors that could cause actual results to differ materially

from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual

Report on Form 10-K for the period ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”).

The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov.

as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any

forward-looking statements whether as a result of new information, future events or otherwise.

are a blank check company incorporated on February 5, 2018 as a Cayman Islands exempted company and formed for the purpose of

effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar Business Combination

with one or more businesses.

We intend to utilize cash derived from the proceeds of the Initial Public Offering, our securities,

debt or a combination of cash, securities and debt in effecting a Business Combination.

issuance of additional shares in a Business Combination:

significantly reduce the equity interest of our shareholders;

subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to

our ordinary shares;

likely cause a change in control if a substantial number of our ordinary shares are issued, which may affect, among other

things, our ability to use our net operating loss carry forwards, if any, and most likely will also result in the resignation

or removal of our present officers and directors;

adversely affect prevailing market prices for our securities.

if we issue debt securities, it could result in:

and foreclosure on our assets if our operating revenues after a Business Combination are insufficient to pay our debt obligations;

of our obligations to repay the indebtedness even if we have made all principal and interest payments when due if the debt

security contains covenants that required the maintenance of certain financial ratios or reserves and we breach any such covenant

without a waiver or renegotiation of that covenant;

immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;

inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing

while the debt security is outstanding;

expect to continue to incur significant costs in the pursuit of our acquisition plans.

We cannot assure you that our plans to

raise capital or to complete a Business Combination will be successful.

of Operations

have neither engaged in any operations nor generated any revenues to date.

Our only activities from February 5, 2018 (inception)

through March 31, 2019 were organizational activities, those necessary to consummate the Initial Public Offering, described below,

and identifying a target company for a Business Combination.

We do not expect to generate any operating revenues until after the

completion of our Business Combination.

and variations and similar words and expressions are intended to identify such forward-looking statements.

forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based

on information currently available.

A number of factors could cause actual events, performance or results to differ materially

from the events, performance and results discussed in the forward-looking statements.

For information identifying important factors

that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to

the Risk Factors section of the Company’s Annual Report on Form 10-K for the period ended December 31, 2018 filed with the

Securities and Exchange Commission (the “SEC”).

The Company’s securities filings can be accessed on the EDGAR

section of the SEC’s website at www.sec.gov.

Except as expressly required by applicable securities law, the Company disclaims

any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events

or otherwise.

Recent Developments

On September 6, 2019, we entered into a

Share Exchange Agreement with Glory Star, pursuant to which we will issue to the Sellers a number of Exchange Shares equal in value

to US$425 million.

See Note 6 to Item 1 above for a description of the Share Exchange Agreement and the transactions contemplated

We are a blank check company incorporated

on February 5, 2018 as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset

acquisition, share purchase, recapitalization, reorganization or similar Business Combination with one or more businesses.

to utilize cash derived from the proceeds of the Initial Public Offering, our securities, debt or a combination of cash, securities

and debt in effecting a Business Combination.

The issuance of additional shares in a

Business Combination:

may significantly reduce the equity interest of our shareholders;

may subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to our ordinary shares;

will likely cause a change in control if a substantial number of our ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely will also result in the resignation or removal of our present officers and directors;

may adversely affect prevailing market prices for our securities.

Similarly, if we issue debt securities, it could result in:

default and foreclosure on our assets if our operating revenues after a Business Combination are insufficient to pay our debt obligations;

acceleration of our obligations to repay the indebtedness even if we have made all principal and interest payments when due if the debt security contains covenants that required the maintenance of certain financial ratios or reserves and we breach any such covenant without a waiver or renegotiation of that covenant;

our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;

our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt security is outstanding;

We expect to continue to incur significant

costs in the pursuit of our acquisition plans.

We cannot assure you that our plans to raise capital or to complete a Business Combination

will be successful.

Results of Operations

We have neither engaged in any operations

nor generated any revenues to date.

