NASDAQ: LOKVU

Simultaneously with the closing
of the Initial Public Offering and pursuant to the Private Placement Warrants Purchase Agreement, we completed the private sale of 4,500,000
Private Placement Warrants to our Sponsor in the Private Placement at a purchase price of $1.00 per Private Placement Warrant, generating
gross proceeds to our Company of $4,500,000. The Private Placement Warrants are identical to the Public Warrants, except as otherwise
disclosed in the IPO Registration Statement.

A total of $231,150,000 was
placed in the Trust Account maintained by Continental, acting as trustee.

We must complete our initial
Business Combination by (i) March 3, 2027 (since we have executed a definitive agreement for an initial Business Combination by December
3, 2026), (ii) such earlier liquidation date as our Board may approve or (iii) such later date as our shareholders may approve pursuant
to the Amended and Restated Articles. If our initial Business Combination is not consummated by the end of our Combination Period, our
existence will terminate, and we will distribute all amounts in the Trust Account as described elsewhere in this Report.

We may seek to extend the Combination Period consistent with applicable
laws, regulations and stock exchange rules by amending our Amended and Restated Articles. Any such amendment would require the approval
of our shareholders, and our Public Shareholders will be provided the opportunity to redeem all or a portion of their Public Shares in
connection with the vote on such approval. Such redemptions will decrease the amount held in our Trust Account and our capitalization,
and may affect our ability to maintain our listing on Nasdaq. In addition, the Nasdaq Rules currently require SPACs (such as us) to complete
their initial Business Combination in accordance with the Nasdaq 36-Month Requirement. If we do not meet the Nasdaq 36-Month Requirement,
our securities will likely be subject to suspension of trading and delisting from Nasdaq. Our Sponsor may also, in its discretion, consider
selling its interest in our Company to another sponsor entity, which may result in a change to our Management Team.

Teamshares Business
Combination

The below subsection describes the material
provisions of the Teamshares Merger Agreement, but does not purport to describe all the terms thereof. This summary of the Teamshares
Merger Agreement is qualified in its entirety by reference to the complete text of the Teamshares Merger Agreement, a copy of which is
filed with the Report as Exhibit 2.1 and incorporated by reference herein. Unless otherwise defined herein, the capitalized terms used
in this subsection have the same meanings given to them in the Teamshares Merger Agreement. Unless otherwise indicated, this Report does
not assume the Closing.

1

General Terms and Effects; Merger Consideration

On November 14, 2025, we entered
into the Teamshares Merger Agreement. with (i) the Merger Subs, (ii) Teamshares, (iii) the Sponsor, in the capacity, from and after the
Closing, of representative for our shareholders (other than the Teamshares security holders and their respective successors and assigns)
for the limited purposes set forth in the Teamshares Merger Agreement (in such capacity, the “SPAC Representative”) and (iv)
Brian Gaebe, in the capacity as the representative from and after the Closing of the Earnout Participants (as defined below) and their
respective successors and assignees in accordance with the terms and conditions of the Teamshares Merger Agreement (the “Seller
Representative”). Teamshares is a tech-enabled acquiror of high-quality businesses, intending to be a permanent home for businesses.
Part holding company, part financial technology, Teamshares programmatically acquires companies with $0.5 to $5 million of earnings before
interest, taxes, depreciation, and amortization from retiring owners, integrates them with the Teamshares platform, and helps employees
earn company stock. Founded in 2019, Teamshares operates subsidiaries with consolidated revenue of over $400 million across over 40 industries
and 30 states.

Pursuant to the Teamshares
Merger Agreement, subject to the terms and conditions set forth therein, (i) prior to the Closing, we will continue out of the Cayman
Islands and into the State of Delaware and domesticate as a Delaware corporation (the “Domestication”), (ii) at the Closing,
Merger Sub will merge with and into Teamshares (the “First Merger”) with Teamshares surviving such merger as our wholly-owned
subsidiary (the “Surviving Corporation”) and (iii) immediately following the First Merger and as part of the same overall
transaction as the First Merger, the Surviving Corporation will merge with and into Merger Sub II (the “Second Merger” and
together with the First Merger, the “Mergers”) and as a result of which (a) all of the issued and outstanding capital stock
of Teamshares as of immediately prior to the First Merger shall no longer be outstanding and shall automatically be cancelled and shall
cease to exist, in exchange for the right of each Teamshares stockholder to receive its pro rata share of the Stockholder Merger Consideration
(as defined below) and each Earnout Participant to receive their Earnout Shares (as defined below) and (b) the in-the-money Teamshares
options shall be assumed (with equitable adjustments to the number and exercise price of such Teamshares options) and replaced with options
(the “Assumed Options”) exercisable into shares of our common stock, all upon the terms and subject to the conditions set
forth in the Teamshares Merger Agreement and in accordance with applicable law.

The Teamshares Merger Agreement
provides that the total consideration received by the Teamshares Stockholders and holders of In-the-Money Company Options from our Company
at the Closing will be a number of shares of our newly issued common stock with an aggregate value equal to the sum of (i) Five Hundred
and Twenty-Five Million Dollars ($525,000,000) plus (ii) the Interim Period Financing (as defined below) that has converted into Teamshares
common stock, (the “Merger Consideration” and such shares, the “Merger Consideration Shares”), with each share
of our common stock valued at $10.00 (the total portion of the Merger Consideration amount payable to all Teamshares stockholders in accordance
with the Teamshares Merger Agreement is also referred to as the “Stockholder Merger Consideration”). All Teamshares warrants,
convertible debt, underwater options and other convertible securities outstanding and not exercised or converted prior to the Closing
will be terminated as of the Closing.

As additional consideration,
Teamshares’ securityholders (the “Earnout Participants”) also have the potential to receive up to 6,000,000 additional
shares of our common stock (the “Earnout Shares”) contingent upon the shares of our common stock meeting certain share price
targets during the 5-year period following the Closing (the “Earnout Period”). The Earnout Shares will be issuable by our
Company in accordance with the following:

●One-third (1/3) of the Earnout Shares will be
released if the VWAP of the shares of our common stock equals or exceeds $12.00 per share (the “Tier I Share Price Target”)
for any 20 trading days within any consecutive 30-trading day period (commencing at least 150 days after the Closing but prior to the
end of the Earnout Period);

●One-third (1/3) of the Earnout Shares will be
released if the VWAP of the shares of our common stock equals or exceeds $15.00 per share (the “Tier II Share Price Target”)
for any 20 trading days within any consecutive 30-trading day period (commencing at least 150 days after the Closing but prior to the
end of the Earnout Period).; and

●One-third (1/3) of the Earnout Shares will be
released if the VWAP of the shares of our common stock equals or exceeds $20.00 per share (the “Tier III Share Price Target”
and each of the Tier I Share Price Target, the Tier II Share Price Target and the Tier III Share Price Target, a “Share Price Target”)
for any 20 trading days within any consecutive 30-trading day period (commencing at least 150 days after the Closing but prior to the
end of the Earnout Period).

2

All of the Earnout Shares will
be accelerated and released if, during the Earnout Period, our Company is subject to a change of control in which the implied consideration
per share of our common stock equals or exceeds $12.00 (a “Qualifying Change of Control” and the achievement of a Qualifying
Change of Control or a Share Price Target, a “Triggering Event”). In the event that the applicable share price targets are
not met during the Earnout Period, the Earnout Participants will not be entitled to receive the applicable portion of the Earnout Shares.

Representations and Warranties

The Teamshares Merger Agreement
contains customary representations and warranties made by each of our Company and Teamshares. Certain of the representations and warranties
are qualified by materiality or Material Adverse Effect (as defined below), as well as information provided in the disclosure schedules
to the Teamshares Merger Agreement. As used in the Teamshares Merger Agreement, “Material Adverse Effect” means, with respect
to any specified person or entity, any fact, event, occurrence, change or effect that (i) has had, or would reasonably be expected to
have, individually or in the aggregate, a material adverse effect upon the business, assets, liabilities, customer relationships, operations,
results of operations or condition (financial or otherwise) of such person or entity and its subsidiaries, taken as a whole, or (ii) does
or would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the ability of such
person or entity or any of its subsidiaries on a timely basis to consummate the Teamshares Business Combination, subject to customary
exceptions with respect to clause (i) above.

No Survival

The representations and warranties
of the parties contained in the Teamshares Merger Agreement terminate as of, and do not survive, the Closing, and there are no indemnification
rights for another party’s breach. The covenants and agreements of the parties contained in the Teamshares Merger Agreement do not
survive the Closing, except those covenants and agreements to be performed after the Closing, which covenants and agreements will survive
until fully performed.

Covenants of the Parties

Each party agreed in the Teamshares
Merger Agreement to use its commercially reasonable efforts to effect the Closing. The Teamshares Merger Agreement also contains certain
customary covenants by each of the parties during the period between the signing of the Teamshares Merger Agreement and the earlier of
the Closing or the termination of the Teamshares Merger Agreement in accordance with its terms (the “Interim Period”), including
those relating to: (i) the provision of access to their properties, books and personnel; (ii) the operation of their respective businesses
in the ordinary course of business; (iii) the provision of financial statements by Teamshares to our Company; (iv) our public filings;
(v) no insider trading; (vi) notifications of certain breaches, consent requirements or other matters; (vii) efforts to consummate the
Closing; (viii) tax matters; (ix) further assurances; (x) public announcements; and (xi) confidentiality.

Each party also agreed during
the Interim Period not to solicit or enter into a competing alternative transaction in accordance with customary terms and provisions
set forth in the Teamshares Merger Agreement.

The Teamshares Merger Agreement
also contains certain customary post-Closing covenants regarding (a) maintenance of books and records; (b) indemnification of directors
and officers and the purchase of directors’ and officers’ tail liability insurance; and (c) use of Trust Account proceeds.

The parties made customary
covenants regarding the Teamshares Registration Statement to register the shares of our common stock to be issued as Merger Consideration
Shares. The Teamshares Registration Statement also contains our proxy statement to solicit proxies from our shareholders to approve, among
other things, (i) the Teamshares Merger Agreement and the Teamshares Business Combination, including the Mergers and the Domestication;
(ii) to the extent required by Nasdaq, the issuance of any shares in connection with the Transaction Financing (as defined below), including
the approval of the issuance of more than 20% of our outstanding common stock; (iii) the effecting of the Domestication, including adoption
of the new organizational documents of our Company after the Domestication; (iv) the change of name of our Company to “Teamshares,
Inc.” and the adoption and approval of the new amended and restated organizational documents of our Company; (v) the adoption and
approval of the Incentive Plan (as defined below); (vi) the appointment of the post-Closing board of directors; and (vii) the approval
of the Letter Agreement Amendment (as defined below).

In addition, Teamshares agreed
that as promptly as practicable after the Teamshares Registration Statement has become effective, the requisite vote of Teamshares stockholders,
by resolutions duly adopted at a meeting of Teamshares’ stockholders or by unanimous written consent, shall have authorized, approved
and consented to, the execution, delivery and performance of the Teamshares Merger Agreement and each of the Ancillary Documents to which
Teamshares is or is required to be a party or bound, and the consummation of the Teamshares Business Combination, including the Mergers
and the Domestication.

