NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 150,000 Private Placement Units, at a price of $10.00 per Private Placement Unit, or $1,500,000 in the aggregate, in the Private Placement. Each Private Placement Unit consists of one Private Placement Shares and one-eighth of one Private Placement Warrants. Each whole Private Placement Warrant entitles the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment.

The Private Placement Units (and underlying securities) are identical to the Public Units (and underlying securities), except that Private Placement Units (i) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holders until immediately after the completion of the initial Business Combination and (ii) will be entitled to registration rights.