Our only activities from February 5, 2018 (inception) through September 30, 2019 were organizational

activities, those necessary to consummate the Initial Public Offering, described below, identifying a target company for a Business

Combination and the proposed acquisition of Glory Star.

We do not expect to generate any operating revenues until after the completion

of our Business Combination.

We generate non-operating income in the form of interest income on marketable securities.

We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),

as well as for due diligence expenses.

the three months ended June 30, 2019, we had net income of $1,156,951, which consists of interest income on marketable securities

held in the Trust Account of $1,502,321 and an unrealized gain on marketable securities held in our Trust Account of $137,467,

offset by operating costs of $482,837.

the six months ended June 30, 2019, we had net income of $2,413,793, which consists of interest income on marketable securities

held in the Trust Account of $3,057,527 and an unrealized gain on marketable securities held in our Trust Account of $99,852,

offset by operating costs of $743,586.

the three months ended June 30, 2018 and for the period from February 5, 2018 (inception) through June 30, 2018, we had net loss

$9,344 and $39,859, which consists of operating costs of $9,344 and $39,859, respectively.

and Capital Resources

August 20 and 22, 2018, we consummated the Initial Public Offering of 22,000,000 Units and the sale of an additional 3,000,000

Units pursuant to the underwriters’

partial exercise of their over-allotment option at a price of $10.00 per Unit, generating

aggregate gross proceeds of $250,000,000.

Simultaneously with the closings of the Initial Public Offering and the sale of the

additional Units, we consummated the sales of an aggregate of 13,000,000 Private Placement Warrants to Symphony Holdings Limited

at a price of $0.50 per warrant, generating gross proceeds of $6,500,000.

connection with the Initial Public Offering and the private placement, a total of $250,000,000 was placed in the Trust Account.

We incurred $5,744,938 in Initial Public Offering related costs, including $5,000,000 of underwriting fees and $744,938 of other

the six months ended June 30, 2019, cash used in operating activities was $615,925.

Net income of $2,413,793 was offset by interest

earned on marketable securities held in the Trust Account of $3,057,527, an unrealized gain on marketable securities held in our

Trust Account of $99,852 and changes in our operating assets and liabilities, which provided $127,661 of cash from operating activities.

the period from February 5, 2018 (inception) through June 30, 2018, cash used in operating activities was $35,898.

$39,859 was offset by changes in our operating assets and liabilities, which provided $3,961 of cash from operating activities.

of June 30, 2019, we had marketable securities held in the Trust Account of $255,043,484 (including approximately $5,043,000 of

interest income and unrealized gains) consisting of U.S.

expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as

for due diligence expenses.

For the three months ended September 30,

2019, we had net income of $552,308, which consists of interest income on marketable securities held in the Trust Account of $1,365,513,

offset by an unrealized loss on marketable securities held in our Trust Account of $122,750 and operating costs of $690,455.

For the nine months ended September 30,

2019, we had net income of $2,966,101, which consists of interest income on marketable securities held in the Trust Account of

$4,423,040, offset by an unrealized loss on marketable securities held in our Trust Account of $22,898 and operating costs of $1,434,041.

For the three months ended September 30,

2018 and for the period from February 5, 2018 (inception) through September 30, 2018, we had net income of $371,210 and $331,351,

respectively, which consists of interest income on marketable securities held in the Trust Account $588,938, offset by operating

costs of $64,359 and $104,218, respectively, and an unrealized loss on marketable securities held in our Trust Account $153,369.

Liquidity and Capital Resources

On August 20 and 22, 2018, we consummated

the Initial Public Offering of 22,000,000 Units and the sale of an additional 3,000,000 Units pursuant to the underwriters’

partial exercise of their over-allotment option at a price of $10.00 per Unit, generating aggregate gross proceeds of $250,000,000.

Simultaneously with the closings of the Initial Public Offering and the sale of the additional Units, we consummated the sales

of an aggregate of 13,000,000 Private Placement Warrants to Symphony Holdings Limited at a price of $0.50 per warrant, generating

gross proceeds of $6,500,000.