3

The parties agreed that the
post-Closing board of directors will consist of up to nine directors, at least a majority of which will qualify as “independent
directors” under the listing rules of Nasdaq. Two directors will be designated by our Company prior to the Closing.

We agreed to use our reasonable
best efforts during the Interim Period to enter into financing agreements with potential investors (whether structured as a private placement
of common equity, convertible preferred equity, convertible debt or other securities convertible into or that have the right to acquire
common equity, as Trust Account non-redemption or backstop arrangements or otherwise), in each cash on terms mutually agreeable to Teamshares
and our Company, acting reasonably (an “Additional PIPE Investment”, together with the Initial PIPE Investment (as defined
below), a “PIPE Investment”); provided, that, the foregoing shall not require the Sponsor to forfeit or transfer any direct
or indirect interest in our securities other than as contemplated by the Sponsor Letter Agreement (as defined below).

Teamshares may, from time to
time, enter into subscription, purchase or similar financing agreements for debt investments, preferred equity or other equity-linked
securities that are convertible to Teamshares common stock, on terms mutually agreeable to Teamshares and our Company, acting reasonably
(the “Interim Period Financing” and together with the PIPE Investment, the “Transaction Financing”).

Our Company and Teamshares
agreed to use their commercially reasonable efforts to agree, prior to the Closing, to a form of equity incentive plan that provides for
the grant of equity and equity-based incentive awards to eligible service providers of Teamshares and its subsidiaries following the Closing
(the “Incentive Plan”), which will provide for awards for a number of shares of our common stock equal to five percent (5%)
of the aggregate number of shares of our common stock issued and outstanding immediately after the Closing. Within five (5) business days
following the expiration of the sixty (60) day period following the date we have filed current Form 10 information with the SEC reflecting
its status as an entity that is not a shell company, we shall file an effective registration statement on Form S-8 (or other applicable
form) with respect to the shares of our common stock issuable under the Incentive Plan, and we shall use reasonable efforts to maintain
the effectiveness of such registration statement(s) (and maintain the current status of the prospectus or prospectuses contained therein)
for so long as awards granted pursuant to the Incentive Plan remain outstanding.

We agreed not to, and to cause
our subsidiaries not to (including, following the Closing, Teamshares and its subsidiaries), take or omit to take any action that is in
bad faith, the primary purpose or primary effect of which is to frustrate, delay or prevent the occurrence of any Triggering Event, avoiding,
reducing or preventing the achievement or attainment of the Share Price Targets or the vesting or issuance of any Earnout Shares. Notwithstanding
the foregoing, following the Closing, we and our subsidiaries (including, following the Closing, Teamshares and its subsidiaries) will
be entitled to operate our respective businesses, and take or omit to take actions, based on the business requirements of our Company
and our subsidiaries.

Teamshares agreed to deliver
PCAOB-audited financial statements for its fiscal years ended December 31, 2023 and December 31, 2024 (the “GAAP Audited Company
Financials”) to us within thirty (30) days following the date of the Teamshares Merger Agreement.

Conditions to Closing

The Teamshares Merger Agreement
contains customary conditions to Closing, including the following mutual conditions of the parties (unless waived): (i) approval of our
shareholders; (ii) approval of the stockholders of Teamshares; (iii) approvals of any required governmental authorities and completion
of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and the rules and regulations promulgated thereunder, expiration periods;
(iv) no law preventing the Teamshares Business Combination; (v) the Teamshares Registration Statement having been declared effective by
the SEC; (vi) approval for listing on Nasdaq or the New York Stock Exchange (“NYSE”) of our common stock to be issued in connection
with the Teamshares Business Combination; and (vii) consummation of Domestication.

It shall also be a mutual closing
condition that we shall have cash and cash equivalents equal to at least $120,000,000, including funds remaining in our Trust Account
(after giving effect to the completion and payment of the redemption of our Public Shareholders), plus the aggregate proceeds from all
Transaction Financings (including Interim Period Financing), whether received by us or Teamshares.

4

In addition, unless waived
by Teamshares, the obligations of Teamshares to consummate the Teamshares Business Combination are subject to the satisfaction of the
following additional Closing conditions, in addition to the delivery by us of customary certificates and other Closing deliverables: (i)
(a) our fundamental representations and warranties being true and correct in all material respects on and as of the date of the Teamshares
Merger Agreement and as of the date of the Closing, except to the extent made as of a particular date (subject to certain materiality
qualifiers); (b) subject to certain exceptions, all of our other representations and warranties being true and correct (without giving
effect to any limitation as to “materiality” or “Material Adverse Effect” or any similar limitation set forth
therein) in all respects on and as of the date of the Teamshares Merger Agreement and as of the date of the Closing, except where the
failure of such representations and warranties to be true and correct, individually or in the aggregate has not had and would not reasonably
be expected to have a Material Adverse Effect on, or with respect to, our Company; (ii) our Company having performed in all material respects
our obligations and complied in all material respects with its covenants and agreements under the Teamshares Merger Agreement required
to be performed or complied with by us on or prior to the date of the Closing and (iii) the absence of any Material Adverse Effect with
respect to our Company since the date of the Teamshares Merger Agreement that is continuing and uncured.

Unless waived by our Company,
the obligations of our Company, Merger Sub and Merger Sub II to consummate the Teamshares Business Combination are subject to the satisfaction
of the following additional Closing conditions, in addition to the delivery by Teamshares of customary certificates and other Closing
deliverables and ancillary documents: (i) (a) the fundamental representations and warranties of Teamshares being true and correct in all
material respects on and as of the date of the Teamshares Merger Agreement and as of the date of the Closing, except to the extent made
as of a particular date (subject to certain materiality qualifiers); (b) subject to certain exceptions, all the other representations
and warranties of Teamshares being true and correct (without giving effect to any limitation as to “materiality” or “Material
Adverse Effect” or any similar limitation set forth therein) in all respects on and as of the date of the Teamshares Merger Agreement
and as of the date of the Closing, except where the failure of such representations and warranties to be true and correct, individually
or in the aggregate has not had and would not reasonably be expected to have a Material Adverse Effect on, or with respect to, Teamshares
and its subsidiaries; (ii) each of Teamshares and the Seller Representative having performed in all material respects its obligations
and complied in all material respects with its covenants and agreements under the Teamshares Merger Agreement required to be performed
or complied with or by it on or prior to the date of the Closing; and (iii) the absence of any Material Adverse Effect with respect to
Teamshares and its subsidiaries since the date of the Teamshares Merger Agreement which is continuing and uncured.

Termination

The Teamshares Merger Agreement
may be terminated under certain customary and limited circumstances at any time prior to the Closing, including: (i) by mutual written
consent of our Company and Teamshares; (ii) by either our Company or Teamshares, if any of the conditions to Closing have not been satisfied
or waived by May 31, 2026 (the “Outside Date”); (iii) by our Company or Teamshares, if a governmental authority of competent
jurisdiction has issued, enforced, adopted or entered an order or taken any other action permanently restraining, enjoining or otherwise
prohibiting the Teamshares Business Combination, and such order or other action has become final and non-appealable (and so long as the
terminating party is not the primary cause of, or resulted in, such order or action); (iv) by either our Company or Teamshares in the
event of the other party’s uncured breach, if such breach would result in the failure of the related Closing condition (and so long
as the terminating party is not in breach under the Teamshares Merger Agreement so as to prevent the conditions to Closing to be satisfied);
(v) by our Company if there has been a Material Adverse Effect on Teamshares and its subsidiaries following the date of the Teamshares
Merger Agreement, which is uncured and continuing; (vi) by Teamshares if there has been a Material Adverse Effect on our Company following
the date of the Teamshares Merger Agreement, which is uncured and continuing; (vii) by either our Company or Teamshares, if we hold the
extraordinary general meeting of our shareholders to approve the Teamshares Merger Agreement and the Teamshares Business Combination,
and the required shareholder approval is not obtained; (viii) by either our Company or Teamshares, if Teamshares holds its special meeting,
and the required Teamshares shareholder approval is not obtained; (ix) by our Company, if (A) Teamshares has not delivered the GAAP Audited
Company Financials to us within ninety (90) days from the date of the Teamshares Merger Agreement (provided, that such termination right
may no longer be exercised by us after Teamshares has delivered to us the GAAP Audited Company Financials) or (B) the GAAP Audited Company
Financials, when delivered, are materially different from the financial statements Teamshares previously provided to us in an adverse
manner and (x) by Teamshares if our Class A Ordinary Shares have become delisted from Nasdaq and are not relisted on the Nasdaq or the
NYSE within sixty (60) days after such delisting.

If the Teamshares Merger Agreement
is terminated, subject to the payment of a termination fee, if applicable, all further obligations of the parties under the Teamshares
Merger Agreement (except for certain obligations related to publicity, confidentiality, fees and expenses, trust fund waiver, no recourse,
termination and general provisions) will terminate, and no party to the Teamshares Merger Agreement will have any further liability to
any other party thereto, except for liability for fraud or for willful breach of any covenant, obligation or agreement in the Teamshares
Merger Agreement prior to termination.

5

In the event of a termination
of the Teamshares Merger Agreement as a result of a material breach by either party, the breaching party will be required to pay a termination
fee to the non-breaching party of $3,500,000 plus transaction expenses, with such transaction expenses not to exceed $400,000.

SPAC Representative

The Sponsor is serving as
the representative of our former shareholders (other than holders of securities of Teamshares) for the purposes and subject to applicable
terms set forth in the Teamshares Merger Agreement, and in such capacity will represent the interests of our shareholders (other than
the Teamshares securityholders and their respective successors and assigns) and their respective successors and assignees after the Closing
with respect to certain matters under the Teamshares Merger Agreement related to the Earnout Shares.

Seller Representative

Brian Gaebe, Teamshares’
Chief Financial Officer, will act in the capacity as the representative from and after the Effective Time for the Earnout Participants
and their assignees. Mr. Gaebe will represent the interests of the Earnout Participants with respect to certain matters under the Merger
Agreement related to the Earnout Shares.

Governing Law

The Teamshares Merger Agreement
is governed by the laws of the State of Delaware and the parties are subject to exclusive jurisdiction of federal and state courts located
in the State of Delaware (and any appellate courts thereof).

Related Agreements

Voting Agreement

Contemporaneously with the
execution and delivery of the Teamshares Merger Agreement, our Company and Teamshares entered into Voting and Support Agreements (collectively,
the “Voting Agreements”) with certain shareholders of Teamshares (the “Significant Company Holders”) holding sufficient
voting power to approve the Mergers and the Teamshares Business Combination, pursuant to which, among other things, the Significant Company
Holders agreed to vote their shares of Teamshares stock in favor of the adoption of the Teamshares Merger Agreement, the Ancillary Documents
and the approval of the Teamshares Business Combination, subject to certain customary conditions. The Significant Company Holders also
agreed to provide a proxy to our Company to vote such shares of Teamshares stock pursuant to the foregoing. Pursuant to the Voting Agreements,
the Significant Company Holders also agreed to take certain other actions in support of the Teamshares Merger Agreement and related transactions
(and any actions required in furtherance thereof) and refrain from taking actions that would adversely affect such Significant Company
Holders’ ability to perform their obligations under the Voting Agreements. Pursuant to the Voting Agreements, the Significant Company
Holders also agreed not to transfer their shares of Teamshares stock during the period from and including the date of the Voting Agreement
and the date on which the Voting Agreement is terminated.

