Exhibit 1.1
UNDERWRITING
AGREEMENT
between
CA
Healthcare ACQUISITION CORP.
and
BTIG,
LLC
Dated January 26, 2021
CA HEALTHCARE ACQUISITION CORP.
UNDERWRITING AGREEMENT
New York, New York
January 26, 2021
BTIG, LLC
65 East 55th Street
New York, New York 10022
As Representative of the Underwriters
named on Schedule A hereto
Ladies and Gentlemen:
The undersigned, CA
Healthcare Acquisition Corp., a Delaware corporation (the “Company”), hereby confirms its agreement with BTIG, LLC
(the “Representative”) and with the other underwriters named on Schedule A hereto (if any), for which the Representative
is acting as representative (the Representative and such other underwriters being collectively referred to herein as the “Underwriters”
or, each underwriter individually, an “Underwriter”) as follows:
1.
Purchase and Sale of Securities.
1.1
Firm Securities.
1.1.1
Purchase of Firm Units. On the basis of the representations and warranties contained herein, but subject to the terms
and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, severally and not jointly, and
the Underwriters agree to purchase from the Company, severally and not jointly, an aggregate of 10,000,000 units (the “Firm
Units”) the number of Firm Units set forth opposite the name of such Underwriter in Schedule A attached hereto at a purchase
price of $9.80 per Firm Unit. The Firm Units are to be offered initially to the public (the “Offering”) at the
offering price of $10.00 per Firm Unit. Each Firm Unit consists of one share of Class A common stock, $0.0001 par value, of the
Company (the “Common Stock”), and one half of one redeemable warrant (the “Warrants”). The
Common Stock and the Warrants included in the Firm Units will trade separately on the 52nd day following the date
hereof unless the Representative determines to allow earlier separate trading. Notwithstanding the immediately preceding sentence,
in no event will the Common Stock and the Warrants included in the Firm Units trade separately until (i) the Company has filed
with the Securities and Exchange Commission (the “Commission”) a Current Report on Form 8-K that includes an
audited balance sheet reflecting the Company’s receipt of the proceeds of the Offering and the Warrant Private Placement
(as defined in Section 1.4.2) and updated financial information with respect to any proceeds the Company receives from
the exercise of the Over-allotment Option (defined below) if such option is exercised prior to the filing of the Form 8-K, and
(ii) the Company has filed with the Commission a Current Report on Form 8-K and issued a press release announcing when such
separate trading will begin. Each whole Warrant entitles its holder to purchase one share of Common Stock for $11.50 per share,
subject to adjustment, commencing on the later of twelve months from the Closing Date (defined below) or 30 days after the
consummation by the Company of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar
business combination with one or more businesses (the “Business Combination”) and expiring on the five year
anniversary of the consummation by the Company of its initial Business Combination, or earlier upon redemption or liquidation.
1.1.2 Payment
and Delivery. Delivery and payment for the Firm Units shall be made at 10:00 a.m., New York City time, on the
2nd Business Day (as defined below) following the commencement of trading of the Units, or at such earlier
time as shall be agreed upon by the Representative and the Company, at the offices of Kirkland & Ellis LLP, counsel to
the Underwriters (“K&E”), or at such other place as shall be agreed upon by the Representative and the
Company. The hour and date of delivery and payment for the Firm Units is called the “Closing Date.”
Payment for the Firm Units shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable as
follows: $100,000,000 of the proceeds received by the Company for the Firm Units and the sale of Private Placement Warrants
(as defined in Section 1.4.2) shall be deposited in the trust account (“Trust Account”)
established by the Company for the benefit of the Public Stockholders (as defined below), as described in the Registration
Statement (as defined in Section 2.1.1) pursuant to the terms of an Investment Management Trust Agreement (the
“Trust Agreement”) between the Company and Continental Stock Transfer & Trust Company
(“CST&T”). The funds deposited in the Trust Account shall include an aggregate of $3,500,000 ($0.35
per Firm Unit), payable to the Underwriters as Deferred Underwriting Commission, in accordance with Section
1.3 hereof. The remaining proceeds (less commissions and actual expense payments or other fees payable pursuant to
this Agreement), if any, shall be paid to the order of the Company upon delivery to the Representative of certificates (in
form and substance satisfactory to the Representative) representing the Firm Units (or through the facilities of the
Depository Trust Company (“DTC”)) for the account of the Underwriters. The Firm Units shall be registered
in such name or names and in such authorized denominations as the Representative may request in writing at least
two full Business Days prior to the Closing Date. The Company will permit the Representative to examine and package the
Firm Units for delivery, at least one full Business Day prior to the Closing Date. The Company shall not be obligated to
sell or deliver any of the Firm Units except upon tender of payment by the Representative for all the Firm Units. As used
herein, the term “Public Stockholders” means the holders of shares of Common Stock sold as part of the
Units in the Offering or acquired in the aftermarket, including the Sponsor (defined below) to the extent it acquires such
shares of Common Stock in the aftermarket (and solely with respect to such shares of Common Stock). “Business
Day” means any day other than a Saturday, a Sunday, or a legal holiday or a day on which banking institutions or
trust companies are authorized or obligated by law to close in New York City.
1.2
Over-Allotment Option.
1.2.1
Option Units. The Underwriters are hereby granted an option (the “Over-allotment Option”) to purchase,
ratably in accordance with the number of Firm Units to be purchased by each of them, up to an additional 1,500,000 units (the “Option
Units”), the net proceeds of which will be deposited in the Trust Account, for the purposes of covering any over-allotments
in connection with the distribution and sale of the Firm Units. Such Option Units shall be identical in all respects to the Firm
Units and shall be sold at the same purchase price per Firm Unit to be paid by the Underwriters to the Company. The Firm Units
and the Option Units are hereinafter collectively referred to as the “Units,” and the Units, the Common Stock,
the Warrants included in the Units, and the Common Stock issuable upon exercise of the Warrants are hereinafter referred to collectively
as the “Public Securities.” No Option Units shall be sold or delivered unless the Firm Units previously have
been, or simultaneously are, sold and delivered. The right to purchase the Option Units, or any portion thereof, may be exercised
from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative
to the Company. The purchase price to be paid for each Option Unit will be the same price per Firm Unit set forth in Section
1.1.1 hereof.
1.2.2 Exercise
of Option. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative
as to all (at any time) or any part (from time to time) of the Option Units within 45 days after the effective date (“Effective
Date”) of the Registration Statement (as defined in Section 2.1.1 hereof). The Underwriters will not
be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option
granted hereby may be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed in
accordance with Section 10.1 herein setting forth the number of Option Units to be purchased and the date and
time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later
than five full Business Days after the date of the notice or such other time and in such other manner as shall be agreed
upon by the Company and the Representative, at the offices of K&E or at such other place (including remotely by facsimile
or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment
for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise
of the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions
set forth herein, the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.
1.2.3 Payment
and Delivery. Payment for the Option Units shall be made on the Option Closing Date by wire transfer in Federal (same
day) funds, payable as follows: $9.80 per Option Unit shall be deposited in the Trust Account pursuant to the Trust Agreement
upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing
the Option Units (or through the facilities of DTC) for the account of the Representative. The amount to be deposited in the
Trust Account will include $0.35 per Option Unit (up to $525,000), payable to the Underwriters, as Deferred Underwriting
Commission, in accordance with Section 1.3 hereof. The certificates representing the Option Units to be
delivered will be in such denominations and registered in such names as the Representative requests in writing not less than
two full Business Days prior to the Closing Date or the Option Closing Date, as the case may be, and will be made available
to the Representative for inspection, checking and packaging at the aforesaid office of the Company’s transfer agent or
correspondent not less than one full Business Day prior to such Closing Date. The Company shall not be obligated to sell or
deliver the Option Units except upon tender of payment by the Underwriters for applicable Option Units.
1.3
Deferred Underwriting Commission. The Representative agrees that 3.5% of the gross proceeds from the sale of the
Firm Units ($3,500,000) and the Option Units (up to $525,000) (collectively, the “Deferred Underwriting Commission”)
will be deposited and held in the Trust Account and payable directly from the Trust Account, without accrued interest, to the Representative
for its own account upon consummation of the Company’s initial Business Combination. In the event that the Company is unable
to consummate a Business Combination and CST&T, as the trustee of the Trust Account (in this context, the “Trustee”),
commences liquidation of the Trust Account as provided in the Trust Agreement, the Representative agrees that: (i) the Representative
shall forfeit any rights or claims to the Deferred Underwriting Commission; and (ii) the Deferred Underwriting Commission,
together with all other amounts on deposit in the Trust Account, shall be distributed on a pro-rata basis among the Public Stockholders.
1.4
Private Placements.
1.4.1
Founder Shares. As a result of transactions effected in October 2020, as of the date hereof, CA Healthcare Sponsor
LLC (the “Sponsor”) holds 2,875,000 shares of Class B common stock (the “Founder Shares”).
No underwriting discounts, commissions, or placement fees have been or will be payable in connection with the purchase of Founder
Shares. Except as described in the Registration Statement, none of the Founder Shares may be sold, assigned or transferred by the
Sponsor until the earlier of: (i) one year following the consummation of the Business Combination; or (ii) subsequent
to the consummation of a Business Combination, (x) when the closing price of the Common Stock equals or exceeds $12.00 per
share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within a 30-trading day period commencing 150 days after the consummation of the Business Combination; or (y) the
date on which the Company consummates a transaction which results in all of the Company’s stockholders having the right to
exchange their shares for cash, securities, or other property. The holders of Founder Shares shall have no right to any liquidating
distributions with respect to any portion of the Founder Shares in the event the Company fails to consummate a Business Combination.
The holders of the Founder Shares shall not have redemption rights with respect to the Founder Shares. In the event that the Over-allotment
Option is not exercised in full, the Sponsor will be required to forfeit such number of Founder Shares (up to 375,000 Founder
Shares) such that the Founder Shares then outstanding will comprise 20% of the issued and outstanding shares of the Company after
giving effect to the Offering and exercise, if any, of the Over-allotment Option.
1.4.2
Warrant Private Placement. Simultaneously with the Closing Date, the Sponsor will purchase from the Company pursuant
to the Purchase Agreement (as defined in Section 2.21.2 hereof), 4,050,000 private placement warrants, each exercisable
to purchase one share of our Class A common stock at $11.50 per share, at a purchase price of $1.00 per warrant (the “Private
Placement Warrants”) in a private placement intended to be exempt from registration under the Securities Act of 1933,
as amended (the “Act”), pursuant to Section 4(a)(2) of the Act, in order for the Trust Account to equal the product
of (i) the number of Firm Units sold and (ii) $10.00. The private placement of the Private Placement Warrants is referred
to herein as the “Warrant Private Placement.” None of the Private Placement Warrants nor the underlying shares
of Common Stock may be sold, assigned or transferred by the Sponsor or its permitted transferees until 30 days after consummation
of a Business Combination. $2,000,000 of the proceeds from the sale of the Private Placement Warrants shall be deposited into the
Trust Account in order for the Trust Account to equal the product of (i) the number of Units sold and (ii) $10.00.
1.4.3 The
Private Placement Warrants and shares of Common Stock issuable upon exercise of the Private Placement Warrants are
hereinafter referred to collectively as the “Placement Securities.” No underwriting discounts,
commissions, or placement fees have been or will be payable in connection with the Placement Securities. The Public
Securities, the Placement Securities, and the Founder Shares are hereinafter referred to collectively as the
“Securities.”
1.5
Working Capital. Upon consummation of the Offering, it is intended that approximately $1,100,000 of the Offering
proceeds will be released to the Company and held outside of the Trust Account to fund the working capital requirements of the
Company (or $800,000 in the event that the Over-allotment Option is exercised in full).