In connection with the Initial Public Offering

and the private placement, a total of $250,000,000 was placed in the Trust Account.

We incurred $5,744,938 in Initial Public Offering

related costs, including $5,000,000 of underwriting fees and $744,938 of other costs.

For the nine months ended September 30,

2019, cash used in operating activities was $1,209,724.

Net income of $2,966,101 was affected by interest earned on marketable

securities held in the Trust Account of $4,423,040, an unrealized loss on marketable securities held in our Trust Account of $22,898

and changes in our operating assets and liabilities, which provided $224,317 of cash from operating activities.

For the period from February 5, 2018 (inception)

through September 30, 2018, cash used in operating activities was $129,006.

Net income of $331,351 was impacted by interest earned

on marketable securities held in the Trust Account of $588,938, an unrealized loss on marketable securities held in our Trust Account

of $153,369 and changes in our operating assets and liabilities, which used $24,788 of cash from operating activities.

As of September 30, 2019, we had marketable

securities held in the Trust Account of $256,286,247 (including approximately $6,286,000 of interest income, net of unrealized

losses) consisting of U.S.

treasury bills with a maturity of 180 days or less.

Interest income on

the balance in the Trust Account may be used by us to pay taxes.

Through June 30, 2019, we did not withdraw any funds from the

interest earned on the Trust Account.

intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on

the Trust Account to acquire a target business or businesses and to pay our expenses relating thereto, including a cash fee equal

to 3.5% of the gross proceeds of Initial Public Offering payable to the upon consummation of our Business Combination for assisting

us in connection with such Business Combination.

To the extent that our ordinary shares are used in whole or in part as consideration

to effect our Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended

will be used as working capital to finance the operations of the target business.

Such working capital funds could be used in

a variety of ways including continuing or expanding the target business’

operations, for strategic acquisitions and for

marketing, research and development of existing or new products.

Such funds could also be used to repay any operating expenses

or finders’

fees which we had incurred prior to the completion of our Business Combination if the funds available to us

outside of the Trust Account were insufficient to cover such expenses.

of June 30, 2019, we had cash of $141,069 held outside of the Trust Account.

We intend to use the funds held outside the Trust

Account primarily to identify and evaluate prospective acquisition candidates, perform business due diligence on prospective target

businesses, travel to and from the offices, plants or similar locations of prospective target businesses, review corporate documents

and material agreements of prospective target businesses, select the target business to acquire and structure, negotiate and consummate

a Business Combination.

order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the initial

shareholders, the Company’s officers and directors or their affiliates may, but are not obligated to (except as described

herein), loan us funds as may be required.

In the event that our Business Combination does not close, we may use a portion of

the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be

used for such repayment.

Up to $1,000,000 of such loans may be convertible into warrants at a price of $0.50 per warrant at the

option of the lender.

The warrants would be identical to the Private Placement Warrants issued to our Sponsor.

We do not expect

to seek loans from parties other than the initial shareholders, the Company’s officers and directors or their affiliates

as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek

access to funds in our Trust Account.

In February 2019, the Sponsor committed to provide us an aggregate of $300,000 in loans

and in April 2019, the Sponsor committed to provide us an additional aggregate amount of $300,000 in loans, bringing the total

commitment to an aggregate amount of $600,000.

The loans, as well as any future loans that may be made by the Sponsor (or its

affiliates), will be evidenced by notes and would either be repaid upon the consummation of a Business Combination or up to $1,000,000

of the notes may be converted into warrants at a price of $0.50 per warrant at the option of the lender.

As of June 30, 2019,

we had $350,000 outstanding under the loans.

We have principally financed our operations

from inception using proceeds from the sale of our equity securities to our shareholders prior to the Initial Public Offering and

such amount of proceeds from the Initial Public Offering that were placed in an account outside of the Trust Account for working

capital purposes.

As of June 30, 2019, we had $141,069 in our operating bank accounts, $255,043,484 in securities held in the Trust

Account to be used for a Business Combination or to repurchase or redeem our ordinary shares in connection therewith and a working

capital deficit of $240,490.