Significant Company Holder Lock-Up Agreements

Contemporaneously with the
execution and delivery of the Teamshares Merger Agreement, each Significant Company Holder entered into a lock-up agreement (the “Significant
Company Holder Lock-Up Agreement”) with our Company and the SPAC Representative. Pursuant to the Significant Company Holder Lock-Up
Agreements, each Significant Company Holder agreed not to (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant
any option to purchase or otherwise dispose of or enter into any agreement to dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and
the rules and regulations of the SEC promulgated thereunder with any respect to, any securities received by the Teamshares stockholders
in the Teamshares Business Combination (including the Earnout Shares and shares of our common stock underlying the Assumed Options, collectively
the “Restricted Securities”), (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of the Restricted Securities, or (iii) publicly announce the intention to do any of the
foregoing (each of the foregoing (i), (ii) and (iii), a “Transfer,” in each case, subject to certain customary transfer exceptions),
for a period commencing from the Closing and ending on the date that is six months after the Closing (subject to early release on the
date after the closing on which we consummate a liquidation, merger, stock exchange, reorganization or other similar transaction with
an unaffiliated third party that results in all of our shareholders having the right to exchange their equity holdings in our Company
for cash, securities or other property).

6

Management Lock-Up Agreements

Contemporaneously with the
execution and delivery of the Teamshares Merger Agreement, each member of the management team of Teamshares entered into a lock-up agreement
(each, a “Management Lock-Up Agreement”) with our Company and the SPAC Representative. Pursuant to the Management Lock-Up
Agreements, each member of the management team of Teamshares agreed not to Transfer the Restricted Securities for a period commencing
from the Closing and ending on the four-year anniversary of the Closing (subject to early release on the earlier upon (A) the date on
which the volume-weighted average trading price of one share of our common stock quoted on Nasdaq (or such other exchange on which the
shares of our common stock are then listed) equals or exceeds $25.00 per share for any 20 trading days within any 30 trading period commencing
at least 150 days after the Closing, (B) the date after the Closing on which we consummate a liquidation, merger, stock exchange, reorganization
or other similar transaction with an unaffiliated third party that results in all of our shareholders having the right to exchange their
equity holdings in our Company for cash, securities or other property and (C) the holder’s employment is terminated without cause).

Non-Competition and Non-Solicitation Agreement

Prior to or at the Closing,
each member of the management team of Teamshares will enter into a non-competition and non-solicitation agreement (each, a “Non-Competition
and Non-Solicitation Agreement”) in favor of Teamshares and our Company and their respective present and future successors and direct
and indirect subsidiaries (collectively, the “Covered Parties”). Pursuant to the Non-Competition and Non-Solicitation Agreements,
each member of Teamshares’ management will agree for a period of two (2) years after the Closing not to compete with the Covered
Parties and not to solicit the employees and customers of the Covered Parties. Each member of the management team will also agree not
to disparage the Covered Parties and to customary confidentiality requirements.

A&R Registration Rights Agreement

Prior to or at the Closing,
our Company, the Sponsor, certain Teamshares’ shareholders who are expected to be affiliates of our Company immediately after the
Closing and the Initial PIPE Investors (as defined below) will enter into an Amended and Restated Registration Rights Agreement (the “A&R
Registration Rights Agreement”). Pursuant to the terms of the A&R Registration Rights Agreement, we will be obligated to file
a registration statement within thirty (30) days of Closing to register the resale of shares of common stock held by the Holders (as defined
therein) after the Closing, including Earnout Shares, and to use its commercially reasonable efforts to have such registration statement
declared effective as soon as reasonably practicable after the filing thereof, but no later than the earlier of (a) the ninetieth (90th)
calendar day following the filing date thereof if the SEC notifies us that it will “review” the registration statement and
(b) the fifth (5th) business day after the date we are notified by the SEC that the registration statement will not be “reviewed”
or will not be subject to further review. The A&R Registration Rights will also provide such Holders with “piggy-back”
registration rights, subject to certain requirements and customary conditions.

Letter Agreement Amendment

Contemporaneously with the
execution and delivery of the Teamshares Merger Agreement, our Company, Sponsor and Teamshares entered into an amendment (the “Letter
Agreement Amendment”) to the Letter Agreement to, among other things, (i) add Teamshares as a third-party beneficiary to the Letter
Agreement and (ii) amend the terms of the lock-up set forth in the Letter Agreement to conform with the lock-up terms in the Significant
Company Holder Lock-Up Agreements described above.

Sponsor Letter Agreement

Contemporaneously with the
execution and delivery of the Teamshares Merger Agreement, we entered into a letter agreement (the “Sponsor Letter Agreement”)
with the Sponsor and Teamshares, pursuant to which, among other things, (i) the Sponsor agreed that up to 1,150,000 Founder Shares (the
“Deferred Founder Shares”) are subject to forfeiture and shall vest only if certain of the Share Price Targets are achieved
during the Earnout Period; (ii) the Sponsor may, solely at its option, use an additional 1,150,000 Founder Shares (the “Incentive
Founder Shares”) to incentivize investors in a Transaction Financing, secure Trust Account non-redemption or backstop arrangements
or otherwise provide support in connection with any Transaction Financing; and (iii) to the extent that the Sponsor has not transferred
or forfeited all of the Incentive Founder Shares at or prior to the Closing pursuant to the foregoing clause (ii), then Sponsor shall
forfeit fifty percent (50%) of the remaining Incentive Founder Shares at the Closing and the other remaining fifty percent (50%) of such
Incentive Founder Shares (such remaining Incentive Founder Shares, together with the Deferred Founder Shares, the “Earnout Founder
Shares”) shall become subject to forfeiture and shall vest only if certain of the Share Price Targets are achieved during the Earnout
Period; provided, however, that such Incentive Founder Shares and Deferred Founder Shares described in the foregoing clauses
(i), (ii) and (iii) will remain subject to the transfer restrictions in the Letter Agreement.

7

The Earnout Founder Shares
shall vest and no longer be subject to forfeiture as follows:

●Upon
the achievement of the Tier I Share Price Target, 50% of the Earnout Founder Shares will vest and no longer be subject to forfeiture.

●Upon
the achievement of the Tier II Share Price Target, 50% of the Earnout Founder Shares will vest and no longer be subject to forfeiture.

Notwithstanding the foregoing,
in the event that during the Earnout Period, we are subject to a Qualifying Change of Control, then, all of the Earnout Founder Shares
that have not previously vested shall vest and shall no longer be subject to forfeiture.

PIPE Subscription Agreements

Contemporaneously with the
execution of the Teamshares Merger Agreement, certain investors (the “Initial PIPE Investors”) each entered into a PIPE Subscription Agreement with our Company, pursuant to which, we agreed to issue, and
the Initial PIPE Investors agreed to purchase, 13,695,652 shares our common stock (the “Initial PIPE Shares”), at a purchase
price of $9.20 per share for an aggregate purchase price of $126.0 million, in a private placement (the “Initial PIPE Investment”).
The consummation of the Initial PIPE Investment is conditioned on the concurrent Closing and other customary closing conditions. Each
Initial PIPE Investor agreed in the PIPE Subscription Agreement that it and its affiliates will not have any right, title, interest or
claim of any kind in or to any monies in our Trust Account, and agreed not to, and waived any right to, make any claim against the Trust
Account (including any distributions therefrom).

Pursuant to the PIPE Subscription
Agreements, we have agreed to file a registration statement registering the resale of the Initial PIPE Shares within thirty (30) calendar
days after Closing and use commercially reasonable efforts to cause such registration statement to be declared effective as soon as practicable
after the filing.

Each PIPE Subscription Agreement
shall terminate and be void and of no further force and effect upon the earliest to occur of (i) such date and time as the Teamshares
Merger Agreement is terminated in accordance with its terms; (ii) the mutual written agreement of the respective parties to terminate
such PIPE Subscription Agreement; or (iii) written notice by either party to the other party to terminate if the transactions contemplated
by the PIPE Subscription Agreement are not consummated on or prior to the Outside Date.

The form of Voting Agreement,
form of Significant Company Holder Lock-Up Agreement, form of Management Lock-Up Agreement, form of Non-Competition and Non-Solicitation
Agreement, form of A&R Registration Rights Agreement, Letter Agreement Amendment, Sponsor Letter Agreement and form of Pipe Subscription
Agreement, are filed herein as Exhibits 10.9, 10.10, 10.11, 10.12, 10.13, 10.14, 10.15 and 10.16, and are incorporated herein by reference,
and the foregoing descriptions of the Voting Agreements, Significant Company Holder Lock-Up Agreement, Management Lock-Up Agreements,
Non-Competition and Non-Solicitation Agreement, A&R Registration Rights Agreement, Letter Agreement Amendment, Sponsor Letter Agreement
and PIPE Subscription Agreements are qualified in their entirety by reference thereto.

Management Team

Our team is led by (i) Rick
Hendrix, our Chairman and Chief Executive Officer and the co-founder of LOMP, and (ii) Adam Fishman, our President, Chief Financial
Officer and a Director and a Managing Partner of LOMP. The past performance of our Management Team and Senior Advisor, or their respective
affiliates, is not a guarantee of success with respect to any Business Combination we may consummate, including the Teamshares Business
Combination. Our shareholders should not rely on the historical record of our Management Team and Senior Advisor or their respective affiliates’
performance as indicative of our future performance.

8

Prior SPAC Experience

Our Management Team and Senior
Advisor have extensive experience with blank check companies and have served as executive officers and directors in four prior SPACs,
two of which successfully completed Business Combinations with substantial committed capital:

●
Live Oak Acquisition Corp. (“LOAK”) | LOAK raised $200 million in May 2020. Seven months later, LOAK completed its Business Combination with Danimer Scientific Inc.(“Danimer”), a leading developer and manufacturer of biodegradable plastic materials. The transaction delivered over $400 million of gross proceeds, including ~100% of the trust proceeds (0.01% redemptions) and a fully committed $210 million PIPE (which included ~$50 million from LOMP affiliates). Danimer filed for bankruptcy in March 2025;

●
Live Oak Acquisition Corp. II (“LOKB”) | LOKB raised
$253 million in December 2020. Eleven months later, LOKB completed its Business Combination with Navitas Semiconductor
(NASDAQ: NVTS), the industry leader in Gallium Nitride Power integrated circuits. The transaction delivered over $320 million
of gross proceeds, including ~60% of the trust proceeds (40.06% redemptions) (supported by a $20 million backstop agreement) and
an upsized, fully committed $173 million PIPE (which included ~$15 million from LOMP affiliates); as of March 27, 2026, the trading
price of NVTS was $8.28;

●Live
Oak Mobility Acquisition Corp. (“LOKM”) | LOKM raised $253 million in March 2021 alongside The Hawksbill Group
to focus on the mobility and motion technology sectors. LOKM elected to liquidate and return capital to shareholders in March 2023;
and

●Live Oak Crestview Climate Acquisition Corp.
(“LOCC”) | LOCC raised $200 million in September 2021 alongside Crestview Advisors L.L.C. to focus on companies
aligned with environmental sustainability. LOCC elected to liquidate and return capital to shareholders in November 2023.