1.6
Interest Income. Prior to the Company’s consummation of a Business Combination or the Company’s liquidation,
interest earned on the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the
Trust Agreement to pay any franchise and income taxes incurred by the Company, all as more fully described in the Prospectus (as
defined below).
2.
Representations and Warranties of the Company. The Company represents and warrants to the Underwriters as follows:
2.1
Filing of Registration Statement.
2.1.1
Pursuant to the Act. The Company has filed with the Commission a registration statement and an amendment or amendments
thereto, on Form S-1 (File No. 333-251969), including any related preliminary prospectus (“Preliminary Prospectus”),
including any prospectus that is included in the Registration Statement immediately prior to the effectiveness of the Registration
Statement), for the registration of the Units under the Act, which registration statement and amendment or amendments have been
prepared by the Company in conformity with the requirements of the Act, and the rules and regulations (the “Regulations”)
of the Commission under the Act. The conditions for use of Form S-1 to register the Offering under the Act, as set forth in
the General Instructions to such Form, have been satisfied. Except as the context may otherwise require, such registration statement,
as amended, on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial
statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed
to be a part thereof as of such time pursuant to Rule 430A of the Regulations), is hereinafter called the “Registration
Statement,” and the form of the final prospectus dated the Effective Date included in the Registration Statement (or,
if applicable, the form of final prospectus containing information permitted to be omitted at the time of effectiveness by Rule
430A of the Regulations, filed by the Company with the Commission pursuant to Rule 424 of the Regulations), is hereinafter called
the “Prospectus.” For purposes of this Agreement, “Time of Sale,” as used in the Act, means
5:00 p.m. New York City time, on the date of this Agreement. Prior to the Time of Sale, the Company prepared a Preliminary Prospectus,
which was included in the Registration Statement filed on January 8, 2021, for distribution by the Underwriter (such Preliminary
Prospectus used most recently prior to the Time of Sale, the “Sale Preliminary Prospectus”). If the Company
has filed, or is required pursuant to the terms hereof to file, a Registration Statement pursuant to Rule 462(b) under the Act
registering additional securities (a “Rule 462(b) Registration Statement”), then, unless otherwise specified,
any reference herein to the term “Registration Statement” shall be deemed to include such Rule 462(b) Registration
Statement. Other than the Rule 462(b) Registration Statement, which became effective upon filing, no other document with respect
to the Registration Statement has been filed with the Commission. All of the Public Securities have been registered for public
sale under the Act pursuant to the Registration Statement or, if any Rule 462(b) Registration Statement is filed, will be dully
registered for public sale under the Act with the filing of such Rule 462(b) Registration Statement. The Registration Statement
has been declared effective by the Commission on the date hereof. If, subsequent to the date of this Agreement, the Company or
the Representative determines that at the Time of Sale, the Sale Preliminary Prospectus includes an untrue statement of a material
fact or omits a statement of material fact necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading and the Company and the Representative agree to provide an opportunity to purchasers of the Units
to terminate their old purchase contracts and enter into new purchase contracts, then the Sale Preliminary Prospectus will be deemed
to include any additional information available to purchasers at the time of entry into the first such new purchase contract.
2.1.2 Pursuant
to the Exchange Act. The Company has filed with the Commission a Form 8-A (File No. 001-39947) providing for
the registration under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of the Units,
the Common Stock and the Warrants. The registration of the Units, Common Stock and Warrants under the Exchange Act has been
declared effective by the Commission on the date hereof and the Units, the Common Stock and the Warrants have been registered
pursuant to Section 12(b) of the Exchange Act.
2.1.3
No Stop Orders, Etc. Neither the Commission nor, to the Company’s knowledge, assuming reasonable inquiry, any
federal, state, or other regulatory authority has issued any order or threatened to issue any order preventing or suspending the
use of the Registration Statement, any Preliminary Prospectus, the Sale Preliminary Prospectus, or Prospectus or any part thereof,
or has instituted or, to the Company’s knowledge, assuming reasonable inquiry, threatened to institute any proceedings with
respect to such an order.
2.2
Disclosures in Registration Statement.
2.2.1
10b-5 Representation. At the time of effectiveness of the Registration Statement (or at the time any post-effective
amendment to the Registration Statement) and at all times subsequent thereto up to the Closing Date and the Option Closing Date,
if any, the Registration Statement, the Sale Preliminary Prospectus and the Prospectus do and will contain all material statements
that are required to be stated therein in accordance with the Act and the Regulations, and did or will, in all material respects,
conform to the requirements of the Act and the Regulations. The Registration Statement, as of the effective date, did not, and
the amendments and supplements thereto, as of their respective dates, will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein, or necessary to make the statements therein, not misleading.
The Prospectus, as of its date and the Closing Date or the Option Closing Date, as the case may be, did not, and the amendments
and supplements thereto, as of their respective dates, will not, include any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The Sale Preliminary Prospectus, as of the Time of Sale (or such subsequent Time of Sale pursuant to Section 2.1.1),
did not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. When any Preliminary Prospectus or the Sale
Preliminary Prospectus was first filed with the Commission (whether filed as part of the Registration Statement for the registration
of the Public Securities or any amendment thereto or pursuant to Rule 424(a) of the Regulations) and when any amendment thereof
or supplement thereto was first filed with the Commission, such Preliminary Prospectus or the Sale Preliminary Prospectus and any
amendments thereof and supplements thereto complied or will have been corrected in the Sale Preliminary Prospectus and the Prospectus
to comply in all material respects with the applicable provisions of the Act and the Regulations and did not and will not contain
an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. The representation and
warranty made in this Section 2.2.1 does not apply to statements made or statements omitted in reliance upon and
in conformity with written information furnished to the Company with respect to the Underwriters by the Underwriters expressly
for use in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus or any amendment thereof or supplement
thereto. The parties acknowledge and agree that such information provided by or on behalf of the Underwriters consists solely of
the following: the names of the Underwriters, the information with respect to dealers’ concessions and reallowances contained
in the fifth paragraph of the section entitled “Underwriting,” the information with respect to stabilizing transactions
contained in the seventeenth through twenty-second paragraphs of the section entitled “Underwriting” and the identity
of counsel to the Underwriters contained in the section entitled “Legal Matters” (such information, collectively, the
“Underwriters’ Information”).
2.2.2 Disclosure
of Agreements. The agreements and documents described in the Registration Statement, the Sale Preliminary Prospectus and
the Prospectus conform to the descriptions thereof contained therein in all material respects and there are no agreements or
other documents required to be described in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus or
to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each
agreement or other instrument (however characterized or described) to which the Company is a party or by which its property
or business is or may be bound or affected and (i) that is referred to in the Registration Statement, Sale Preliminary
Prospectus or the Prospectus or attached as an exhibit thereto, or (ii) is material to the Company’s business, has
been duly authorized and validly executed by the Company, is in full force and effect and is enforceable against the Company
and, to the Company’s knowledge, assuming reasonable inquiry, the other parties thereto, in accordance with its terms,
except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally, (y) as enforceability of any indemnification or contribution provision may be limited
under the foreign, federal and state securities laws, and (z) that the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought, and no such agreement or instrument has been assigned by the Company, and neither the
Company nor, to the Company’s knowledge, assuming reasonable inquiry, any other party is in breach or default
thereunder and, to the Company’s knowledge, assuming reasonable inquiry, no event has occurred that, with the lapse of
time or the giving of notice, or both, would constitute a breach or default thereunder. To the Company’s knowledge,
assuming reasonable inquiry, the performance by the Company of the material provisions of such agreements or instruments will
not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental
agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including,
without limitation, those relating to environmental laws and regulations.
2.2.3
Prior Securities Transactions. No securities of the Company have been sold by the Company or by or on behalf of,
or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company since the date
of the Company’s formation, except as disclosed in the Registration Statement.
2.2.4
Regulations. The disclosures in the Registration Statement, the Sale Preliminary Prospectus, and Prospectus concerning
the effects of federal, foreign, state, and local regulation on the Company’s business as currently contemplated are correct
in all material respects and do not omit to state a material fact necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading.
2.3
Changes After Dates in Registration Statement.
2.3.1
No Material Adverse Change. Since the respective dates as of which information is given in the Registration Statement,
the Sale Preliminary Prospectus and the Prospectus, except as otherwise specifically stated therein, (i) there has been no
material adverse change in the condition, financial or otherwise, or business prospects of the Company, (ii) there have been
no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement, (iii) no member
of the Company’s board of directors (the “Board of Directors”) or management has resigned from any position with
the Company, other than a change in the title of such officer, and (iv) no event or occurrence has taken place which materially
impairs, or would likely materially impair, with the passage of time, the ability of the members of the Board of Directors or management
to act in their capacities with the Company as described in the Registration Statement, the Sale Preliminary Prospectus and the
Prospectus.
2.3.2
Recent Securities Transactions. Subsequent to the respective dates as of which information is given in the Registration
Statement, the Sale Preliminary Prospectus and the Prospectus, and except as may otherwise be indicated or contemplated herein
or therein, the Company has not (i) issued any securities or incurred any liability or obligation, direct or contingent, for
borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its share capital.
2.4
Independent Accountants. To the Company’s knowledge, assuming reasonable inquiry, Marcum LLP (“Marcum”),
whose report is filed with the Commission as part of, and is included in, the Registration Statement, the Sale Preliminary Prospectus,
and the Prospectus, are independent registered public accountants as required by the Act, the Regulations and the Public Company
Accounting Oversight Board (the “PCAOB”), including the rules and regulations promulgated by such entity. To
the Company’s knowledge, assuming reasonable inquiry, Marcum is currently registered with the PCAOB. Marcum has not, during
the periods covered by the financial statements included in the Registration Statement, the Sale Preliminary Prospectus and the
Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.
2.5
Financial Statements; Statistical Data.
2.5.1 Financial
Statements. The financial statements, including the notes thereto and supporting schedules (if any) included in the
Registration Statement, the Sale Preliminary Prospectus and the Prospectus fairly present the financial position, the results
of operations and the cash flows of the Company at the dates and for the periods to which they apply; such financial
statements have been prepared in conformity with United States generally accepted accounting principles
(“GAAP”), consistently applied throughout the periods involved; and the supporting schedules included in
the Registration Statement, the Sale Preliminary Prospectus and the Prospectus present fairly the information required to be
stated therein in conformity with the Regulations. No other financial statements or supporting schedules are required to be
included or incorporated by reference in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus. The
Registration Statement, the Sale Preliminary Prospectus and the Prospectus disclose all material off-balance sheet
transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with
unconsolidated entities or other persons that may have a material current or future effect on the Company’s financial
condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or
significant components of revenues or expenses. There are no pro forma or as adjusted financial statements that are required
to be included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus in accordance with
Regulation S-X or Form 10 that have not been included as required.
2.5.2
Statistical Data. The statistical, industry-related and market-related data included in the Registration Statement,
the Sale Preliminary Prospectus, and/or the Prospectus are based on or derived from sources that the Company reasonably and in
good faith believes are reliable and accurate, and such data materially agree with the sources from which they are derived.
2.6
Authorized Capital; Options. The Company had at the date or dates indicated in each of the Registration Statement,
the Sale Preliminary Prospectus, and the Prospectus, as the case may be, duly authorized, issued and outstanding capitalization
as set forth in the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus. Based on the assumptions stated
in the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus, the Company will have on the Closing Date or
on the Option Closing Date, as the case may be, the adjusted share capitalization set forth therein. Except as set forth in, or
contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, on the Effective Date and on the
Closing Date or Option Closing Date, as the case may be, there will be no options, warrants, or other rights to purchase or otherwise
acquire any authorized but unissued shares of Common Stock or any security convertible into shares of Common Stock, or any contracts
or commitments to issue or sell Common Stock or any such options, warrants, rights or convertible securities.