In addition, in February 2019, our Sponsor committed to provide us an aggregate of $300,000 in loans

and in April 2019, the Sponsor committed to provide us an additional aggregate amount of $300,000 in loans, bringing the total

commitment to an aggregate amount of $600,000.

The loans, as well as any future loans that may be made by our Sponsor (or its affiliates),

will be evidenced by notes and would either be repaid upon the consummation of a Business Combination or up to $1,000,000 of the

notes may be converted into warrants.

As of June 30, 2019, we had $350,000 outstanding under the loans.

Based on the foregoing,

we believe we will have sufficient cash to meet our needs through February 20, 2020, our scheduled liquidation date.

sheet financing arrangements

have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2019.

not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred

to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any

debt or commitments of other entities, or purchased any non-financial assets.

do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an

agreement to pay an affiliate of our Chief Executive Officer a monthly fee of $15,000 for general and administrative services,

including office space, utilities and administrative services provided to the Company.

We began incurring these fees on August

15, 2018 and will continue to incur these fees monthly until the earlier of the completion of the Business Combination and our

Accounting Policies

preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the

United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and

liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses

during the periods reported.

Actual results could materially differ from those estimates.

We have identified the following critical

accounting policies:

shares subject to possible redemption

account for our ordinary shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification

(“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”

Ordinary shares subject to mandatory redemption

is classified as a liability instrument and is measured at fair value.

Conditionally redeemable ordinary shares (including ordinary

shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence

of uncertain events not solely within our control) are classified as temporary equity.

At all other times, ordinary shares are

classified as shareholders’

Our ordinary shares feature certain redemption rights that are considered to be outside

of our control and subject to occurrence of uncertain future events.

Accordingly, ordinary shares subject to possible redemption

are presented at redemption value as temporary equity, outside of the shareholders’

equity section of our condensed balance

loss per ordinary share

apply the two-class method in calculating earnings per share.

Ordinary shares subject to possible redemption which are not currently

redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per ordinary share

since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings.

Our net income is adjusted

for the portion of income that is attributable to ordinary shares subject to redemption, as these shares only participate in the

earnings of the Trust Account and not our income or losses.

accounting pronouncements

does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material

effect on our condensed financial statements.

Interest income on the balance in the Trust Account

may be used by us to pay taxes.

Through September 30, 2019, we did not withdraw any funds from the interest earned on the Trust

We intend to use substantially all of the

funds held in the Trust Account, including any amounts representing interest earned on the Trust Account to acquire a target business

or businesses and to pay our expenses relating thereto, including a cash fee equal to 3.5% of the gross proceeds of Initial Public

Offering payable to the upon consummation of our Business Combination for assisting us in connection with such Business Combination.

To the extent that our ordinary shares are used in whole or in part as consideration to effect our Business Combination, the remaining

proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the

operations of the target business.

Such working capital funds could be used in a variety of ways including continuing or expanding

the target business’

operations, for strategic acquisitions and for marketing, research and development of existing or new

Such funds could also be used to repay any operating expenses or finders’

fees which we had incurred prior to the

completion of our Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such

As of September 30, 2019, we had cash of

$47,270 held outside of the Trust Account.

We intend to use the funds held outside the Trust Account primarily to identify and

evaluate prospective acquisition candidates, perform business due diligence on prospective target businesses, travel to and from

the offices, plants or similar locations of prospective target businesses, review corporate documents and material agreements of

prospective target businesses, select the target business to acquire and structure, negotiate and consummate a Business Combination.

In order to fund working capital deficiencies

or finance transaction costs in connection with a Business Combination, the initial shareholders, the Company’s officers

and directors or their affiliates may, but are not obligated to (except as described herein), loan us funds as may be required.

In the event that our Business Combination does not close, we may use a portion of the working capital held outside the Trust Account

to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment.