Business Strategy

Our business strategy is to
identify and complete our initial Business Combination with a company that can benefit from (i) the managerial and operational experience
of our Management Team and Senior Advisor, (ii) additional capital and (iii) access to public securities markets. Our acquisition
selection process leverages our Management team and Senior Advisor’s network of potential transaction sources, ranging from owners
and directors of private and public companies, private equity funds, investment bankers, lenders, attorneys, accountants and other trusted
advisors across various sectors.

Over the course of their careers,
the members of our Management Team and Senior Advisor have developed a broad network of contacts and corporate relationships that we believe
serve as a useful source of acquisition opportunities. We utilize the network and industry experience of our Management Team and Senior
Advisor in seeking an initial Business Combination and employing our Business Combination strategy. This network has been developed through
our Management Team’s and Senior Advisor’s:

●extensive experience in both investing in and
operating in a variety of industries;

●managerial experience marketing and growing businesses;

●experience in sourcing, structuring, acquiring,
operating, developing, growing, financing and selling businesses;

●relationships with sellers, financing providers
and target management teams; and

●experience in executing transactions in a variety
of industries under varying economic and financial market conditions.

These networks provide our
Management Team and Senior Advisor with a robust flow of acquisition opportunities. In addition, target business candidates are brought
to our attention from various unaffiliated sources, including investment market participants, private equity groups, investment banking
firms, family offices, consultants, accounting firms and large business enterprises. Upon completion of the Initial Public Offering, members
of our Management Team and Senior Advisor began (i) communicating with their networks of relationships to articulate the parameters for
our search for a target company and a potential Business Combination and )(ii) the disciplined process of pursuing and reviewing potentially
interesting leads.

9

Acquisition Criteria

Consistent with our business
strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating prospective target
businesses. We use these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial
Business Combination with a target business that does not meet these criteria and guidelines. We seek candidates with an enterprise value
of between $500 million and $2 billion, and we seek to acquire companies that we believe:

●have a defensible market position, with demonstrated
advantages when compared to their competitors and which create barriers to entry against new competitors;

●are at an inflection point or are able to take
advantage of public company securities as currency in order to drive improved financial performance;

●have a diversified customer base better positioned
to endure economic downturns and changes in the industry landscape;

●have strong, experienced management teams, or
a platform that will allow us to assemble an effective management team with a track record of driving growth and profitability;

●provide a scalable platform for add-on acquisitions,
which we believe will be an opportunity for our Management Team and Senior Advisor to deliver incremental shareholder value post-acquisition;

●generate attractive returns on capital and have
a compelling use for capital to achieve their growth strategy;

●exhibit unrecognized value or other characteristics
that we believe have been overlooked by the marketplace based on our analysis and due diligence review; and

●can benefit from being publicly-traded, are prepared
to be a publicly-traded company, are capable of generating consistent returns in excess of cost of capital, and can effectively utilize
access to the capital markets.

These criteria are not intended
to be exhaustive. Any evaluation relating to the merits of a particular initial Business Combination may be based, to the extent relevant,
on these general guidelines as well as other considerations, factors and criteria that our Management Team may deem relevant. In the event
that we decide to enter into our initial Business Combination with a target business that does not meet the above criteria and guidelines,
we will disclose that the target business does not meet the above criteria in our shareholder communications related to our initial Business
Combination, which would be in the form of proxy solicitation materials or tender offer documents that we would file with the SEC, such
as the Teamshares Registration Statement.

Sponsor Information

Our Sponsor is a Delaware limited liability company, which was formed
to invest in our Company. Although our Sponsor is permitted to undertake any activities permitted under the Delaware Limited Liability
Company Act and other applicable law, our Sponsor’s business is focused on investing in our Company. Richard J. Hendrix, our
Chief Executive Officer is the managing member of our Sponsor and controls the management of our Sponsor, including the exercise of voting
and investment discretion over the securities of our Company held by our Sponsor. Mr. Hendrix has an 8.9% interest in our Founder Shares
through membership interests in our Sponsor. Messrs. Hendrix, Fishman, Wunderlich and Robert Feinstein, who is affiliated with our Company,
have an aggregate 32.3% indirect interest in our Founder Shares through membership interests in our Sponsor. Our independent directors
have an aggregate 11.4% indirect interest in our Founder Shares through membership interests in our Sponsor. Other third-party accredited
investors with pre-existing business relationships with our Management Team and Sponsor have an aggregate 56.3% indirect interest in our
Founder Shares through membership interests in our Sponsor. Other than the members of our Management Team and Mr. Wunderlich, no other
person has a direct or indirect material interest in our Sponsor. Other than our Management Team, none of the other members of our Sponsor
participate in our activities. Aside from Mr. Hendrix, no one has the right to control or manage the Sponsor, or the right to vote
or dispose of the Founder Shares that they hold indirectly through their membership interests in our Sponsor.

10

Additionally, Messrs. Hendrix, Fishman, Wunderlich and Feinstein have
an aggregate 23.9% indirect interest in Private Placement Warrants through membership interests in our Sponsor. Our independent directors
have an aggregate 10.0% indirect interest in Private Placement Warrants through membership interests in our Sponsor. Other third-party accredited
investors with pre-existing business relationships with our Management Team and Sponsor have an aggregate 66.1% indirect interest
in Private Placement Warrants through membership interests in our Sponsor. Aside from Mr. Hendrix, no other members of our Sponsor
have the right to vote or dispose of the Private Placement Warrants or securities underlying the Private Placement Warrants that they
hold indirectly through their holdings of membership units of the Sponsor.

Because our Sponsor acquired
the Founder Shares at a nominal price, our Public Shareholders incurred immediate and substantial dilution upon the closing of the Initial
Public Offering, assuming no value is ascribed to the Public Warrants. Further, the Class A Ordinary Shares issuable in connection with
the conversion of the Founder Shares may result in material dilution to our Public Shareholders due to the anti-dilution rights of our
Founder Shares that may result in an issuance of Class A Ordinary Shares on a greater than one-to-one basis upon conversion.

The Founder Shares will automatically
convert into Class A Ordinary Shares concurrently with or immediately following the consummation of our initial Business Combination
or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and the like. If additional Class A Ordinary Shares, or other equity-linked securities, are issued or deemed
issued in excess of the amounts sold in the Initial Public Offering in connection with the closing of the initial Business Combination,
the ratio at which Class B Ordinary Shares convert into Class A Ordinary Shares will be adjusted (unless waived) so that the number
of Class A Ordinary Shares so issuable will equal, in the aggregate, 25% of the sum of (i) the total number of all Class A Ordinary
Shares outstanding upon the completion of the Initial Public Offering (including any Class A Ordinary Shares issued pursuant to the
Over-Allotment Option and excluding the Class A Ordinary Shares underlying the Private Placement Warrants issued to the Sponsor),
plus (ii) all Class A Ordinary Shares and equity-linked securities issued or deemed issued, in connection with the closing
of the initial Business Combination (subject to certain exclusions described herein) minus (iii) any redemptions of Public Shares
by Public Shareholders in connection with an initial Business Combination; the conversion of Founder Shares will never occur on a less
than one-for-one basis.

In addition, conversion of
up to $1,500,000 in Working Capital Loans made to finance transaction costs in connection with an initial Business Combination into warrants
of the post-Business Combination entity at a price of $1.00 per warrant, may result in material dilution to our Public Shareholders.

Pursuant to the Letter Agreement,
each of our Sponsor, directors and officers has agreed to restrictions on its ability to transfer, assign, or sell the Founder Shares
and Private Placement Warrants, as summarized in the table below. In the event of a transfer of Sponsor membership interests by members
of our Sponsor or their affiliates, there will be an indirect transfer of the Founder Shares and Private Placement Warrants held by our
Sponsor. While there are currently no circumstances or arrangements contemplated under which our Sponsor, its members or affiliates, or
our directors or officers could indirectly transfer ownership of securities owned by our Sponsor through transfers of Sponsor membership
interests, such transfers are not prohibited.

Except in their capacity as
officers, directors, or Insiders (as defined in the Letter Agreement), investors in our Sponsor are not a party to the Letter Agreement.
However, they are bound by the restrictions set forth above with respect to their allocated Founder Shares and Private Placement Warrants
or securities underlying the Private Placement Warrants to the extent of, and as a result of, their ownership of membership interests
in the Sponsor and their control by the Sponsor’s managing member. The other Sponsor members will not otherwise be bound by the
terms of the letter agreement and are not required to vote any public securities they may acquire in favor of an initial Business Combination.

We may also pay consulting,
success or finder fees to our Sponsor or a member of our Management Team, Special Advisor or their respective affiliates in connection
with the consummation of our initial Business Combination, and we may engage our Sponsor or an affiliate of our Sponsor as an advisor
or otherwise in connection with our initial Business Combination and certain other transactions and pay such person or entity a salary
or fee in an amount that constitutes a market standard for comparable transactions. Except as set out in the immediately preceding sentence,
no terms for any such arrangements have been determined and no written agreements exist with respect to such arrangements.

11

In addition, in order to facilitate
our initial Business Combination or for any other reason determined by our Sponsor in its sole discretion, our Sponsor may surrender or
forfeit, transfer or exchange our Founder Shares, Private Placement Warrants or any of our other securities, including for no consideration,
as well as subject any such securities to earn-outs or other restrictions, or otherwise amend the terms of any such securities or
enter into any other arrangements with respect to any such securities.

Initial Business Combination

The Nasdaq Rules require that
we must complete one or more Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the Trust Account (excluding the Deferred Fee and taxes payable on the interest earned on the Trust Account, if any, and such test,
the “80% Test”). Our Board of Directors will make the determination as to the fair market value of our initial Business Combination.
If our Board of Directors is not able to independently determine the fair market value of our initial Business Combination, we 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. While we consider it likely that our Board of Directors will be able to make an independent determination
of the fair market value of our initial Business Combination, it may be unable to do so if it is less familiar or experienced with the
business of a particular target or if there is a significant amount of uncertainty as to the value of the target’s assets or prospects.
Additionally, pursuant to the Nasdaq Rules, any initial Business Combination must be approved by a majority of our independent directors.

If we do not complete our initial
Business Combination within the Combination Period, while we do not currently intend to seek shareholder approval to amend our Amended
and Restated Articles to extend the amount of time we have to consummate an initial Business Combination, we may elect to do so in the
future. There is no limit on the number of extensions that we may seek; however, we do not expect to extend the Combination Period beyond
36 months from the closing of the Initial Public Offering. If we determine not to or are unable to extend the Combination Period
or fail to obtain shareholder approval to extend the Combination Period, our Sponsor’s investment in our Founder Shares and our
Private Placement Warrants will be worthless.