2.7
Valid Issuance of Securities.
2.7.1 Outstanding
Securities. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement
have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission
with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities was
issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted
by the Company. The authorized and outstanding securities of the Company conform in all material respects to all statements relating
thereto contained in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus. All offers and sales and
any transfers of the outstanding securities of the Company were at all relevant times either registered under the Act and the
applicable state securities or Blue Sky laws or, based in part on the representations and warranties of the purchasers of such
securities, exempt from such registration requirements.
2.7.2 Securities
Sold Pursuant to this Agreement. The Securities have been duly authorized and reserved for issuance and when issued and
paid for in accordance with this Agreement, will be validly issued, fully paid and non-assessable; the holders thereof are
not and will not be subject to personal liability by reason of being such holders; the Securities are not and will not be
subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the
Company; and all corporate action required to be taken for the authorization, issuance and sale of the Securities has been
duly and validly taken. The form of certificates for the Securities conform to the corporate law of the jurisdiction of the
Company’s incorporation and applicable securities laws. The Securities conform in all material respects to the
descriptions thereof contained in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, as the case
may be. When paid for and issued, the Warrants will constitute valid and binding obligations of the Company to issue the
number and type of securities of the Company called for thereby in accordance with the terms thereof and such Warrants are
enforceable against the Company in accordance with their respective terms, except: (i) as such enforceability may be
limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) as
enforceability of any indemnification or contribution provision may be limited under foreign, federal and state securities
laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be
subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. The
shares of Common Stock issuable upon exercise of the Warrants have been reserved for issuance upon the exercise of the
Warrants and upon payment of the consideration therefor, and when issued in accordance with the terms thereof such shares of
Common Stock will be duly and validly authorized, validly issued, fully paid and non-assessable, and the holders thereof are
not and will not be subject to personal liability by reason of being such holders.
2.7.3
Placement Securities.
2.7.3.1
The Private Placement Warrants constitute valid and binding obligations of the Company to issue the number and type of securities
of the Company called for thereby in accordance with the terms thereof, and are, or will be, enforceable against the Company in
accordance with their respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification or contribution
provision may be limited under federal and state securities laws; and (iii) that the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought. The shares of Common Stock issuable upon exercise of the Private Placement Warrants have been
reserved for issuance and, when issued in accordance with the terms of the Private Placement Warrants, will be duly and validly
authorized, validly issued and upon payment therefor, fully paid and non-assessable, and the holders thereof are not and will not
be subject to personal liability by reason of being such holders.
2.7.4
No Integration. Neither the Company nor any of its affiliates has, prior to the date hereof, made any offer or sale
of any securities which are required to be or may be “integrated” pursuant to the Act or the Regulations with the Offering.
2.8
Registration Rights of Third Parties. Except as set forth in the Registration Statement, the Sale Preliminary Prospectus
and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into
securities of the Company have the right to require the Company to register any such securities of the Company under the Act or
to include any such securities in a registration statement to be filed by the Company.
2.9
Validity and Binding Effect of Agreements. This Agreement, the Warrant Agreement (as defined in Section 2.23),
the Trust Agreement, the Services Agreement (as defined in Section 2.21.3), the Registration Rights Agreement (as defined
in Section 2.21.4) and the Purchase Agreement (collectively, the “Transaction Documents”) have been
duly and validly authorized by the Company and, when executed and delivered, will constitute the valid and binding agreements of
the Company, enforceable against the Company in accordance with their respective terms, except: (i) as such enforceability
may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, (ii) as
enforceability of any indemnification or contribution provision may be limited under the foreign, federal, and state securities
laws, and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.
2.10
No Conflicts, Etc. The execution, delivery, and performance by the Company of the Transaction Documents, the consummation
by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and
thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a breach or
violation of, or conflict with any of the terms and provisions of, or constitute a default under, or result in the creation, modification,
termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of
any agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its property
is subject except pursuant to the Trust Agreement (ii) result in any violation of the provisions of the Amended and Restated
Certificate of Incorporation and Bylaws, as amended, of the Company (collectively, the “Charter Documents”);
or (iii) violate any existing applicable statute, law, rule, regulation, judgment, order or decree of any governmental agency
or court, domestic or foreign, having jurisdiction over the Company or any of its properties, assets or business constituted as
of the date hereof; except in the case of clauses (i) and (iii) above for any such conflict, breach or violation that would not,
individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.
2.11 No
Defaults; Violations. No default or violation exists in the due performance and observance of any term, covenant or
condition of any license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other
agreement or instrument evidencing an obligation for borrowed money, or any other agreement or instrument to which the
Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is
subject. The Company is not in violation of any term or provision of its Charter Documents or in violation of any franchise,
license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or
foreign, having jurisdiction over the Company or any of its properties or businesses.
2.12
Corporate Power; Licenses; Consents.
2.12.1
Conduct of Business. The Company has all requisite corporate power and authority, and has all necessary authorizations,
approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs
as of the date hereof to conduct its business purpose as described in the Registration Statement, the Sale Preliminary Prospectus
and the Prospectus, except where the failure to would not reasonably be expected to have a Material Adverse Effect. The disclosures
in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus concerning the effects of foreign, federal, state
and local regulation on this Offering and the Company’s business purpose as currently contemplated are correct in all material
respects and do not omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. Since its formation, the Company has conducted no business
and has incurred no liabilities other than in connection with and in furtherance of this Offering.
2.12.2
Transactions Contemplated Herein. The Company has all requisite corporate power and authority to enter into the Transaction
Documents and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders
required in connection herewith and therewith have been obtained. No consent, authorization, or order of, and no filing with, any
court, government agency or other body, foreign or domestic, is required for the valid issuance, sale, and delivery, of the Securities
and the consummation of the transactions and agreements contemplated by the Transaction Documents and as contemplated by the Registration
Statement, the Sale Preliminary Prospectus and the Prospectus, except with respect to applicable foreign, federal and state securities
laws and the rules and regulations promulgated by the Financial Industry Regulatory Authority (“FINRA”).
2.13
D&O Questionnaires. To the Company’s knowledge, assuming reasonable inquiry, all information contained
in the questionnaires (“Questionnaires”) completed by each of the Company’s officers, directors and stockholders
(“Insiders”) and provided to the Representative and their counsel and the biographies of the Insiders contained
in the Registration Statement, Sale Preliminary Prospectus and the Prospectus (to the extent a biography is contained) is true
and correct in all material respects and the Company has not become aware of any information which would cause the information
disclosed in the Questionnaires completed by each Insider to become inaccurate, incorrect or incomplete.
2.14
Litigation; Governmental Proceedings. There is no action, suit, proceeding, inquiry, arbitration, investigation,
litigation or governmental proceeding pending, or to the Company’s knowledge, assuming reasonable inquiry, threatened against
or involving the Company or, to the Company’s knowledge, assuming reasonable inquiry, that would be reasonably expected to
have a Material Adverse Effect, any Insider or any stockholder or member of an Insider that has not been disclosed, that is required
to be disclosed, in the Registration Statement, the Sale Preliminary Prospectus, the Prospectus or the Questionnaires.
2.15
Good Standing. The Company has been duly organized and is validly existing as a corporation and is in good standing
under the laws of its jurisdiction of incorporation. The Company is duly qualified to do business and is in good standing as a
foreign corporation in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification,
except where the failure to qualify would not have a material adverse effect on the condition (financial or otherwise), earnings,
assets, prospects, business, operations or properties of the Company, whether or not arising from transactions in the ordinary
course of business (a “Material Adverse Effect”).
2.16
No Contemplation of a Business Combination. The Company has not selected any specific Business Combination target
(each a “Target Business”) and it has not, nor has anyone on its behalf, initiated any substantive discussions,
directly or indirectly, with any Business Combination target.
2.17
Transactions Requiring Disclosure to FINRA.
2.17.1
Finder’s Fees. There are no claims, payments, arrangements, agreements or understandings relating to the payment
of a finder’s, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder
or any other arrangements, agreements or understandings of the Company or to the Company’s knowledge, assuming reasonable
inquiry, any Insider that may affect the Underwriters’ compensation, as determined by FINRA.
2.17.2
Payments Within 180 Days. The Company has not made any direct or indirect payments (in cash, securities or otherwise)
to: (i) any person, as a finder’s fee, consulting fee or otherwise, in consideration of such person raising capital
for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member;
or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the
180-day period prior to the initial filing of the Registration Statement, other than the prior payments to the Representative in
connection with the Offering. The Company has not issued any warrants or other securities, or granted any options, directly or
indirectly, to anyone who is a potential underwriter in the Offering or a related person (as defined by FINRA rules) of such an
underwriter within the 180-day period prior to the initial filing date of the Registration Statement. No person to whom securities
of the Company have been privately issued within the 180-day period prior to the initial filing date of the Registration Statement
has any relationship or affiliation or association with any member of FINRA. Except with respect to the Representative in connection
with the Offering, the Company has not entered into any agreement or arrangement (including, without limitation, any consulting
agreement or any other type of agreement) during the 180-day period prior to the initial filing date of the Registration Statement
with the Commission, which arrangement or agreement provides for the receipt of any form of underwriting compensation, as defined
in Rule 5110 of the FINRA Manual and/or the transfer or issuance of any warrants, options, or other securities from the Company
to a FINRA member, any person associated with a member (as defined by FINRA rules), any potential underwriters in the Offering
and/or any related persons.
2.17.3
FINRA Affiliation. Other than Grant Grava, Chris Tashjian, Chris Covington, Tom Cibotti, Tim McMahon and James Vandervelden,
no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s
unregistered securities (whether debt or equity, registered or unregistered, regardless of the time acquired or the source from
which derived) has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the
rules and regulations of FINRA). The Company will advise the Representative and K&E if it learns that any officer or director
or any direct or indirect beneficial owner (including the Insiders) is or becomes an affiliate or associated person of a FINRA
member participating in the Offering.
2.17.4
Share Ownership. Other than Grant Grava, Chris Tashjian, Chris Covington, Tom Cibotti, Tim McMahon and James Vandervelden,
no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s
unregistered securities is an owner of shares or other securities of any member of FINRA (other than securities purchased on the
open market).
2.17.5
Proceeds of the Offering. No proceeds from the sale of the Public Securities (excluding underwriting compensation)
or the Private Placement Warrants, will be paid to any FINRA member, or any persons associated or affiliated with a member of FINRA,
except as specifically authorized herein (including the reimbursement by the Sponsor of CA Advisors, LLC for funding the Insider
Loans.)
2.17.6
Conflicts of Interest. To the Company’s knowledge, assuming reasonable inquiry, no FINRA member intending to
participate in the Offering has a conflict of interest with the Company. For this purpose, a “conflict of interest”
exists when a member of FINRA and/or its associated persons, parent or affiliates in the aggregate beneficially own 10% or more
of the Company’s outstanding subordinated debt or common equity, or 10% or more of the Company’s preferred equity.
“Members participating in the Offering” include managing agents, syndicate group members and all dealers which
are members of FINRA.
2.18 Taxes.
2.18.1
There are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of any U.S. state or any
political subdivision of the United States, required to be paid in connection with the execution and delivery of this Agreement
or the issuance or sale by the Company of the Public Securities.