Up to $1,000,000 of such

loans may be convertible into warrants at a price of $0.50 per warrant at the option of the lender.

The warrants would be identical

to the Private Placement Warrants issued to our Sponsor.

We do not expect to seek loans from parties other than the initial shareholders,

the Company’s officers and directors or their affiliates as we do not believe third parties will be willing to loan such

funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.

On September 6, 2019, we issued the Sponsor

an unsecured promissory note in a principal amount of up to $1,100,000 (the “Note”) for working capital loans made

or to be made by the Sponsor, pursuant to which $350,000 of previously provided advances were converted into loans under the Note.

The Note bears no interest and is due on the earlier of (i) the consummation of a Business Combination or (ii) our liquidation.

Up to $1,000,000 of the loans under the Note may be converted into warrants, each warrant entitles the holders to receive one

half of one ordinary share, at $0.50 per warrant.

In September 2019, the Company received an additional $500,000 under the Note,

bringing the total outstanding balance due under the Note as of September 30, 2019 to an aggregate of $850,000.

We have principally financed our operations from inception using proceeds from the sale of our equity

securities to our shareholders prior to the Initial Public Offering and such amount of proceeds from the Initial Public Offering

that were placed in an account outside of the Trust Account for working capital purposes.

As of September 30, 2019, we had $47,270

in our operating bank accounts, $256,286,247 in securities held in the Trust Account to be used for a Business Combination or to

repurchase or redeem our ordinary shares in connection therewith and a working capital deficit of $80,945.

In addition, in February

2019, our Sponsor committed to provide us an aggregate of $300,000 in loans and in April 2019, our Sponsor committed to provide

us an additional aggregate amount of $300,000 in loans.

On September 6, 2019, we issued our Sponsor an unsecured promissory note

in a principal amount of up to $1,100,000 for working capital loans made or to be made by our Sponsor.

The Note replaced the above

commitments provided by the Sponsor.

Up to $1,000,000 of the loans under the Note may be converted into warrants.

As of September

30, 2019, there was $850,000 outstanding under the Note.

Based on the foregoing, we believe we will have sufficient cash to meet

our needs through February 20, 2020, our scheduled liquidation date.

Off-balance sheet financing arrangements

We have no obligations, assets or liabilities,

which would be considered off-balance sheet arrangements as of September 30, 2019.

We do not participate in transactions that create

relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would

have been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance

sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or

purchased any non-financial assets.

Contractual obligations

We do not have any long-term debt, capital

lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of our Chief

Executive Officer a monthly fee of $15,000 for general and administrative services, including office space, utilities and administrative

services provided to the Company.

We began incurring these fees on August 15, 2018 and will continue to incur these fees monthly

until the earlier of the completion of the Business Combination and our liquidation.

Critical Accounting Policies

The preparation of financial statements

and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management

to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and

liabilities at the date of the financial statements, and income and expenses during the periods reported.

Actual results could

materially differ from those estimates.

We have identified the following critical accounting policies:

Ordinary shares subject to possible

We account for our ordinary shares subject

to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing

Liabilities from Equity.”

Ordinary shares subject to mandatory redemption is classified as a liability instrument and is

measured at fair value.

Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that

are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within

our control) are classified as temporary equity.

At all other times, ordinary shares are classified as shareholders’

Our ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to occurrence

of uncertain future events.

Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary

equity, outside of the shareholders’

equity section of our condensed balance sheets.

Net loss per ordinary share

We apply the two-class method in calculating

earnings per share.

Ordinary shares subject to possible redemption which are not currently redeemable and are not redeemable at

fair value, have been excluded from the calculation of basic net loss per ordinary share since such shares, if redeemed, only participate

in their pro rata share of the Trust Account earnings.

Our net income is adjusted for the portion of income that is attributable

to ordinary shares subject to redemption, as these shares only participate in the earnings of the Trust Account and not our income

Recent accounting pronouncements

Management does not believe that any recently

issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial

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-Q

Item 1. Financial Statements