Note 4 — PRIVATE PLACEMENT

Simultaneously with the consummation of the IPO and exercise of over-allotment option, the Sponsor purchased an aggregate of 154,970 Private Placement Units at a price of $10.00 per Private Placement Units for an aggregate purchase price of $1,549,700, including cancellation of $278,496 of indebtedness. Each Private Placement Unit was identical to the Public Units sold in the IPO except for certain registration rights and transfer restrictions.