Note 3 — Initial Public Offering

Pursuant to the IPO, the Company sold 6,900,000 Units (including 900,000 Units sold pursuant to the underwriters’ full exercise of the over-allotment option) at a purchase price of $10.00 per Unit. Each Unit consists of one Ordinary Share, one redeemable Warrant and one Right. Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment, and is exercisable commencing on the later of 30 days after the completion of the initial Business Combination and 12 months from the closing of the IPO, and will expire five years after the completion of the initial Business Combination or earlier upon redemption or liquidation. Each Right entitles the holder thereof to receive one-tenth (1/10) of one Ordinary Share upon the consummation of the initial Business Combination.