NOTE 4— PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor and Jefferies purchased an aggregate of 660,000 Private Placement Units at a price of $10.00 per Private Placement Unit, for an aggregate purchase price of $6,600,000, of which 372,500 Private Placement Units were purchased by the Sponsor and 287,500 Private Placement Units were purchased by Jefferies, in a private placement. Certain proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Completion Window, such proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law).