2.18.2
The Company has filed all U.S. federal, state and local tax returns required to be filed with taxing authorities prior to
the date hereof in a timely manner or has duly obtained extensions of time for the filing thereof (except in any case in which
the failure so to file would not have a Material Adverse Effect). The Company has paid all taxes shown as due on such returns that
were filed and has paid all taxes imposed on it and any other assessment, fine or penalty levied against it, to the extent that
any of the foregoing is due and payable or as would not be reasonably expected to have a Material Adverse Effect. The Company has
made appropriate provisions in the applicable financial statements referred to in Section 2.5.1 above in respect
of all federal, state, local and foreign income and franchise taxes for all current or prior periods as to which the tax liability
of the Company has not been finally determined.
2.19 Foreign
Corrupt Practices Act; Anti-Money Laundering; Patriot Act.
2.19.1 Foreign
Corrupt Practices Act. Neither the Company nor to the Company’s knowledge, assuming reasonable inquiry, any of the Insiders
or any other person acting on behalf of the Company has, directly or indirectly, given or agreed to give any money, gift or similar
benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee
or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic
or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position
to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (i) might
subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii) if not
given in the past, might have had a Material Adverse Effect, or (iii) if not continued in the future, might adversely affect
the assets, business or operations of the Company. The Company has taken reasonable steps to ensure that its accounting controls
and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of
1977, as amended.
2.19.2 Currency
and Foreign Transactions Reporting Act. The operations of the Company are and have been conducted at all times in compliance
with (i) the requirements of the U.S. Treasury Department Office of Foreign Asset Control and (ii) applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transaction Reporting Act of 1970, as amended, including
the Money Laundering Control Act of 1986, as amended, the rules and regulations thereunder and any related or similar money laundering
statutes, rules, regulations or guidelines, issued, administered or enforced by any Federal governmental agency (collectively,
the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the Company’s
knowledge, assuming reasonable inquiry, threatened.
2.19.3 Patriot
Act. Neither the Company nor to the Company’s knowledge, assuming reasonable inquiry, any Insider has violated the Bank
Secrecy Act of 1970, as amended, or Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, and/or the rules and regulations promulgated under any such law, or any
successor law.
2.20 Officers’
Certificate. Any certificate signed by any duly authorized officer of the Company in connection with the Offering and delivered
to the Representative or to K&E shall be deemed a representation and warranty by the Company to the Underwriters as to the
matters covered thereby.
2.21 Agreements
With Insiders.
2.21.1 Insider Letter.
The Company will cause to be duly executed on the Closing Date a legally binding and enforceable agreement (except (i) as
such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally, (ii) as enforceability of any indemnification, contribution or noncompete provision may be limited under foreign,
federal and state securities laws, and (iii) that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be
brought), a form of which is annexed as an exhibit to the Registration Statement (the “Insider Letter”), pursuant
to which each of the Insiders of the Company agree to certain matters. The Insider Letter shall not be amended, modified or otherwise
changed without the prior written consent of the Representative.
2.21.2 Purchase
Agreement. The Sponsor has executed and delivered a Private Placement Warrants Purchase Agreement, the form of which is annexed
as an exhibit to the Registration Statement (the “Purchase Agreement”), pursuant to which the Sponsor will,
among other things, on the Closing Date, consummate the purchase of and deliver the purchase price for the Private Placement Warrants.
Pursuant to the Purchase Agreement, (i) the Sponsor has waived any and all rights and claims they may have to any proceeds,
and any interest thereon, held in the Trust Account in respect of the Private Placement Warrants, and (ii) $2,000,000 of the proceeds
from the sale of the Private Placement Warrants will be deposited by the Company in the Trust Account in accordance with the terms
of the Trust Agreement on the Closing Date and Option Closing Date (if any) as provided for in the Purchase Agreement.
2.21.3 Reserved.
2.21.4 Registration
Rights Agreement. The Company, the Sponsor and the Company’s officers and directors will enter into a Registration Rights
Agreement (“Registration Rights Agreement”) on the Closing Date substantially in the form annexed as an exhibit
to the Registration Statement, whereby such parties will be entitled to certain registration rights with respect to the securities
they hold or may hold, as set forth in such Registration Rights Agreement and described more fully in the Registration Statement,
the Sale Preliminary Prospectus and the Prospectus.
2.21.5 Loans.
The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”)
pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans
do not bear any interest and are repayable by the Company on the earlier of March 31, 2021 or the consummation of the Offering.
2.22 Investment
Management Trust Agreement. The Company will on the Closing Date enter into the Trust Agreement with respect to certain proceeds
of the Offering and the Warrant Private Placement substantially in the form annexed as an exhibit to the Registration Statement.
2.23 Warrant
Agreement. The Company will on the Closing Date enter into a warrant agreement with respect to the Warrants underlying the
Units and Private Placement Warrants and certain other warrants that may be issued by the Company with CST&T substantially
in the form filed as an exhibit to the Registration Statement (“Warrant Agreement”).
2.24 No
Existing Non-Competition Agreements. No Insider is subject to any non-competition agreement or non-solicitation agreement
with any employer or prior employer which could materially affect his ability to be an employee, officer and/or director of the
Company, except as disclosed in the Registration Statement.
2.25 Investments.
No more than 45% of the “value” (as defined in Section 2(a)(41) of the Investment Company Act of 1940, as amended
(“Investment Company Act”)) of the Company’s total assets consist of, and no more than 45% of the Company’s
net income after taxes is derived from, securities other than “Government Securities” (as defined in Section 2(a)(16)
of the Investment Company Act) or money market funds meeting the conditions of Rule 2a-7 of the Investment Company Act.
2.26 Investment
Company Act. The Company is not required, and upon the issuance and sale of the Securities as herein contemplated and the
application of the net proceeds therefrom as described in the Sale Preliminary Prospectus and Prospectus will not be required,
to register as an “investment company” under the Investment Company Act.
2.27 Subsidiaries.
The Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust or other
business entity.
2.28 Related
Party Transactions. No relationship, direct or indirect, exists between or among the Company, on the one hand, and any Insider,
on the other hand, which is required by the Act, the Exchange Act or the Regulations to be described in the Registration Statement,
the Sale Preliminary Prospectus and the Prospectus which is not so described as required. There are no outstanding loans, advances
(except normal advances for business expenses in the ordinary course of business), or guarantees of indebtedness by the Company
to or for the benefit of any of the officers or directors of the Company or any of their respective family members, except as
disclosed in the Registration Statement, the Sale Preliminary Prospectus and Prospectus. The Company has not extended or maintained
credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any
director or officer of the Company.
2.29 No
Influence. The Company has not offered, or caused the Underwriters to offer, the Firm Units to any person or entity with the
intention of unlawfully influencing: (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer’s
or supplier’s level or type of business with the Company or such affiliate or (b) a journalist or publication to write or
publish favorable information about the Company or any such affiliate.
2.30 Sarbanes-Oxley.
The Company is, or on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act of 2002,
as amended, and the rules and regulations promulgated thereunder and related or similar rules or regulations promulgated by any
governmental or self-regulatory entity or agency, that are applicable to it as of the date hereof.
2.31 Distribution
of Offering Material by the Company. The Company has not distributed and will not distribute, prior to the later of the Closing
Date and the completion of the distribution of the Units, any offering material in connection with the offering and sale of the
Units other than the Sale Preliminary Prospectus and the Prospectus, in each case as supplemented and amended.
2.32 Nasdaq.
The Public Securities have been authorized for listing, subject to official notice of issuance and evidence of satisfactory distribution,
on Nasdaq Capital Market (“Nasdaq”), and the Company knows of no reason or set of facts that is likely to adversely
affect such authorization.
2.33 Board
of Directors. As of the Effective Date, the Board of Directors of the Company will be comprised of the persons set forth as
“Directors” or “Director nominees” under the heading of the Sale Preliminary Prospectus and the Prospectus
captioned “Management.” As of the Effective Date, the qualifications of the persons serving as board members and the
overall composition of the board will comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the
rules of Nasdaq that are, in each case, applicable to the Company. As of the Effective Date, the Company will have an Audit Committee
that satisfies the applicable requirements under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules
of Nasdaq.
2.34 Emerging
Growth Company. From its formation through the date hereof, the Company has been and is an “emerging growth company,”
as defined in Section 2(a) of the Act (an “Emerging Growth Company”).
2.35 No
Disqualification Events. Neither the Company, nor any of its predecessors or any affiliated issuer, nor any director, executive
officer, or other officer of the Company participating in the Offering, nor any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the Act) connected with the Company in any capacity at the time of sale (each, a “Company Covered Person” and,
together, “Company Covered Persons”) is subject to any of the “Bad Actor” disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Act (a “Disqualification Event”), except for a Disqualification Event
covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Company Covered Person
is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under
Rule 506(e), and has furnished to the Representative a copy of any disclosures provided thereunder.
2.36 Free-Writing
Prospectus and Testing-the-Waters. The Company has not made any offer relating to the Public Securities that would constitute
an issuer free writing prospectus, as defined in Rule 433 under the Act, or that would otherwise constitute a “free writing
prospectus” as defined in Rule 405. The Company: (a) has not engaged in any Testing-the-Waters Communication other than
Testing-the-Waters Communications with the consent of the Representative with entities that are qualified institutional buyers
within the meaning of Rule 144A under the Act or institutions that are accredited investors within the meaning of Rule 501 under
the Act and (b) has not authorized anyone to engage in Testing-the-Waters Communications other than its officers and the Representative
and individuals engaged by the Representative. The Company has not distributed any written Testing-the-Waters Communications other
than those listed on Schedule B hereto. “Testing-the-Waters Communication” means any oral or written communication
with potential investors undertaken in reliance on Section 5(d) of the Act.
3. Covenants
of the Company. The Company covenants and agrees as follows:
3.1 Amendments
to Registration Statement. The Company will deliver to the Representative, prior to filing, any amendment or supplement to
the Registration Statement, any Preliminary Prospectus or the Prospectus proposed to be filed after the Effective Date and the
Company shall not file any such amendment or supplement to which the Representative reasonably object in writing.
3.2 Federal
Securities Laws.
3.2.1 Compliance.
During the time when a Prospectus is required to be delivered under the Act, the Company will use its best efforts to comply with
all requirements imposed upon it by the Act, the Regulations, and the Exchange Act, and by the regulations under the Exchange
Act, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities in
accordance with the provisions hereof and the Sale Preliminary Prospectus and the Prospectus. If at any time when a Prospectus
relating to the Securities is required to be delivered under the Act, any event shall have occurred as a result of which, in the
opinion of counsel for the Company or counsel for the Representative, the Prospectus, as then amended or supplemented, includes
an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at
any time to amend or supplement the Prospectus to comply with the Act, the Company will notify the Representative promptly and
prepare and file with the Commission, subject to Section 3.1 hereof, an appropriate amendment or supplement in
accordance with Section 10 of the Act.
3.2.2 Filing
of Final Prospectus. The Company will file the Prospectus (in form and substance satisfactory to the Representative) with
the Commission pursuant to the requirements of Rule 424 of the Regulations.
3.2.3 Exchange
Act Registration. The Company will use its best efforts to maintain the registration of the Common Stock (or any successor
security for which the Common Stock is exchangeable in connection with a Business Combination) under the provisions of the Exchange
Act (except in connection with a going-private transaction) for a period of five years from the Effective Date, or until the Company
is required to be liquidated or is acquired, if earlier, or, in the case of the Warrants, until the Warrants expire and are no
longer exercisable or have been exercised or redeemed in full. The Company will not deregister the Public Securities under the
Exchange Act without the prior written consent of the Representative prior to the Business Combination.
3.2.4 Exchange
Act Filings. From the Effective Date until the earlier of the Company’s initial Business Combination, or its liquidation
and dissolution, the Company shall timely file with the Commission via the Electronic Data Gathering, Analysis and Retrieval System
(“EDGAR”) such statements and reports as are required to be filed by a company registered under Section 12(b)
of the Exchange Act.
