4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor and BTIG purchased an aggregate of 760,000 Private Units, at a price of $10.00 per Private Unit, for an aggregate purchase price of $7,600,000, from the Company in a private placement. Of those 760,000 Private Units, the Sponsor purchased 435,000 Private Units and BTIG purchased 325,000 Private Units.  Each Private Unit consists of one Class A ordinary share and one-fourth of one Private Warrant. Each whole Private Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

The Private Units are identical to the Units sold in the Initial Public Offering except that, so long as they are held by the Sponsor, the underwriters or their permitted transferees, the Private Units (i) may not (including the Class A ordinary shares issuable upon exercise of the Private Warrants contained in the Private Units), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination, (ii) will be entitled to registration rights and (iii) with respect to Private Warrants contained in the Private Units held by the underwriters and/or their designees, will not be exercisable more than five years from the commencement of sales in the Initial Public Offering in accordance with FINRA Rule 5110(g)(8).