We anticipate structuring our
initial Business Combination so that the post-transaction company in which our Public Shareholders own shares will own or acquire 100%
of the equity interests or assets of the target business or businesses. We may, however, structure our initial Business Combination such
that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet
certain objectives of the target management team or shareholders or for other reasons, but we will only complete such Business Combination
if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company
Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior
to the Business Combination may collectively own a minority interest in the post transaction company, depending on valuations ascribed
to the target and us in the Business Combination. For example, we could pursue a transaction in which we issue a substantial number of
new Ordinary Shares in exchange for all of the outstanding capital stock, shares or other equity interests of a target. In this case,
we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new Ordinary
Shares, our shareholders immediately prior to our initial Business Combination could own less than a majority of our issued and outstanding
Ordinary Shares subsequent to our initial Business Combination. If less than 100% of the equity interests or assets of a target business
or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired
is what will be taken into account for purposes of the 80% Test. If the Business Combination involves more than one target business, the
80% Test will be based on the aggregate value of all of the target businesses. Based on the valuation analysis of our Management and Board
of Directors, we have determined that the fair market value of Teamshares was substantially in excess of 80% of the funds in the Trust
Accountant and that the 80% Test was therefore satisfied.

Members of our Management Team
and our independent directors directly or indirectly own Founder Shares and/or Private Placement Warrants after the Initial Public Offering
and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with
which to effectuate our initial Business Combination. The low price that our Sponsor, executive officers and directors (directly or indirectly)
paid for the Founder Shares creates an incentive whereby our officers and directors could potentially make a substantial profit even if
we select an acquisition target that subsequently declines in value and is unprofitable for Public Shareholders. If we are unable to complete
our initial Business Combination within the Combination Period, the Founder Shares and Private Placement Warrants may expire worthless,
except to the extent they receive liquidating distributions from assets outside the Trust Account, which could create an incentive for
our Sponsor, executive officers and directors to complete a transaction even if we select an acquisition target that subsequently declines
in value and is unprofitable for Public Shareholders. Further, each of our officers and directors may have a conflict of interest with
respect to evaluating a particular Business Combination if the retention or resignation of any such officers and directors was included
by a target business as a condition to any agreement with respect to our initial Business Combination.

12

Each of our officers and directors
presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one or more
other entities pursuant to which such officer or director is or will be required to present a Business Combination opportunity to such
entities. Accordingly, if any of our officers or directors becomes aware of a Business Combination opportunity that is suitable for an
entity to which he or she has then current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual
obligations to present such Business Combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands
law. Our Amended and Restated Articles provide that, to the fullest extent permitted by law: (i) no individual serving as a director or
an officer, among other persons, shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging
directly or indirectly in the same or similar business activities or lines of business as us, and (ii) we renounce any interest or expectancy
in, or in being offered an opportunity to participate in, any potential transaction or matter which (a) may be a corporate opportunity
for any director or officer, on the one hand, and us, on the other or (b) the presentation of which would breach an existing legal obligation
of a director or officer to any other entity. As a result, the fiduciary duties or contractual obligations of our officers or directors
could materially affect our ability to complete our initial Business Combination.

In addition, our Sponsor and
our officers and directors may sponsor or form other SPACs similar to ours or may pursue other business or investment ventures during
the period in which we are seeking an initial Business Combination. As a result, our Sponsor, officers and directors could have conflicts
of interest in determining whether to present Business Combination opportunities to us or to any other SPACs with which they may become
involved. Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial Business Combination
target. However, we do not believe that any such potential conflicts would materially affect our ability to complete our initial Business
Combination.

Status as a Public Company

We believe our structure makes
us an attractive Business Combination partner to target businesses. As an existing public company, we offer a target business an alternative
to the traditional initial public offering through a merger or other Business Combination with us. In a Business Combination transaction
with us, the owners of the target business may, for example, exchange their shares of stock or shares in the target business for our Class
A Ordinary Shares (or shares of a new holding company) or for a combination of our Class A Ordinary Shares and cash, allowing us to tailor
the consideration to the specific needs of the sellers. We believe target businesses will find this method a more expeditious and cost
effective method to becoming a public company than the typical initial public offering. The typical initial public offering process takes
a significantly longer period of time than the typical Business Combination transaction process, and there are significant expenses and
market and other uncertainties in the initial public offering process, including underwriting discounts and commissions, marketing and
road show efforts that may not be present to the same extent in connection with a Business Combination with us.

Furthermore, once a proposed
initial Business Combination is completed, the target business will have effectively become public, whereas an initial public offering
is always subject to the underwriters’ ability to complete the offering, as well as general market conditions, which could delay
or prevent the offering from occurring or could have negative valuation consequences. Following an initial Business Combination, we believe
the target business would then have greater access to capital, an additional means of providing management incentives consistent with
shareholders’ interests and the ability to use its shares as currency for acquisitions. Being a public company can offer further
benefits by augmenting a company’s profile among potential new customers and vendors and aid in attracting talented employees.

While we believe that our structure
and our Management Team’s and Senior Advisor’s backgrounds make us an attractive business partner, some potential target businesses
may view our status as a blank check company, such as our lack of an operating history and our ability to seek shareholder approval of
any proposed initial Business Combination, negatively.

Financial Position

With funds available for a
Business Combination, as of December 31, 2025 in the amount of $239,042,295 (not including amounts held outside of the Trust Account for
working capital), before payment of the Deferred Fee and taxes payable, if any, we offer a target business a variety of options, such
as creating a liquidity event for its owners, providing capital for the potential growth and expansion of its operations or strengthening
its balance sheet by reducing its debt ratio. Because we are able to complete our initial Business Combination using our cash, debt or
equity securities, or a combination of the foregoing, we have the flexibility to use the most efficient combination that we believe will
allow us to tailor the consideration to be paid to the target business to fit its needs and desires. However, we have not taken any steps
to secure third-party financing, other than PIPE Investments (as defined in the Teamshares Merger Agreement), and there can be no assurance
third-party financing will be available to us.

13

Effecting Our Initial Business Combination

We are not presently engaged
in, and we will not engage in, any operations for an indefinite period of time following the Initial Public Offering. We intend to effectuate
our initial Business Combination using cash from the proceeds of the Initial Public Offering and the Private Placement, the proceeds of
the sale of our Ordinary Shares in connection with our initial Business Combination (including pursuant to any forward purchase agreements
or backstop agreements into which we may enter), shares issued to the owners of the target, debt issued to bank or other lenders or the
owners of the target, other securities issuances, or a combination of the foregoing. We may seek to complete our initial Business Combination
with a company or business that may be financially unstable or in its early stages of development or growth, which would subject us to
the numerous risks inherent in such companies and businesses.

If our initial Business Combination
is paid for using equity or debt securities, or not all of the funds released from the Trust Account are used for payment of the consideration
in connection with our initial Business Combination or used for redemptions of our Public Shares, we may use the balance of the cash released
to us from the Trust Account following the closing for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial Business
Combination, to fund the purchase of other companies, or for working capital.

We may pursue an initial Business
Combination in any business or industry. Although our Management assesses the risks inherent in a particular target business with which
we may combine, including Teamshares, we cannot assure our shareholders that this assessment will result in our identifying all risks
that a target business may encounter. Furthermore, some of those risks may be outside of our control, meaning that we can do nothing to
control or reduce the chances that those risks will adversely affect a target business.

We may seek to raise additional
funds through a private offering of debt or equity securities in connection with the completion of our initial Business Combination and
we may effectuate our initial Business Combination using the proceeds of such offering rather than using the amounts held in the Trust
Account. In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds
of the Initial Public Offering and the Private Placement, and, as a result, if the cash portion of the purchase price exceeds the amount
available from the Trust Account, net of amounts needed to satisfy any redemptions by Public Shareholders, we may be required to seek
additional financing to complete such proposed initial Business Combination. Subject to compliance with applicable securities laws, we
would expect to complete such financing only simultaneously with the completion of our initial Business Combination. In the case of an
initial Business Combination funded with assets other than the Trust Account assets, our proxy materials or tender offer documents disclosing
the initial Business Combination would disclose the terms of the financing and, only if required by law, we would seek shareholder approval
of such financing. There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or
through loans, advances or other indebtedness in connection with our initial Business Combination, including pursuant to any forward purchase
agreements or backstop agreements into which we may enter. None of our Sponsors, officers, directors or shareholders is required to provide
any financing to us in connection with or after our initial Business Combination.

See “Teamshares Business
Combination” above for more information on the equity and financing arrangements in connection with the Teamshares Business Combination.

Sources of Target Businesses

Target Business Combination
candidates, such as Teamshares, are brought to our attention from various unaffiliated sources, including investment bankers, private
investment funds and large business enterprises seeking to divest non-core assets or divisions. Target businesses may also be brought
to our attention by such unaffiliated sources, as a result of being solicited by us through calls or mailings. These sources may also
introduce us to target businesses in which they think we may be interested on an unsolicited basis, since many of these sources will have
read this Report or the prospectus of our Initial Public Offering and know what types of businesses we are targeting. Our officers and
directors, as well as their affiliates, may also bring to our attention target business candidates of which they become aware through
their business contacts as a result of formal or informal inquiries or discussions they may have, as well as attending trade shows or
conventions. In addition, we expect to receive a number of proprietary deal flow opportunities that would not otherwise necessarily be
available to us as a result of the track record and business relationships of our officers and directors. While we do not presently anticipate
engaging the services of professional firms or other individuals that specialize in business acquisitions on any formal basis, we may
engage these firms or other individuals in the future, in which event we may pay a finder’s fee, consulting fee or other compensation
to be determined in an arm’s length negotiation based on the terms of the transaction.

14

Prior to or in connection with
the completion of our initial Business Combination, there may be payment by us to our Sponsor, officers or directors, or a member of our
Management Team or Senior Advisor, or our or their affiliates, of a finder’s fee, advisory fee, consulting fee or success fee for
any services they render in order to effectuate the completion of our initial Business Combination, which, if made prior to the completion
of our initial Business Combination, will be paid from funds held outside the Trust Account.

We will engage a finder only
to the extent our Management determines that the use of a finder may bring opportunities to us that may not otherwise be available to
us or if finders approach us on an unsolicited basis with a potential transaction that our Management determines is in our best interest
to pursue. Payment of a finder’s fee is customarily tied to the completion of a transaction, in which case any such fee will be
paid out of the funds held in the Trust Account.

We are not prohibited from
pursuing an initial Business Combination with a company that is affiliated with our Sponsor, officers, directors, or our Senior Advisor,
or completing the Business Combination through a joint venture or other form of shared ownership with our Sponsor, officers or directors
or our Senior Advisor. While Teamshares is not affiliated with our Sponsor, officers, directors or Senior Advisor, in the event we do
not consummate the Teamshares Business Combination and we seek to complete our initial Business Combination with a company that is affiliated
(as defined in our Amended and Restated Articles) with our Sponsor, officers, directors or Senior Advisor, we, or a committee of independent
directors, will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation
opinions, stating that the consideration to be paid by us in such an initial Business Combination is fair to our Company from a financial
point of view. We are not required to obtain such an opinion in any other context.