3.2.5 Sarbanes-Oxley
Compliance. As soon as it is legally required to do so, the Company shall take all actions necessary to obtain and thereafter
maintain material compliance with each applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
thereunder and related or similar rules and regulations promulgated by any other governmental or self-regulatory entity or agency
with jurisdiction over the Company.
3.3 Free-Writing
Prospectus. The Company agrees that it will not make any offer relating to the Public Securities that would constitute an
issuer free writing prospectus, as defined in Rule 433 under the Act, or that would otherwise constitute a “free writing
prospectus” as defined in Rule 405, without the prior consent of the Representative.
3.4 Delivery
to Underwriters of Prospectuses. The Company will deliver to the Underwriters, without charge and from time to time during
the period when the Prospectus is required to be delivered under the Act or the Exchange Act, such number of copies of each Preliminary
Prospectus and the Prospectus as the Underwriters may reasonably request and, as soon as the Registration Statement or any amendment
or supplement thereto becomes effective, deliver to the Underwriters, upon their request, two manually executed Registration Statements,
including exhibits, and all post-effective amendments thereto and copies of all exhibits filed therewith or incorporated therein
by reference and all manually executed consents of certified experts.
3.5 Effectiveness
and Events Requiring Notice to the Representative. The Company will use its best efforts to cause the Registration Statement
to remain effective and will notify the Representative immediately and confirm the notice in writing: (i) of the effectiveness
of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto or preventing or suspending the use of
any Preliminary Prospectus or the Prospectus or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of
the issuance by any foreign or state securities commission of any proceedings for the suspension of the qualification of the Public
Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose;
(iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or
Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the
happening of any event that, in the reasonable judgment of the Company, makes any statement of a material fact made in the Registration
Statement or the Prospectus untrue or that requires the making of any changes in the Registration Statement or the Prospectus
in order to make the statements therein, and in light of the circumstances under which they were made, not misleading. If the
Commission or any foreign or state securities commission shall enter a stop order or suspend such qualification at any time, the
Company will make every reasonable effort to obtain promptly the lifting of such order.
3.6 Affiliated
Transactions.
3.6.1 Business
Combinations. The Company will not consummate a Business Combination with any entity that is affiliated with any Insider unless
(i) the Company obtains an opinion from an independent investment banking firm or another independent entity that commonly
renders valuation opinions that the Business Combination is fair to the Company from a financial point of view and (ii) a
majority of the Company’s disinterested and independent directors (if there are any) approve such transaction.
3.6.2 Compensation
to Insiders. Except as disclosed in the Prospectus, the Company shall not pay any of the Insiders or any of their affiliates
any fees or compensation from the Company, for services rendered to the Company prior to, or in connection with, the consummation
of a Business Combination.
3.7 Reports
to the Representative. For a period of five years from the Effective Date or until such earlier time upon which the Company
is required to be liquidated, the Company will furnish to the Representative and its counsel copies of such financial statements
and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities,
and promptly furnish to the Representative: (i) a copy of each periodic report the Company shall be required to file with
the Commission, (ii) a copy of every press release and every news item and article with respect to the Company or its affairs
that was released by the Company, (iii) a copy of each current Report on Form 8-K or Schedules 13D, 13G, 14D-1 or 13E-4 received
or prepared by the Company, (iv) two copies of each registration statement filed by the Company with the Commission under
the Act, and (v) such additional documents and information with respect to the Company and the affairs of any future subsidiaries
of the Company as the Representative may from time to time reasonably request; provided the Representative shall sign, if requested
by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Representative and their
counsel in connection with the Representative receipt of such information. Documents filed with the Commission pursuant to its
EDGAR system shall be deemed to have been delivered to the Representative pursuant to this Section.
3.8 Transfer
Agent. For a period of five years following the Effective Date or until such earlier time upon which the Company is required
to be liquidated, the Company shall retain a transfer agent and warrant agent acceptable to the Representative. CST&T is acceptable
to the Representative.
3.9 Payment
of Expenses. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent
not paid at Closing Date, all Company expenses incident to the performance of the obligations of the Company under this Agreement,
including but not limited to (i) the Company’s legal and accounting fees and disbursements, (ii) the preparation,
printing, filing, mailing and delivery (including the payment of postage with respect to such mailing) of the Registration Statement,
the Preliminary Sale Prospectus and the Prospectus, including any pre or post effective amendments or supplements thereto, and
the printing and mailing of this Agreement and related documents, including the cost of all copies thereof and any amendments
thereof or supplements thereto supplied to the Underwriters in quantities as may be required by the Underwriters, (iii) fees
incurred in connection with conducting background checks of the Company’s management team, up to a maximum of $3,000 per
U.S. person and $3,500 per non-U.S. person, (iv) the preparation, printing, engraving, issuance and delivery of the Units,
the Common Stock and the Warrants included in the Units, including any transfer or other taxes payable thereon, (v) filing
fees incurred in registering the Offering with FINRA and the reasonable fees of counsel not to exceed $25,000 in connection therewith,
(vi) fees, costs and expenses incurred in listing the Securities on Nasdaq or such other stock exchanges as the Company and
the Underwriter together determine, (vii) all fees and disbursements of the transfer and warrant agent, (viii) all Company
expenses associated with “due diligence” and “road show” meetings arranged by the Representative and any
presentations made available by way of a net roadshow, including without limitation trips for the Company’s management to
meet with prospective investors, all travel, food and lodging expenses associated with such trips incurred by the Company or such
management; and (ix) all other costs and expenses customarily borne by an issuer incident to the performance of its obligations
hereunder which are not otherwise specifically provided for in this Section 3.9. If the Offering is consummated, the Representative
may deduct from the net proceeds of the Offering payable to the Company on the Closing Date the expenses set forth above (which
shall be mutually agreed upon between the Company and the Representative prior to Closing) to be paid by the Company to the Representative
and others. If the Offering is not consummated for any reason (other than a breach by the Representative of any of its obligations
hereunder), then the Company shall reimburse the Representative in full for its out-of-pocket accountable expenses actually incurred
through such date, including, without limitation, reasonable fees and disbursements of counsel to the Representative.
3.10 Application
of Net Proceeds. The Company will apply the net proceeds from the Offering and Warrant Private Placement received by it in
a manner materially consistent with the application described under the caption “Use of Proceeds” in the Prospectus.
3.11 Delivery
of Earnings Statements to Security Holders. The Company will make generally available to its security holders as soon as practicable,
but not later than the first day of the fifteenth full calendar month following the Effective Date, an earnings statement (which
need not be certified by independent public or independent certified public accountants unless required by the Act or the Regulations,
but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Act) covering a period of at least twelve consecutive
months beginning after the Effective Date.
3.12 Notice
to FINRA.
3.12.1 Notice
to FINRA. For a period of 60 days after the date of the Prospectus, in the event any person or entity (regardless of
any FINRA affiliation or association) is engaged, in writing, to assist the Company in its search for a Target Business or to
provide any other services in connection therewith, the Company will provide the following to FINRA and the Representative prior
to the consummation of the Business Combination: (i) the identity of the person or
entity providing any such services; (ii) complete details of all services and copies of agreements governing such services;
and (iii) justification as to why the value received by any person or entity for such
services is not underwriting compensation, as such term is defined in Rule 5110 of the FINRA Manual. The Company also agrees
that, if required by law, proper disclosure of such arrangement or potential arrangement will be made in the tender offer documents
or proxy statement which the Company will file with the Commission in connection with the Business Combination.
3.12.2 FINRA.
The Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it is aware that any 10% or greater
stockholder of the Company becomes an affiliate or associated person of a FINRA member participating in the distribution of the
Public Securities.
3.12.3 Broker/Dealer.
In the event the Company intends to register as a broker/dealer, merge with or acquire a registered broker/dealer, or otherwise
become a member of FINRA, it shall promptly notify FINRA.
3.13 Stabilization.
Neither the Company, nor to its knowledge, assuming reasonable inquiry, any of its employees, directors or stockholders (without
the consent of the Representative) has taken or will take, directly or indirectly, any action designed to or that has constituted
or that might reasonably be expected to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Units.
3.14 Intentionally
Omitted.
3.15 Payment
of Deferred Underwriting Commission on Business Combination. Upon the consummation of the Company’s initial Business
Combination, the Company agrees that it will cause the Trustee to pay the Deferred Underwriting Commission directly from the Trust
Account to the Representative, in accordance with Section 1.3.
3.16 Internal
Controls. The Company will maintain a system of internal accounting controls sufficient to provide reasonable assurances that:
(i) transactions are executed in accordance with management’s general or specific authorization, (ii) transactions
are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability
for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization,
and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.
3.17 Accountants.
Until the earlier of five years from the Effective Date or until such earlier time upon which the Company is required to be liquidated,
the Company shall retain Marcum or another independent registered public accounting firm reasonably acceptable to the Representative.
3.18 Form
8-K. The Company shall, on or prior to the date hereof, retain its independent registered public accounting firm to audit
the balance sheet of the Company as of the Closing Date (“Audited Financial Statements”) reflecting the receipt
by the Company of the proceeds of the Offering and the Warrant Private Placement. Within four Business Days after the Closing
Date, the Company shall file a Current Report on Form 8-K with the Commission, which Report shall contain the Company’s
Audited Financial Statements. Promptly after the Option Closing Date, if the Over-allotment Option is exercised after the Closing
Date, the Company shall file with the Commission a Current Report on Form 8-K or an amendment to the Form 8-K to provide updated
financial information to reflect the exercise of such option.
3.19 Corporate
Proceedings. All corporate proceedings and other legal matters necessary to carry out the provisions of this Agreement and
the transactions contemplated hereby shall have been done to the reasonable satisfaction to K&E.
3.20 Investment
Company. The Company shall cause the proceeds of the Offering to be held in the Trust Account to be invested only as provided
for in the Trust Agreement and disclosed in the Prospectus. The Company will otherwise conduct its business in a manner so that
it will not become subject to the Investment Company Act. Furthermore, once the Company consummates a Business Combination, it
shall be engaged in a business other than that of investing, reinvesting, owning, holding or trading securities.
3.21 Amendments
to Charter Documents. The Company covenants and agrees, that prior to its initial Business Combination it will not seek to
amend or modify its Charter Documents, except as set forth therein.
3.22 Press
Releases. The Company agrees that it will not issue press releases or engage in any other publicity, without the Representative
prior written consent (not to be unreasonably withheld), for a period of 25 days after the Closing Date. Notwithstanding
the foregoing, in no event shall the Company be prohibited from issuing any press releases or engaging in any other publicity
required by law, except that including the name of any Underwriter therein shall require the prior written consent of such Underwriter.
3.23 Insurance.
The Company will maintain directors’ and officers’ insurance (including, without limitation, insurance covering the
Company, its directors and officers for liabilities or losses arising in connection with this Offering, including, without limitation,
liabilities or losses arising under the Act, the Exchange Act, the Regulations and any applicable foreign securities laws).
3.24 Electronic
Prospectus. The Company shall cause to be prepared and delivered to the Underwriters, at the Company’s expense, promptly,
but in no event later than two Business Days from the effective date of this Agreement, an Electronic Prospectus to be used
by the Underwriters in connection with the Offering. As used herein, the term “Electronic Prospectus” means
a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall
be encoded in an electronic format, satisfactory to the Representative, that may be transmitted electronically by the Underwriters
to offerees and purchasers of the Units for at least the period during which a prospectus relating to the Units is required to
be delivered under the Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant
to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic
and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation
of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory
to the Representative, that will allow recipients thereof to store and have continuously ready access to the prospectus at any
future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for
on-line time).
3.25 Private
Placement Proceeds. On the Closing Date, $4,050,000 of the proceeds from the Warrant Private Placement shall be deposited
into the Trust Account in accordance with the Purchase Agreement.