We believe our Management Team’s
and Senior Advisor’s significant operating and transaction experience and relationships will provide us with a substantial number
of potential initial Business Combination targets. Over the course of their careers, the members of our Management Team and our Senior
Advisor have developed a broad network of contacts and corporate relationships around the world. This network has grown through the activities
of our Management Team and Senior Advisor sourcing, acquiring and financing businesses, the reputation of our Management Team and Senior
Advisor for integrity and fair dealing with sellers, financing sources and target management teams and the experience of our Management
Team and Senior Advisor in executing transactions under varying economic and financial market conditions.

This network has provided our
Management Team and Senior Advisor with a flow of referrals that has resulted in numerous transactions that were proprietary or where
a limited group of investors were invited to participate in the sale process. We believe that the network of contacts and relationships
of our Management Team and Senior Advisor will provide us important sources of investment opportunities.

Evaluation of a Target Business and Structuring
of Our Initial Business Combination

For an indefinite period of
time after the completion of our initial Business Combination, the prospects for our success may depend entirely on the future performance
of a single business, such as Teamshares. Unlike other entities that have the resources to complete Business Combinations with multiple
entities in one or several industries, it is probable that we will not have the resources to diversify our operations and mitigate the
risks of being in a single line of business. By completing our initial Business Combination with only a single entity, our lack of diversification
may:

●subject
us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on the particular
industry in which we operate after our initial Business Combination, and

●cause
us to depend on the marketing and sale of a single product or limited number of products or services.

Limited Ability to Evaluate the Target’s Management Team

Although we closely scrutinize
the management of a prospective target business, including the management team of Teamshares, when evaluating the desirability of effecting
our initial Business Combination with that business and plan to continue to do so if the Teamshares Business Combination is not consummated
and we seek other Business Combination opportunities, our assessment of the target business’s management may not prove to be correct.
In addition, the future management may not have the necessary skills, qualifications or abilities to manage a public company. Furthermore,
the future role of members of our Management Team, if any, in the target business cannot presently be stated with any certainty. The determination
as to whether any of the members of our Management Team will remain with the combined company will be made at the time of our initial
Business Combination, including the Teamshares Business Combination. While it is possible that one or more of our directors will remain
associated in some capacity with us following our initial Business Combination, it is unlikely that any of them will devote their full
efforts to our affairs subsequent to our initial Business Combination. Moreover, we cannot assure our shareholders that members of our
Management Team will have significant experience or knowledge relating to the operations of the particular target business.

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We cannot assure our shareholders
that any of our key personnel will remain in senior management or advisory positions with the combined company. The determination as to
whether any of our key personnel will remain with the combined company will be made at the time of our initial Business Combination.

Following a Business Combination,
we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure our shareholders
that we will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge or
experience necessary to enhance the incumbent management.

Shareholders May Not Have the Ability to Approve
Our Initial Business Combination

We may conduct redemptions
without a shareholder vote pursuant to the tender offer rules of the SEC subject to the provisions of our Amended and Restated Articles.
However, we will seek shareholder approval if it is required by applicable law or stock exchange rule (as is the case with the Teamshares
Business Combination as currently contemplated), or we may decide to seek shareholder approval for business or other reasons.

Under the Nasdaq Rules, shareholder
approval would be required for our initial Business Combination if, for example:

●we
issue Ordinary Shares that will be equal to or in excess of 20% of the number of our Ordinary Shares then outstanding (other than in
a public offering);

●any
of our directors, officers or substantial shareholders (as defined by the Nasdaq Rules) has a 5% or greater interest earned on the Trust
Account (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target business or assets to be
acquired or otherwise and the present or potential issuance of Ordinary Shares could result in an increase in outstanding Ordinary Shares
or voting power of 5% or more; or

●the
issuance or potential issuance of Ordinary Shares will result in our undergoing a change of control.

The decision as to whether
we will seek shareholder approval of a proposed Business Combination in those instances in which shareholder approval is not required
by applicable law or stock exchange listing requirements will be made by us, solely in our discretion, and will be based on business and
legal reasons, which include a variety of factors, including, but not limited to: (i) the timing of the transaction, including in the
event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder approval
or doing so would place us at a disadvantage in the transaction or result in other additional burdens on us; (ii) the expected cost of
holding a shareholder vote; (iii) the risk that the shareholders would fail to approve the proposed Business Combination; (iv) other time
and budget constraints of our Company; and (v) additional legal complexities of a proposed Business Combination that would be time-consuming
and burdensome to present to shareholders.

See “Teamshares Business
Combination” above for more information on the requisite approvals in connection with the Teamshares Business Combination.

Permitted Purchases of Our Securities

If we seek shareholder approval
of our initial Business Combination and we do not conduct redemptions in connection with our initial Business Combination pursuant to
the tender offer rules, our Sponsor, directors, officers and Senior Advisor and any of their affiliates may purchase Public Shares or
Public Warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial
Business Combination, although they are under no obligation or duty to do so. Such a purchase may include a contractual acknowledgment
that such Public Shareholder, although still the record holder of our Public Shares, is no longer the beneficial owner thereof and therefore
agrees not to exercise its redemption rights. In the event that our Sponsor, directors, officers or Senior Advisor or any of their affiliates
purchase Public Shares in privately negotiated transactions from Public Shareholders who have already elected to exercise their redemption
rights, such selling Public Shareholders would be required to revoke their prior elections to redeem their Public Shares. It is intended
that, if Rule 10b-18 would apply to purchases by our Sponsor, directors, officers or Senior Advisor or any of their affiliates, then such
purchases will comply with Rule 10b-18 under the Exchange Act, to the extent it applies, which provides a safe harbor for purchases made
under certain conditions, including with respect to timing, pricing and volume of purchases.

16

Additionally, at any time at
or prior to our initial Business Combination, subject to applicable securities laws (including with respect to material nonpublic information),
our Sponsor, directors, officers and Senior Advisor and any of their affiliates may enter into transactions with investors and others
to provide them with incentives to acquire Public Shares, vote their Public Shares in favor of our initial Business Combination or not
redeem their Public Shares. However, they have no current commitments, plans or intentions to engage in such transactions and have not
formulated any terms or conditions for any such transactions. None of the funds in the Trust Account will be used to purchase Public Shares
or Public Warrants in such transactions.

The purpose of any such transactions
could be to (1) increase the likelihood of obtaining shareholder approval of the Business Combination, (2) reduce the number of Public
Warrants outstanding and/or increase the likelihood of approval on any matters submitted to the Public Warrant holders for approval in
connection with our initial Business Combination or (3) satisfy a closing condition in an agreement with a target that requires us to
have a minimum net worth or a certain amount of cash at the closing of our initial Business Combination, where it appears that such requirement
would otherwise not be met. Any such purchases of our securities may result in the completion of our initial Business Combination in circumstances
that may not otherwise have been possible. To the extent such securities are purchased, such public securities will be not be voted as
required by Tender Offers and Schedules Compliance and Disclosure Interpretations Question 166.01 promulgated by the SEC.

In addition, if such purchases
are made, the public “float” of our securities may be reduced and the number of beneficial holders of our securities may be
reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities
exchange.

Our Sponsor, directors, officers,
and Senior Advisor and any of their affiliates anticipate that they may identify the Public Shareholders with whom our Sponsor, directors,
officers or Senior Advisor or any of their affiliates may pursue privately negotiated transactions by either the Public Shareholders contacting
us directly or by our receipt of redemption requests submitted by Public Shareholders (in the case of Public Shares) following our mailing
of proxy materials in connection with our initial Business Combination. To the extent that our Sponsor, directors, officers or Senior
Advisor or any of their affiliates enter into a private transaction, they would identify and contact only potential selling or redeeming
Public Shareholders who have expressed their election to redeem their Public Shares for a pro rata share of the Trust Account or vote
against our initial Business Combination, whether or not such Public Shareholder has already submitted a proxy with respect to our initial
Business Combination, but only if such Public Shares have not already been voted at the general meeting related to our initial Business
Combination. Our Sponsor, directors, officers and Senior Advisor and any of their affiliates will select from which Public Shareholders
to purchase Public Shares based on the negotiated price and number of Public Shares and any other factors that they may deem relevant,
and are restricted from purchasing Public Shares if such purchases do not comply with Regulation M under the Exchange Act and the other
federal securities laws.

Our Sponsor, directors, officers
and Senior Advisor and any of their affiliates are restricted from making purchases of Public Shares if the purchases would violate Section
9(a)(2) or Rule 10b-5 of the Exchange Act. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act
to the extent such purchasers are subject to such reporting requirements. Additionally, in the event our Sponsor, directors, officers
or Senior Advisor or any of their affiliates were to purchase Public Shares or Public Warrants from Public Shareholders, such purchases
would be structured in compliance with the requirements of Rule 14e-5 under the Exchange Act including, in pertinent part, through adherence
to the following:

●our
registration statement/proxy statement filed for our Business Combination transaction, such as the Teamshares Registration Statement,
would disclose the possibility that our Sponsor, directors, officers or Senior Advisor or any of their affiliates may purchase shares,
rights or warrants from Public Shareholders outside the redemption process, along with the purpose of such purchases;

17

●
if our Sponsor, directors, officers or Senior Advisor or any of their affiliates were to purchase Public Shares or Public Warrants from Public Shareholders, they would do so at a price no higher than the price offered through our redemption process;

●
our registration statement/proxy statement filed for our Business Combination transaction, such as the Teamshares Registration Statement, would include a representation that any of our securities purchased by our Sponsor, directors, officers or Senior Advisor or any of their affiliates would not be voted in favor of approving the Business Combination transaction;

●
our Sponsor, directors, officers or Senior Advisor or any of their affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption rights, they would waive such rights; and

●
we would disclose in a Current Report on Form 8-K, before our general meeting of shareholders to approve the Business Combination transaction, the following material items:

othe
amount of our securities purchased outside of the redemption offer by our Sponsor, directors, officers or Senior Advisor or any of their
affiliates, along with the purchase price;

o
the purpose of the purchases by our Sponsor, directors, officers or Senior Advisor or any of their affiliates;

o
the impact, if any, of the purchases by our Sponsor, directors, officers or Senior Advisor or any of their affiliates on the likelihood that the Business Combination transaction will be approved;

o
the identities of our security holders who sold to our Sponsor, directors, officers or Senior Advisor or any of their affiliates (if not purchased on the open market) or the nature of our security holders (e.g., 5% security holders) who sold to our Sponsor, directors, officers or Senior Advisor or any of their affiliates; and

o
the number of our securities for which we have received redemption requests pursuant to our redemption offer.

See “Teamshares Business
Combination” above for more information on permitted purchases of our securities in connection with the Teamshares Business Combination.

Redemptions in Connection with Our Initial
Business Combination

Redemption Rights for Public Shareholders
upon Completion of Our Initial Business Combination

We will provide our Public
Shareholders with the opportunity to redeem all or a portion of their Public Shares, regardless of whether they abstain, vote for, or
vote against, our initial Business Combination, upon the completion of our initial Business Combination at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation
of the initial Business Combination, including interest earned on the funds held in the Trust Account (less taxes payable, if any), divided
by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. As of December 31,
2025, the Redemption Price was approximately $10.39 per Public Share (before taxes payable, if any). The per share amount we will distribute
to Public Shareholders who properly redeem their Public Shares will not be reduced by any Deferred Fee we may pay to the Underwriters.
Our Sponsor, officers and directors have entered into the Letter Agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to their Founder Shares and any Public Shares they may hold in connection with the completion of our initial
Business Combination.

Our proposed initial Business
Combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working
capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash
consideration we would be required to pay for all Public Shares that are validly submitted for redemption plus any amount required to
satisfy cash conditions pursuant to the terms of the proposed initial Business Combination exceed the aggregate amount of cash available
to us, we will not complete the initial Business Combination or redeem any Public Shares, and all Public Shares submitted for redemption
will be returned to the holders thereof. We may, however, raise funds through the issuance of equity-linked securities or through loans,
advances or other indebtedness in connection with our initial Business Combination, including pursuant to any forward purchase agreements
or backstop arrangements into which we may enter, in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements.

18

See “Teamshares Business
Combination” above for more information on redemptions of our Public Shares in connection with the Teamshares Business Combination.

Manner of Conducting Redemptions

We will provide our Public
Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of our initial Business Combination
either (i) in connection with a general meeting called to approve the Business Combination or (ii) without a shareholder vote by means
of a tender offer. The decision as to whether we will seek shareholder approval of a proposed Business Combination or conduct a tender
offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and
whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement
or whether we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval
under SEC rules). Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with our
Company (other than with a 90% subsidiary of ours) and any transactions where we issue more than 20% of our issued and outstanding Ordinary
Shares or seek to amend our Amended and Restated Articles would require shareholder approval. So long as we obtain and maintain a listing
for our securities on Nasdaq, we will be required to comply with the Nasdaq Rules.

The requirement that we provide
our Public Shareholders with the opportunity to redeem their Public Shares by one of the two methods listed above is contained in provisions
of our Amended and Restated Articles and will apply whether or not we maintain our registration under the Exchange Act or our listing
on Nasdaq. Such provisions may be amended if approved by a Special Resolution.

If we provide our Public Shareholders
with the opportunity to redeem their Public Shares in connection with a general meeting, we will, pursuant to our Amended and Restated
Articles:

●conduct
the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation
of proxies, and not pursuant to the tender offer rules, and

●file
proxy materials with the SEC.

In the event that we seek shareholder
approval of our initial Business Combination, we will distribute proxy materials and, in connection therewith, provide our Public Shareholders
with the redemption rights described above upon completion of the initial Business Combination.

If we seek shareholder approval,
we will complete our initial Business Combination only if we receive an Ordinary Resolution. A quorum for such meeting will be present
if the holders of at least one third of issued and outstanding Ordinary Shares entitled to vote at the meeting are represented in person
or by proxy. Our Sponsor, officers and directors will count toward this quorum and, pursuant to the Letter Agreement, our Sponsor, officers
and directors have agreed to vote their Founder Shares, shares underlying the Private Placement Warrants and any Public Shares purchased
during or after the Initial Public Offering (including in open market and privately-negotiated transactions, aside from shares they may
purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the
Business Combination transaction) in favor of our initial Business Combination. For purposes of seeking approval of an Ordinary Resolution,
non-votes will have no effect on the approval of our initial Business Combination once a quorum is obtained. As a result, in addition
to our Sponsor’s Founder Shares, we would need 8,625,000, or 37.5%, of the 23,000,000 Public Shares to be voted in favor of an initial
Business Combination in order to have our initial Business Combination approved, assuming all outstanding Ordinary Shares are voted and
the parties to the Letter Agreement do not acquire any Class A Ordinary Shares. If our initial Business Combination is structured
as a statutory merger or consolidation with another company under Cayman Islands law, the approval of our initial Business Combination
will require a Special Resolution.

In addition, prior to the closing
of our initial Business Combination, only holders of our Class B Ordinary Shares (i) have the right to appoint and remove directors prior
to or in connection with the completion of our initial Business Combination and (ii) are entitled to vote on continuing our Company in
a jurisdiction outside the Cayman Islands (including any Special Resolution required to amend our constitutional documents or to adopt
new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the
Cayman Islands). These quorum and voting thresholds, and the voting agreement of our Sponsor, officers and directors, may make it more
likely that we will consummate our initial Business Combination. Each Public Shareholder may elect to redeem their Public Shares irrespective
of whether they vote for or vote against the proposed transaction, or whether they do not vote or abstain from voting on the proposed
transaction, or whether they were a Public Shareholder on the record date for the general meeting held to approve the proposed transaction.

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If a shareholder vote is not
required and we do not decide to hold a shareholder vote for business or other legal reasons, we will:

●conduct
the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and

●file
tender offer documents with the SEC prior to completing our initial Business Combination that contain substantially the same financial
and other information about the initial Business Combination and the redemption rights as is required under Regulation 14A of the Exchange
Act, which regulates the solicitation of proxies.

In the event we conduct redemptions
pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a)
under the Exchange Act, and we will not be permitted to complete our initial Business Combination until the expiration of the tender offer
period. In addition, the tender offer will be conditioned on Public Shareholders not tendering more than the number of Public Shares we
are permitted to redeem. If Public Shareholders tender more Public Shares than we have offered to purchase, we will withdraw the tender
offer and not complete the initial Business Combination.

Upon the public announcement
of our initial Business Combination, if we elect to conduct redemptions pursuant to the tender offer rules, we or our Sponsor will terminate
any plan established in accordance with Rule 10b5-1 to purchase our Public Shares in the open market, in order to comply with Rule 14e-5
under the Exchange Act.

We intend to require our Public
Shareholders seeking to exercise their redemption rights, whether they are record holders or hold their Public Shares in “street
name,” to, at the holder’s option, either deliver their share certificates to our transfer agent or deliver their Public Shares
to our transfer agent electronically using the DWAC System, prior to the date set forth in the proxy materials or tender offer documents,
as applicable. In the case of proxy materials, this date may be up to two business days prior to the scheduled vote on the proposal to
approve the initial Business Combination. In addition, if we conduct redemptions in connection with a shareholder vote, we intend to require
a Public Shareholder seeking redemption of its Public Shares to also submit a written request for redemption to our transfer agent two
business days prior to the scheduled vote in which the name of the beneficial owner of such Public Shares is included. The proxy materials
or tender offer documents, as applicable, that we will furnish to our Public Shareholders in connection with our initial Business Combination
will indicate whether we are requiring Public Shareholders to satisfy such delivery requirements. We believe that this will allow our
transfer agent to efficiently process any redemptions without the need for further communication or action from the redeeming Public Shareholders,
which could delay redemptions and result in additional administrative cost. If the proposed initial Business Combination is not approved
and we continue to search for a target company, we will promptly return any certificates or Public Shares delivered by Public Shareholders
who elected to redeem their Public Shares.

Our proposed initial Business
Combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working
capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash
consideration we would be required to pay for all Public Shares that are validly submitted for redemption plus any amount required to
satisfy cash conditions pursuant to the terms of the proposed initial Business Combination exceed the aggregate amount of cash available
to us, we will not complete the initial Business Combination or redeem any Public Shares, and all Public Shares submitted for redemption
will be returned to the holders thereof. We may, however, raise funds through the issuance of equity or equity-linked securities or through
loans, advances or other indebtedness in connection with our initial Business Combination, including pursuant to any forward purchase
agreements or backstop arrangements into which we may enter, in order to, among other reasons, satisfy such net tangible assets or minimum
cash requirements.

Limitation on Redemptions Upon Completion
of Our Initial Business Combination If We Seek Shareholder Approval

If we seek shareholder approval
of our initial Business Combination and we do not conduct redemptions in connection with our initial Business Combination pursuant to
the tender offer rules, our Amended and Restated Articles provides that a Public Shareholder, together with any affiliate of such Public
Shareholder or any other person with whom such Public Shareholder is acting in concert or as a “group” (as defined under Section
13 of the Exchange Act), are restricted from redeeming its Public Shares with respect to more than an aggregate of 15% of the Public Shares
sold in the Initial Public Offering (the “Excess Shares”) without our prior consent. We believe this restriction will discourage
Public Shareholders from accumulating large blocks of Public Shares, and subsequent attempts by such holders to use their ability to exercise
their redemption rights against a proposed Business Combination as a means to force us or our Management to purchase their Public Shares
at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a Public Shareholder holding
more than an aggregate of 15% of the Public Shares sold in the Initial Public Offering could threaten to exercise its redemption rights
if such Public Shares are not purchased by us, our Sponsor or our Management at a premium to the then-current market price or on other
undesirable terms. By limiting our Public Shareholders’ ability to redeem no more than 15% of the Public Shares sold in the Initial
Public Offering without our prior consent, we believe we will limit the ability of a small group of Public Shareholders to unreasonably
attempt to block our ability to complete our initial Business Combination, particularly in connection with a Business Combination with
a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash.

20

However, we will not restrict
our Public Shareholders’ ability to vote all of their Public Shares (including Excess Shares) for or against our initial Business
Combination.

Delivering Share Certificates in Connection with the Exercise of
Redemption Rights

As described above, we intend
to require our Public Shareholders seeking to exercise their redemption rights, whether they are record holders or hold their Public Shares
in “street name,” to, at the holder’s option, either deliver their share certificates to our transfer agent or deliver
their Public Shares to our transfer agent electronically using the DWAC System, prior to the date set forth in the proxy materials or
tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the scheduled
vote on the proposal to approve the initial Business Combination. In addition, if we conduct redemptions in connection with a shareholder
vote, we intend to require a Public Shareholder seeking redemption of its Public Shares to also submit a written request for redemption
to our transfer agent two business days prior to the scheduled vote in which the name of the beneficial owner of such Public Shares is
included. The proxy materials or tender offer documents, as applicable, that we will furnish to our Public Shareholders in connection
with our initial Business Combination will indicate whether we are requiring Public Shareholders to satisfy such delivery requirements.
Accordingly, a Public Shareholder would have up to two business days prior to the scheduled vote on the initial Business Combination if
we distribute proxy materials, or from the time we send out our tender offer materials until the close of the tender offer period, as
applicable, to submit or tender its Public Shares if it wishes to seek to exercise its redemption rights. In the event that a Public Shareholder
fails to comply with these or any other procedures disclosed in the proxy or tender offer materials, as applicable, its Public Shares
may not be redeemed. Given the relatively short exercise period, it is advisable for Public Shareholders to use electronic delivery of
their Public Shares.

There is a nominal cost associated
with the above-referenced process and the act of certificating the Public Shares or delivering them through the DWAC System. The transfer
agent will typically charge the broker submitting or tendering Public Shares a fee of approximately $100.00 and it would be up to the
broker whether or not to pass this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we
require Public Shareholders seeking to exercise redemption rights to submit or tender their Public Shares. The need to deliver Public
Shares is a requirement of exercising redemption rights regardless of the timing of when such delivery must be effectuated.