3.26 Future
Financings. The Company agrees that neither it, nor any successor or subsidiary of the Company, will consummate any public
or private equity or debt financing prior to the consummation of a Business Combination, unless all investors in such financing
expressly waive, in writing, any rights in or claims against the Trust Account.
3.27 Amendments
to Agreements. Prior to the consummation of the Business Combination, the Company shall not amend, modify or otherwise change
the Warrant Agreement, Trust Agreement, Registration Rights Agreement, Purchase Agreement, Services Agreement, or any Insider
Letter without the prior written consent of the Representative, which will not be unreasonably withheld.
3.28 Nasdaq.
Until the consummation of a Business Combination, the Company will use its best efforts to maintain the listing of the Public
Securities on Nasdaq or a national securities exchange acceptable to the Representative.
3.29 Reservation
of Shares. The Company will reserve and keep available that maximum number of its authorized but unissued securities which
are issuable upon exercise of the Warrants and Private Placement Warrants outstanding from time to time.
3.30 Notice
of Disqualification Events. The Company will notify the Representative in writing, prior to the Closing Date, of (i) any
Disqualification Event relating to any Company Covered Person and (ii) any event that would, with the passage of time, become
a Disqualification Event relating to any Company Covered Person.
3.31 Disqualification
of S-1. Until the earlier of seven years from the date hereof or until the Warrants have either expired and are no longer
exercisable or have all been exercised, the Company will not take any action or actions that prevent or disqualify the Company’s
use of Form S-1 (or other appropriate form) for the registration of the shares of Common Stock issuable upon exercise of the Warrants
under the Act.
4. Conditions
of Underwriters’ Obligations. The obligations of the Underwriters to purchase and pay for the Units, as provided herein,
shall be subject to the continuing accuracy of the representations and warranties of the Company as of the date hereof and as
of each of the Closing Date and the Option Closing Date, if any, to the accuracy of the statements of officers of the Company
made pursuant to the provisions hereof and to the performance by the Company of its obligations hereunder and to the following
conditions:
4.1 Regulatory
Matters.
4.1.1 Effectiveness
of Registration Statement. The Registration Statement shall have become effective not later than 4:00 p.m., New York time,
on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative.
4.1.2 FINRA
Clearance. By the Effective Date, the Underwriters shall have received clearance from FINRA as to the amount of compensation
allowable or payable to the Underwriters as described in the Registration Statement.
4.1.3 No
Commission Stop Order. At the Closing Date, the Commission has not issued any order or threatened to issue any order preventing
or suspending the use of any Preliminary Prospectus, the Prospectus or any part thereof, and has not instituted or, to the Company’s
knowledge, assuming reasonable inquiry, threatened to institute any proceedings with respect to such an order.
4.1.4 Nasdaq.
The Securities shall have been approved for listing on Nasdaq, subject to official notice of issuance and evidence of satisfactory
distribution, satisfactory evidence of which shall have been provided to the Representative.
4.2 Company
Counsel Matters.
4.2.1 Closing
Date and Option Closing Date Opinions of Counsel. On the Closing Date and the Option Closing Date, if any, the Representative
shall have received the favorable opinion and negative assurance statement of Ellenoff Grossman & Schole LLP , dated the Closing
Date or the Option Closing Date, as the case may be, addressed to the Representative as representative for the several Underwriters
and in form and substance satisfactory to the Representative and K&E.
4.2.2 Reliance.
In rendering such opinion, such counsel may rely as to matters of fact, to the extent they deem proper, on certificates or other
written statements of officers of the Company and officers of departments of various jurisdictions having custody of documents
respecting the corporate existence or good standing of the Company, provided that copies of any such statements or certificates
shall be delivered to the Representative counsel if requested. The opinion of counsel for the Company shall include a statement
to the effect that it may be relied upon by counsel for the Underwriters in its opinion delivered to the Underwriters.
4.3 Comfort
Letter. At the time this Agreement is executed, and at the Closing Date and Option Closing Date, if any, the Representative
shall have received a letter, addressed to the Representative as representative for the several Underwriters and in form and substance
satisfactory in all respects (including the non-material nature of the changes or decreases, if any, referred to in Section
4.3.3 below) to the Representative from Marcum dated, respectively, as of the date of this Agreement and as of the Closing
Date and Option Closing Date, if any:
4.3.1 Confirming that
they are independent accountants with respect to the Company within the meaning of the Act and the applicable Regulations and
that they have not, during the periods covered by the financial statements included in the Registration Statement, Preliminary
Prospectus, Sale Preliminary Prospectus and the Prospectus, provided to the Company any non-audit services, as such term is used
in Section 10A(g) of the Exchange Act;
4.3.2 Stating that
in their opinion the financial statements of the Company included in the Registration Statement, the Sale Preliminary Prospectus
and the Prospectus comply as to form in all material respects with the applicable accounting requirements of the Act and the published
Regulations thereunder;
4.3.3 Stating that,
on the basis of their review, which included a reading of the latest available unaudited interim financial statements of the Company
(with an indication of the date of the latest available unaudited interim financial statements), a reading of the latest available
minutes of the stockholders and Board of Directors and the various committees of the Board of Directors, consultations with officers
and other employees of the Company responsible for financial and accounting matters and other specified procedures and inquiries,
nothing has come to their attention that would lead them to believe that (a) the unaudited financial statements of the Company
included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus do not comply as to form in all material
respects with the applicable accounting requirements of the Act and the Regulations or are not fairly presented in conformity
with GAAP applied on a basis substantially consistent with that of the audited financial statements of the Company included in
the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, or (b) at a date not later than five days prior
to the Effective Date, Closing Date or Option Closing Date, as the case may be, there was any change in the share capital or long-term
debt of the Company, or any decrease in the stockholders’ equity of the Company as compared with amounts shown in the October
28, 2020 balance sheet included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, other than
as set forth in or contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus or, if there
was any decrease, setting forth the amount of such decrease, and (c) during the period from October 28, 2020 to a specified date
not later than five days prior to the Effective Date, Closing Date or Option Closing Date, as the case may be, there was any decrease
in revenues, net earnings or net earnings per share of Common Stock, in each case as compared with the corresponding period in
the preceding year and as compared with the corresponding period in the preceding quarter, other than as set forth in or contemplated
by the Registration Statement the Sale Preliminary Prospectus and the Prospectus, or, if there was any such decrease, setting
forth the amount of such decrease;
4.3.4 Setting forth,
at a date not later than five days prior to the Effective Date, the amount of liabilities of the Company (including a break-down
of commercial papers and notes payable to banks);
4.3.5 Stating that
they have compared specific dollar amounts, numbers of shares, percentages of revenues and earnings, statements and other financial
information pertaining to the Company set forth in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus
in each case to the extent that such amounts, numbers, percentages, statements and information may be derived from the general
accounting records, including work sheets, of the Company and excluding any questions requiring an interpretation by legal counsel,
with the results obtained from the application of specified readings, inquiries and other appropriate procedures (which procedures
do not constitute an examination in accordance with generally accepted auditing standards) set forth in the letter and found them
to be in agreement;
4.3.6 Stating that
they have not, since the Company’s incorporation, brought to the attention of the Company’s management any reportable
condition related to internal structure, design or operation as defined in the Statement on Auditing Standards No. 60 “Communication
of Internal Control Structure Related Matters Noted in an Audit,” in the Company’s internal controls; and
4.3.7 Statements as
to such other matters incident to the transaction contemplated hereby as the Representative or K&E may reasonably request,
including: (i) that Marcum is registered with the Public Company Accounting Oversight Board; (ii) that Marcum has sufficient
assets and insurance to pay for any liability incurred by it relating to providing the letter; and (iii) that Marcum is not insolvent.
4.4 Officers’
Certificates.
4.4.1 Officers’
Certificate. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate
of the Company signed by the Chairman of the Board or the Chief Executive Officer and the Chief Financial Officer of the Company
(in their capacities as such), dated the Closing Date or the Option Closing Date, as the case may be, respectively, to the effect
that the Company has performed all covenants and complied with all conditions required by this Agreement to be performed or complied
with by the Company prior to and as of the Closing Date, or the Option Closing Date, as the case may be, and that the conditions
set forth in Section 4 hereof have been satisfied as of such date and that, as of Closing Date and the Option
Closing Date, as the case may be, the representations and warranties of the Company set forth in Section 2 hereof
are true and correct. In addition, the Representative will have received such other and further certificates of officers of the
Company (in their capacities as such) as the Representative may reasonably request.
4.4.2 Secretary’s
Certificate. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate
of the Company signed by the Chief Financial Officer of the Company, dated the Closing Date or the Option Date, as the case may
be, respectively, certifying (i) that the Charter Documents are true and complete, have not been modified and are in full
force and effect, (ii) that the resolutions of the Company’s Board of Directors relating to the public offering contemplated
by this Agreement are in full force and effect and have not been modified, (iii) as to the accuracy and completeness of all
correspondence between the Company or its counsel and the Commission, (iv) as to the accuracy and completeness of all correspondence
between the Company or its counsel and Nasdaq and (v) as to the incumbency of the officers of the Company. The documents
referred to in such certificate shall be attached to such certificate.
4.5 No
Material Changes. Prior to and on each of the Closing Date and the Option Closing Date, if any, (i) there shall have
been no material adverse change or development involving a prospective material adverse change in the condition or prospects or
the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth
in the Registration Statement and the Prospectus, (ii) no action suit or proceeding, at law or in equity, shall have been
pending or threatened against the Company or any Insider before or by any court or federal, foreign or state commission, board
or other administrative agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business,
operations, or financial condition or income of the Company, except as set forth in the Registration Statement and the Prospectus,
(iii) no stop order shall have been issued under the Act and no proceedings therefor shall have been initiated or, to the
Company’s knowledge, assuming reasonable inquiry, threatened by the Commission, and (iv) the Registration Statement,
the Sale Preliminary Prospectus and the Prospectus and any amendments or supplements thereto shall contain all material statements
which are required to be stated therein in accordance with the Act and the Regulations and shall conform in all material respects
to the requirements of the Act and the Regulations, and neither the Registration Statement, the Sale Preliminary Prospectus nor
the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.
4.6 Delivery
of Agreements. On the Effective Date, the Company shall have delivered to the Representative executed copies of the Transaction
Documents and all of the Insider Letters.
5. Indemnification.
5.1 Indemnification
of the Underwriters. Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless each of
the Underwriters and their affiliates, and each dealer selected by the Underwriters that participates in the offer and sale of
the Securities (each a “Selected Dealer”) and each of their respective directors, officers, agents, partners,
members and employees and each person, if any, who controls within the meaning of Section 15 of the Act or Section 20(a) of the
Exchange Act (“Controlling Person”) any Underwriter, against any and all loss, liability, claim, damage and
expense whatsoever as incurred to which they or any of them may become subject under the Act, the Exchange Act or any other statute
or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged
untrue statement of a material fact contained in (i) the Registration Statement, any Preliminary Prospectus including the
Sale Preliminary Prospectus or the Prospectus (as from time to time each may be amended and supplemented, including, but not limited
to any information deemed to be a part thereof pursuant to Rule 430A, Rule 430B or Rule 430C); (ii) any materials or information
provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities,
including any “road show” or investor presentations made to investors by the Company (whether in person or
electronically); (iii) any application or other document or written communication (in this Section 5, collectively
called “application”) executed by the Company or based upon written information furnished by the Company in
any jurisdiction in order to qualify the Public Securities under the securities laws thereof or filed with the Commission, any
foreign or state securities commission or agency, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market, any other securities exchange or the OTCBB; or (iv) any post-effective amendments to the Registration Statement or
Prospectus or new Registration Statement or Prospectus filed by the Company with the Commission, any state securities commission
or agency, OTCBB or any securities exchange; or (v) the omission or alleged omission from the Registration Statement, any
Preliminary Prospectus including the Sale Preliminary Prospectus or the Prospectus or subsequent filing by the Company under clause (iv)
of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, and to reimburse each Underwriter, its affiliates, each Selected Dealer and each of
their respective directors, officers, partners, agents, members and employees and each Controlling Person, if any, for any and
all expenses (including the fees and disbursements of counsel chosen by the Underwriters) as such expenses are incurred by each
Underwriter, its affiliates, such Selected Dealer or each of their respective directors, officers, partners, agents, members and
employees or such Controlling Person in connection with investigating, defending, settling, compromising or paying any such loss,
claim damage, liability, expense or action, whether or not any such person is a party to any such claim or action and including
any and all reasonable legal and other expenses incurred in giving testimony or furnishing documents in response to a subpoena
or otherwise; provided however, that the foregoing agreement shall not apply to any loss, claim, damage, liability or expenses
to the extent, but only to the extent, arising out of or based upon (x) any untrue statement or alleged untrue statement or omission
or alleged omission made in reliance upon and in conformity with written information furnished to the Company with respect to
an Underwriter by or on behalf of such Underwriter expressly for use in the Registration Statement, any Preliminary Prospectus
including the Sale Preliminary Prospectus or the Prospectus, or any amendment or supplement thereof, or in any application, as
the case may be, or the jurisdictions listed in the section entitled “Notices to Non-United States Investors” in the
Registration Statement, any Preliminary Prospectus including the Sale Preliminary Prospectus or the Prospectus, or any amendment
or supplement thereof, as the case may be; (y) the use of the Sale Preliminary Prospectus or Prospectus in violation of any stop
order or other notice received by the Underwriters indicating the then current Prospectus is not to be used in connection with
the sale of any Securities or (z) the Underwriters otherwise failing in its prospectus delivery obligations. The Company agrees
promptly to notify the Representative of the commencement of any litigation or proceedings against the Company or any of its officers,
directors or Controlling Persons in connection with the issue and sale of the Securities or in connection with the Registration
Statement, the Sale Preliminary Prospectus or the Prospectus. The indemnity agreement set forth in this Section 5.1 shall be in
addition to any liabilities that the Company may otherwise have.
5.2 Indemnification
of the Company. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, its directors,
its officers who signed the Registration Statement and each Controlling Person of the Company, if any, against any and all loss,
liability, claim, damage and expense described in the foregoing indemnity from the Company to the Underwriter, as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions made in the Registration Statement,
any Preliminary Prospectus including the Sale Preliminary Prospectus, the Prospectus or any amendment or supplement thereto or
in any application, in reliance upon, and in strict conformity with, written information furnished to the Company with respect
to, the Underwriters by or on behalf of the Underwriters expressly for use in, the Registration Statement, any Preliminary Prospectus
including the Sale Preliminary Prospectus, the Prospectus or any amendment or supplement thereto, or in any such application,
and to reimburse the Company or any such director, officer or Controlling Person, if any, for any and all expenses as such expenses
are reasonably incurred, in connection with investigating, defending, settling, compromising or paying any such loss, claim damage,
liability, expense or action; provided, however, that the obligation of each Underwriter to indemnify the Company (including any
director, officer or Controlling Person thereof), shall be limited to the commissions received by such Underwriter in connection
with the Securities underwritten by it pursuant to this Agreement. The Company hereby acknowledges that the only information that
the Underwriters have furnished to the Company expressly for use in the Registration Statement, the Preliminary Prospectus including
the Sale Preliminary Prospectus, the Prospectus or any amendment or supplement thereto, shall consist solely of the Underwriters’
Information. The indemnity agreement set forth in this Section 5.2 shall be in addition to any liabilities that
the Underwriter may otherwise have.
5.3 Notifications
and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 5 of
notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party under this Section 5, notify the indemnifying party in writing of the commencement thereof, but
the failure to so notify the indemnifying party (i) will not relieve it from liability under Sections 5.1 or 5.2 above
unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying
party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations
to any indemnified party other than the indemnification obligation provided in Sections 5.1 or 5.2 above.
In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity
from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it shall elect,
jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly
after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such
indemnified party; provided, however, (a) if the defendants in any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying
party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to
it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, or (b)
the indemnifying party agrees to such separate representation, then, in each case, the indemnified party or parties shall have
the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action
on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of
such indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel,
the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified
party shall have employed separate counsel in accordance with the provision to the preceding sentence reasonably approved by the
indemnifying party (or by the Underwriter in the case of Section 5.2), representing the indemnified parties who are
parties to such action), (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party
to represent the indemnified party within a reasonable time after notice of commencement of the action, or (iii) the indemnifying
party is not defending such action in good faith, in each of which cases the fees and expenses of counsel shall be at the expense
of the indemnifying party.
5.4
Settlements. The indemnifying party under this Section 5 shall not be liable for any settlement
of any proceeding effected without its written consent, which shall not be withheld, delayed or conditioned unreasonably, but
if settled with such consent or if there is a final judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel as contemplated by Section 5.3 hereof, the indemnifying party agrees that
it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered
into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying
party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent
to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is
or could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement,
compromise or consent (x) includes an unconditional written release of such indemnified party from all liability on claims
that are the subject matter of such action, suit or proceeding and (y) does not include a statement as to or an admission
of fault, culpability or a failure to act, by or on behalf of any indemnified party.
5.5
Contribution.
5.5.1 Contribution
Rights. In order to provide for just and equitable contribution under the Act in any case in which (i) any person
entitled to indemnification under this Section 5 makes claim for indemnification pursuant hereto but it is
judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of
time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that this Section 5 provides for indemnification in such case, or
(ii) contribution under the Act, the Exchange Act or otherwise may be required on the part of any such person in
circumstances for which indemnification is provided under this Section 5, then, and in each such case, each
Underwriter shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by
said indemnity agreement incurred by the Company and each Underwriter, as incurred, in such proportion as is represented by
the percentage of the underwriting discount appearing on the cover page of the Prospectus as compared to the offering price
per Unit and the Company shall be responsible for the balance; provided, that, no person guilty of a fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) with respect to any action or claim shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation with respect to such action or claim.
If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company and the
Underwriters shall contribute in such proportion as is appropriate to reflect the relative fault of the Company and the
Underwriters in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as
well as any other relevant equitable considerations. The relative fault of the Company and the Underwriters shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information furnished by the Company or the Underwriters and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. Notwithstanding the provisions of this Section 5.5.1, no Underwriter shall be required to contribute
any amount in excess of the underwriting commissions received by such Underwriter in connection with the Securities
underwritten by it and distributed to the public pursuant to this Agreement. For purposes of this Section, each director,
officer, agent, partner, member and employee of an Underwriter or the Company, as applicable, and each person, if any, who
controls an Underwriter or the Company, as applicable, within the meaning of Section 15 of the Act, shall have the same
rights to contribution as such Underwriter or the Company, as applicable.
5.5.2
Contribution Procedure. Within fifteen days after receipt by any party to this Agreement (or its representative)
of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof
is to be made against another party (“Contributing Party”), notify the Contributing Party of the commencement
thereof, but the omission to so notify the Contributing Party will not relieve it from any liability which it may have to any other
party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such
party notifies a Contributing Party or its representative of the commencement thereof within the aforesaid fifteen days, the Contributing
Party will be entitled to participate therein with the notifying party and any other Contributing Party similarly notified. Any
such Contributing Party shall not be liable to any party seeking contribution on account of any settlement of any claim, action
or proceeding effected by such party seeking contribution on account of any settlement of any claim, action or proceeding without
the written consent of such Contributing Party. The contribution provisions contained in this Section are intended to supersede,
to the extent permitted by law, any right to contribution under the Act, the Exchange Act or otherwise available. The Underwriters’
obligations to contribute pursuant to this Section 5.5 are several and not joint.
6.
Default by an Underwriter.
6.1
Default Not Exceeding 10% of Firm Units. If any Underwriter or Underwriters shall default in its or their obligations
to purchase the Firm Units and if the number of the Firm Units with respect to which such default relates does not exceed in the
aggregate 10% of the number of Firm Units that all Underwriters have agreed to purchase hereunder, then such Firm Units to which
the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.
6.2
Default Exceeding 10% of Firm Units. In the event that the default addressed in Section 6.1 above
relates to more than 10% of the Firm Units, the Representative may, in its discretion, arrange for it or for another party or parties
to purchase such Firm Units to which such default relates on the terms contained herein. If within one Business Day after
such default relating to more than 10% of the Firm Units the Representative does not arrange for the purchase of such Firm Units,
then the Company shall be entitled to a further period of one Business Day within which to procure another party or parties
satisfactory to the Representative to purchase said Firm Units on such terms. In the event that neither the Representative nor
the Company arrange for the purchase of the Firm Units to which a default relates as provided in this Section 6,
this Agreement may be terminated by the Representative or the Company without liability on the part of the Company (except as provided
in Sections 3.10, 5, and 9.3 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided that
nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company
for damages occasioned by its default hereunder.
6.3 Postponement
of Closing Date. In the event that the Firm Units to which the default relates are to be purchased by the non-defaulting
Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have
the right to postpone the Closing Date for a reasonable period, but not in any event exceeding five Business Days, in order
to effect whatever changes may thereby be made necessary in the Registration Statement and/or the Prospectus, as the case may
be, or in any other documents and arrangements, and the Company agrees to file promptly any amendment to, or to supplement,
the Registration Statement and/or the Prospectus, as the case may be, that in the reasonable opinion of counsel for the
Underwriters may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any
party substituted under this Section 6 with like effect as if it had originally been a party to this
Agreement with respect to such securities.
7. Additional Covenants.
7.1 Additional
Shares or Options. The Company hereby agrees that until the consummation of a Business Combination, it shall not issue any
shares of Common Stock or any options or other securities convertible into Common Stock, or any preferred shares or other securities
of the Company which participate in any manner in the Trust Account or which vote as a class with the Common Stock on a Business
Combination.
7.2 Trust
Account Waiver Acknowledgments. The Company hereby agrees that it will use its reasonable best efforts prior to commencing
its due diligence investigation of any prospective Target Business or obtaining the services of any vendor to have such Target
Business and/or vendor acknowledge in writing whether through a letter of intent, memorandum of understanding or other similar
document (and subsequently acknowledges the same in any definitive document replacing any of the foregoing), that (a) it
has read the Prospectus and understands that the Company has established the Trust Account, initially in an amount of $100,000,000
(without giving effect to any exercise of the Over-allotment Option) for the benefit of the Public Stockholders and that, except
for a portion of the interest earned on the amounts held in the Trust Account, the Company may disburse monies from the Trust
Account only (i) to the Public Stockholders in the event they elect to redeem shares of Common Stock contained in the Public
Securities in connection with the consummation of a Business Combination, (ii) to the Public Stockholders if the Company
fails to consummate a Business Combination within the time period set forth in the Charter Documents, or (iii) to the Company
after or concurrently with the consummation of a Business Combination and (b) for and in consideration of the Company (i) agreeing
to evaluate such Target Business for purposes of consummating a Business Combination with it or (ii) agreeing to engage the
services of the vendor, as the case may be, such Target Business or vendor agrees that it does not have any right, title, interest
or claim of any kind in or to any monies in the Trust Account (“Claim”) and waives any Claim it may have in
the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse
against the Trust Account for any reason whatsoever. The foregoing letters shall substantially be in the form attached hereto
as Exhibits A and B respectively. The Company may forego obtaining such waivers only if the Company shall have received the approval
of its Chief Executive Officer and the approving vote of at least a majority of its Board of Directors.
7.3 Insider
Letters. The Company shall not take any action or omit to take any action which would cause a breach of any of the Insider
Letters and will not allow any amendments to, or waivers of, such Insider Letters without the prior written consent of the Representative,
which consent shall not be unreasonably withheld.
7.4 Rule
419. The Company agrees that it will use its best efforts to prevent the Company from becoming subject to Rule 419 under the
Act prior to the consummation of any Business Combination, including but not limited to using its best efforts to prevent any
of the Company’s outstanding securities from being deemed to be a “penny stock” as defined in Rule 3a-51-1 under
the Exchange Act during such period.
7.5 Tender
Offer Documents, Proxy Materials and Other Information. The Company shall provide to the Representative or their counsel (if
so instructed by the Representative) with 10 copies of all tender offer documents or proxy information and all related material
filed with the Commission in connection with a Business Combination concurrently with such filing with the Commission. Documents
filed with the Commission pursuant to its EDGAR system shall be deemed to have been provided to the Representative pursuant to
this Section. In addition, the Company shall furnish any other state in which its initial public offering was registered, such
information as may be requested by such state.
7.6 Emerging
Growth Company. The Company shall promptly notify the Representative if the Company ceases to be an Emerging Growth Company
at any time prior to the completion of the distribution of the Securities within the meaning of the Act.
7.7 Target
Net Assets. The Company agrees that the Target Business that it acquires must have a fair market value equal to at least 80%
of the balance in the Trust Account at the time of signing the definitive agreement for the Business Combination with such Target
Business (excluding taxes payable and the Deferred Underwriting Commissions). The fair market value of such business must be determined
by the Board of Directors of the Company based upon standards generally accepted by the financial community, such as actual and
potential sales, earnings, cash flow and book value. If the Board of Directors of the Company is not able to independently determine
that the target business meets such fair market value requirement, the Company will obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria.
The Company is not required to obtain an opinion as to the fair market value if the Company’s Board of Directors independently
determines that the Target Business does have sufficient fair market value.
8. Representations
and Agreements to Survive Delivery. Except as the context otherwise requires, all representations, warranties and agreements
contained in this Agreement shall be deemed to be representations, warranties and agreements as of the Closing Date or the Option
Closing Date, if any, and such representations, warranties and agreements of the Underwriters and the Company, including the indemnity
agreements contained in Section 5 hereof, shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of the Underwriters, the Company or any Controlling Person, and shall survive termination of
this Agreement or the issuance and delivery of the Public Securities to the Underwriters until the earlier of the expiration of
any applicable statute of limitations and the 7th anniversary of the later of the Closing Date or the Option Closing Date,
if any, at which time the representations, warranties and agreements shall terminate and be of no further force and effect.
9.
Effective Date of This Agreement and Termination Thereof.
9.1
Effective Date. This Agreement shall become effective on the Effective Date at the time the Registration Statement
is declared effective by the Commission.
9.2
Termination. The Representative shall have the right to terminate this Agreement at any time prior to the Closing
Date, if (i) any domestic or international event or act or occurrence has materially disrupted, or in the Representative’s
opinion will in the immediate future materially disrupt, general securities markets in the United States; (ii) trading on
the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital
Market or quoted on the OTCBB shall have been suspended, or minimum or maximum prices for trading shall have been fixed, or maximum
ranges for prices for securities shall have been fixed, or maximum ranges for prices for securities shall have been required by
FINRA or by order of the Commission or any other government authority having jurisdiction; (iii) the United States shall have
become involved in a new war or an increase in existing major hostilities; (iv) a banking moratorium has been declared by
a New York State or Federal authority; (v) a moratorium on foreign exchange trading has been declared which materially adversely
impacts the United States securities market; (vi) the Company shall have sustained a material loss by fire, flood, accident,
hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured,
will, in the Representative sole opinion, make it inadvisable to proceed with the delivery of the Units; (vii) the Company
is in material breach of any of its representations, warranties or covenants hereunder; or (viii) the Representative shall
have become aware after the date hereof of such a material adverse change in the conditions of the Company, or such adverse material
change in general market conditions, including without limitation as a result of terrorist activities after the date hereof, as
in the Representative’s sole judgment would make it impracticable to proceed with the offering, sale and/or delivery of the
Units or to enforce contracts made by the Underwriters for the sale of the Public Securities.
9.3
Expenses. In the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified
herein or any extensions thereof pursuant to the terms herein, (i) the obligations of the Company to pay the out of pocket
expenses related to the transactions contemplated herein shall be governed by Section 3.10 hereof and (ii) the
Company shall reimburse the Representative for any costs and expenses incurred in connection with enforcing any provisions of this
Agreement.
9.4
Indemnification. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any
termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall
not be in any way affected by such election or termination or failure to carry out the terms of this Agreement or any part hereof.
10. Miscellaneous.
10.1 Notices.
All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed,
delivered by hand or reputable overnight courier or delivered by facsimile transmission (with printed confirmation of
receipt) and confirmed and shall be deemed given when so mailed, delivered or faxed or if mailed, two days after such
mailing.
If to the Representative:
BTIG, LLC
65 E 55th Street
New York, New York 10022
Attn: General Counsel
Facsimile: (212) 588-6554
Copy (which copy shall not constitute notice)
to:
Kirkland & Ellis LLP
601 Lexington Avenue
New York, New York 10022
Attn: Christian Nagler,
Brooks W. Antweil
Facsimile: (212) 446-4900
If to the Company:
CA Healthcare Acquisition Corp.
99 Summer Street
Suite 200
Boston, MA 02110
Attn: Larry J. Neiterman
Copy (which copy shall not constitute notice)
to:
Ellenoff Grossman & Schole
1345 Avenue of the Americas
New York, New York 10105
Attn: Douglas S. Ellenoff, Esq.
Stuart Neuhauser, Esq.
Jeffrey W. Rubin, Esq.
Tel: (212) 819-8200
10.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any
way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.
10.3
Amendment. This Agreement may only be amended by a written instrument executed by each of the parties hereto.
10.4
Entire Agreement. This Agreement (together with the other agreements and documents being delivered pursuant to or
in connection with this Agreement) constitute the entire agreement of the parties hereto with respect to the subject matter hereof
and thereof, and supersede all prior agreements and understandings of the parties, oral and written, with respect to the subject
matter hereof.
10.5 Binding
Effect. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the
Underwriters, the Selected Dealers, the Company and the Controlling Persons, directors, agents, partners, members, employees
and officers referred to in Section 5 hereof, and their respective successors, legal Representative and
assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in
respect of or by virtue of this Agreement or any provisions herein contained. The term “successors and assigns”
shall not include a purchaser, in its capacity as such, of securities from the Underwriters.
10.6
Waiver of Immunity. To the extent that the Company may be entitled in any jurisdiction in which judicial proceedings
may at any time be commenced hereunder, to claim for itself or its revenues or assets any immunity, including sovereign immunity,
from suit, jurisdiction, attachment in aid of execution of a judgment or prior to a judgment, execution of a judgment or any other
legal process with respect to its obligations hereunder and to the extent that in any such jurisdiction there may be attributed
to the Company such an immunity (whether or not claimed), the Company hereby irrevocably agrees not to claim and irrevocably waives
such immunity to the maximum extent permitted by law.
10.7
Submission to Jurisdiction. Each of the Company and the Representative irrevocably submits to the nonexclusive jurisdiction
of any New York State or United States Federal court sitting in The City of New York, Borough of Manhattan, over any suit, action
or proceeding arising out of or relating to this Agreement, the Registration Statement, the Sale Preliminary Prospectus and the
Prospectus or the offering of the Securities. Each of the Company and the Representative irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of venue of any such suit, action or proceeding
brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient
forum. Any such process or summons to be served upon the Company or the Representative may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
10.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company or the Representative
in any action, proceeding or claim. Each of the Company and the Representative waives, to the fullest extent permitted by law,
any other requirements of or objections to personal jurisdiction with respect thereto. Notwithstanding the foregoing, any action
based on this Agreement may be instituted by the Underwriters in any competent court. The Company agrees that the Underwriters
shall be entitled to recover all of their reasonable attorneys’ fees and expenses relating to any action or proceeding and/or
incurred in connection with the preparation therefor if any of them are the prevailing party in such action or proceeding.
10.8
Recognition of the U.S. Special Resolution Regimes. In the event that any Underwriter that is a Covered Entity
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and
any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of
the United States or a state of the United States.
In the event that any
Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were
governed by the laws of the United States or a state of the United States.
For purposes of this Agreement,
(A) “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted
in accordance with, 12 U.S.C. § 1841(k); (B) “Covered Entity” means any of the following: (i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered
bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered
FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (C) “Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable; and (D) “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act
and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and
the regulations promulgated thereunder.
10.9
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction.
10.10 Execution
in Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one
and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or
email/pdf transmission shall constitute valid and sufficient delivery thereof.
10.11 Waiver. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any
provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and
no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent
breach, non-compliance or non-fulfillment.
10.12 No Fiduciary Relationship. The Company acknowledges and agrees that (i) the purchase and sale of the Units
pursuant to this Agreement is an arm’s-length commercial transaction pursuant to a contractual relationship between the Company
and the Underwriters, (ii) in connection therewith and with the process leading to such transaction, each Underwriter is acting
solely as a principal and not the agent or fiduciary of the Company, (iii) the Underwriters have not assumed an advisory or
fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether the Underwriters have advised or are currently advising the Company on other matters) or any other obligation
to the Company except the obligations expressly set forth in this Agreement, (iv) in no event do the parties intend that the
Underwriters act or be responsible as a fiduciary to the Company, its management, stockholders, creditors or any other person in
connection with any activity that the Underwriters may undertake or have undertaken in furtherance of this offering of the Company’s
securities, either before or after the date hereof and (v) the Company has consulted its own legal and financial advisors
to the extent it deemed appropriate. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company,
either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the
Company hereby confirms its understanding and agreement to that effect. The Company agrees that it will not claim that the Underwriters
have rendered advisory services of any nature or respect, or owe a fiduciary or similar duty to the Company, in connection with
such transaction or the process leading thereto. The Company and the Underwriters agree that they are each responsible for making
their own independent judgment with respect to any such transactions, and that any opinions or views expressed by the Underwriters
to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market
for the Company’s securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases,
to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach
or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement
or any matters leading up to such transactions.
[Remainder of page intentionally left
blank]
If the foregoing correctly
sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that
purpose, whereupon this letter shall constitute a binding agreement between us.
| |
Very truly yours, |
| |
|
| |
CA HEALTHCARE ACQUISITION CORP. |
| |
|
| |
By: |
/s/ Larry J. Neiterman |
| |
|
Name: Larry J. Neiterman |
| |
|
Title: Chief Executive Officer |
| Accepted on the date first above written. |
|
| |
|
| BTIG, LLC, |
|
| as Representative of the several underwriters |
|
| |
|
| By: |
/s/ Joseph Passaro |
|
| Name: |
Joseph Passaro |
|
| Title: |
Managing Director |
|
[Signature Page
to Underwriting Agreement]
Schedule A
CA
HEALTHCARE ACQUISITION CORP.
10,000,000 Units
| Underwriter | |
Number of
Firm Units
to be
Purchased | |
| BTIG, LLC | |
| 9,300,000 | |
| I-Bankers Securities, Inc. | |
| 700,000 | |
| TOTAL | |
| 10,000,000 | |
SCHEDULE B
Reference
is made to the materials used in the testing the waters presentation made to potential investors by the Company, to the extent
such materials are deemed to be a “written communication” within the meaning of Rule 405 under the Act.