Any request to redeem such
Public Shares, once made, may be withdrawn at any time up to the date set forth in the proxy materials or tender offer documents, as applicable.
Furthermore, if a Public Shareholder delivered its certificate in connection with an election of redemption rights and subsequently decides
prior to the applicable date not to elect to exercise such rights, such Public Shareholder may simply request that the transfer agent
return the certificate (physically or electronically). It is anticipated that the funds to be distributed to our Public Shareholders electing
to redeem their Public Shares will be distributed promptly after the completion of our initial Business Combination.

If our initial Business Combination
is not approved or completed for any reason, then our Public Shareholders who elected to exercise their redemption rights would not be
entitled to redeem their Public Shares for the applicable pro rata share of the Trust Account. In such case, we will promptly return any
certificates delivered by Public Shareholders who elected to redeem their Public Shares.

If the Teamshares Business
Combination is not completed, we may continue to try to complete a Business Combination with a different target until the end of the Combination
Period.

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Redemption of Public Shares and Liquidation if No Initial Business
Combination

Our Amended and Restated Articles
provide that we have only the duration of the Combination Period to complete our initial Business Combination. If we have not completed
our initial Business Combination within such time period, we will (i) cease all operations except for the purpose of winding up, (ii)
as promptly as reasonably possible, but not more than ten business days thereafter (and subject to lawfully available funds therefor),
redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account (which interest shall be net of taxes and less up to $100,000 of interest to pay
dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders’
rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our Board of Directors,
liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable law. There will be no redemption rights or liquidating distributions with respect to our Warrants, which will expire
worthless if we fail to complete our initial Business Combination within the Combination Period.

Our Sponsor, officers and directors
have entered into the Letter Agreement with us, pursuant to which they have waived their rights to liquidating distributions from the
Trust Account with respect to any Founder Shares held by them if we fail to complete our initial Business Combination within the Combination
Period; although, they are entitled to liquidating distributions from assets outside the Trust Account. However, if our Sponsor or Management
Team acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust
Account with respect to such Public Shares if we fail to complete our initial Business Combination within the Combination Period.

Our Sponsor, officers and directors
have also agreed, pursuant to the Letter Agreement, that they will not propose any amendment to our Amended and Restated Articles to modify
(i) the substance or timing of our obligation to allow redemption in connection with our initial Business Combination or to redeem 100%
of our Public Shares if we do not complete our initial Business Combination within the Combination Period, or (ii) any other material
provisions relating to shareholders’ rights or pre-initial Business Combination activity, in each case unless we provide our Public
Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less
taxes payable, if any), divided by the number of then outstanding Public Shares.

We expect that all costs and
expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining
out of the approximately $1,330,000 of proceeds held outside the Trust Account (as of December 31, 2025), although we cannot assure our
Public Shareholders that there will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs
and expenses associated with implementing our plan of dissolution, to the extent that there is any interest accrued in the Trust Account
not required to pay income taxes on interest income earned on the Trust Account balance, we may request the trustee to release to us an
additional amount of up to $100,000 of such accrued interest to pay those costs and expenses.

If we were to expend all of
the net proceeds of the Initial Public Offering and the Private Placement, other than the proceeds deposited in the Trust Account, and
without taking into account interest, if any, earned on the Trust Account, the Redemption Price upon our dissolution would be approximately
$10.39 as of December 31, 2025. The proceeds deposited in the Trust Account could, however, become subject to the claims of our creditors
which would have higher priority than the claims of our Public Shareholders. We cannot assure our Public Shareholders that the actual
per-share redemption amount received by Public Shareholders will not be substantially less than the Redemption Price. While we intend
to pay such amounts, if any, we cannot assure our shareholders that we will have funds sufficient to pay or provide for all creditors’
claims.

Although we seek to have all
vendors, service providers, prospective target businesses and other entities with which we do business execute agreements with us waiving
any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of our Public Shareholders,
there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from
bringing claims against the Trust Account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or
other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with
respect to a claim against our assets, including the funds held in the Trust Account. If any third party refuses to execute an agreement
waiving such claims to the monies held in the Trust Account, our Management will consider whether competitive alternatives are reasonably
available to us and will only enter into an agreement with such third party if Management believes that such third party’s engagement
would be in our best interests under the circumstances. Examples of possible instances where we may engage a third party that refuses
to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by Management
to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where Management is unable
to find a service provider willing to execute a waiver. Withum, our independent registered public accounting firm, and the Underwriters
did not execute agreements with us waiving such claims to the monies held in the Trust Account. In addition, there is no guarantee that
such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts
or agreements with us and will not seek recourse against the Trust Account for any reason.

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To protect the amounts held
in the Trust Account, our Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services
rendered or products sold to us (except for our independent registered public accounting firm), or a prospective target business with
which we have entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce
the amount of funds in the Trust Account to below the lesser of (i) $10.05 per Public Share and (ii) the actual amount per Public Share
held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per Public Share due to reductions
in the value of the Trust Account assets, less taxes payable, if any, provided that such liability will not apply to any claims by a third
party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not
such waiver is enforceable) nor will it apply to any claims under our indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have
we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that our Sponsor’s
only assets are securities of our Company. Therefore, we cannot assure our Public Shareholders that our Sponsor would be able to satisfy
those obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for our initial
Business Combination and redemptions could be reduced to less than $10.05 per Public Share. In such event, we may not be able to complete
our initial Business Combination, and our Public Shareholders would receive such lesser amount per share in connection with any redemption
of their Public Shares. None of our officers or directors will indemnify us for claims by third parties including, without limitation,
claims by vendors and prospective target businesses.

In the event that the proceeds
in the Trust Account are reduced below the lesser of (i) $10.05 per Public Share and (ii) the actual amount per Public Share held in the
Trust Account as of the date of the liquidation of the Trust Account if less than $10.05 per share due to reductions in the value of the
Trust Account assets, in each case less (x) taxes payable, if any, and (y) up to $100,000 for dissolution expenses, and our Sponsor asserts
that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular claim,
our independent directors would determine whether to take legal action against our Sponsor to enforce its indemnification obligations.
While we currently expect that our independent directors would take legal action on our behalf against our Sponsor to enforce its indemnification
obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so in any
particular instance if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the
amount recoverable or if the independent directors determine that a favorable outcome is not likely. Accordingly, we cannot assure our
Public Shareholders that due to claims of creditors the actual value of the per-share redemption price will not be less than $10.05 per
Public Share.

We seek to reduce the possibility
that our Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers,
prospective target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest
or claim of any kind in or to monies held in the Trust Account. Our Sponsor will also not be liable as to any claims under our indemnity
of the Underwriters against certain liabilities, including liabilities under the Securities Act. As of December 31, 2025, we had access
to up to approximately $1,330,000 from the proceeds of the Initial Public Offering held outside of the Trust Account with which to pay
any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more
than approximately $100,000). In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities
is insufficient, shareholders who received funds from our Trust Account could be liable for claims made by creditors.

If we file a bankruptcy or
insolvency petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, the proceeds held in
the Trust Account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy estate and subject
to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the Trust
Account, we cannot assure our Public Shareholders we will be able to return $10.05 per share to our Public Shareholders. Additionally,
if we file a bankruptcy or insolvency petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed,
any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy/insolvency laws as either
a “preferential transfer” or a “fraudulent conveyance, preference or disposition.” As a result, a liquidator or
bankruptcy or other court could seek to recover some or all amounts received by our shareholders. Furthermore, our Board of Directors
may be viewed as having breached its fiduciary duty to us or our creditors and/or may have acted in bad faith, and thereby exposing itself
and our Company to claims of punitive damages, by paying Public Shareholders from the Trust Account prior to addressing the claims of
creditors. We cannot assure our shareholders that claims will not be brought against us for these reasons.

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Our Public Shareholders are
entitled to receive funds from the Trust Account only (i) in the event of the redemption of our Public Shares if we do not complete our
initial Business Combination within the Combination Period, (ii) in connection with a shareholder vote to amend our Amended and Restated
Articles to modify (x) the substance or timing of our obligation to allow redemption in connection with our initial Business Combination
or to redeem 100% of our Public Shares if we do not complete our initial Business Combination within the Combination Period or (y) any
other material provisions relating to shareholders’ rights or pre-initial Business Combination activity or (iii) if they redeem
their respective Public Shares for cash upon the completion of our initial Business Combination, subject to applicable law and any limitations
(including but not limited to cash requirements) created by the terms of the proposed Business Combination. In no other circumstances
will a Public Shareholder have any right or interest of any kind to or in the Trust Account. In the event we seek shareholder approval
in connection with our initial Business Combination, a Public Shareholder’s voting in connection with the Business Combination alone
will not result in a Public Shareholder’s redeeming its Public Shares to us for an applicable pro rata share of the Trust Account.
Such Public Shareholder must have also exercised its redemption rights described above. These provisions of our Amended and Restated Articles,
like all provisions of our Amended and Restated Articles, may be amended with a shareholder vote.

Competition

In identifying, evaluating
and selecting a target business for our initial Business Combination, we encounter competition from other entities having a business objective
similar to ours, including other SPACs, private equity groups and leveraged buyout funds, public companies and operating businesses seeking
strategic acquisitions. Many of these entities are well established and have extensive experience identifying and effecting Business Combinations
directly or through affiliates. Moreover, many of these competitors possess similar or greater financial, technical, human and other resources
than us. Our ability to acquire larger target businesses is limited by our available financial resources. This inherent limitation gives
others an advantage in pursuing the acquisition of a target business. Furthermore, our obligation to pay cash in connection with our Public
Shareholders who exercise or are forced to exercise their redemption rights may reduce the resources available to us for our initial Business
Combination and our issued and outstanding Warrants, and the future dilution they potentially represent, may not be viewed favorably by
certain target businesses. Either of these factors may place us at a competitive disadvantage in successfully negotiating an initial Business
Combination.

Employees

We currently have two officers:
Messrs. Hendrix and Fishman. These individuals are not obligated to devote any specific number of hours to our matters, but they
devote as much of their time as they deem necessary to our affairs until we have completed our initial Business Combination. The amount
of time they devote in any time period varies based on the stage of the Business Combination process we are in. We do not intend to have
any full-time employees prior to the completion of our initial Business Combination.

Periodic Reporting and Financial Information

We have registered our Units,
Public Shares and Public Warrants under the Exchange Act and have reporting obligations, including the requirement that we file annual,
quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports, including this
Report, contain financial statements audited and reported on by Withum, our independent registered public accountant. We have no current
intention of filing a Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the consummation
of our initial Business Combination.

We will provide shareholders
with audited financial statements of the prospective target business as part of the proxy solicitation materials or tender offer documents
sent to shareholders to assist them in assessing the target business, such as Teamshares. In all likelihood, these financial statements
will need to be prepared in accordance with, or reconciled to, GAAP, or IFRS, depending on the circumstances, and the historical financial
statements may be required to be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit
the pool of potential target businesses we may conduct an initial Business Combination with because some targets may be unable to provide
such statements in time for us to disclose such statements in accordance with federal proxy rules and complete our initial Business Combination
within the prescribed time frame. We cannot assure our shareholders that any particular target business identified by us as a potential
Business Combination candidate will have financial statements prepared in accordance with the requirements outlined above, or that the
potential target business will be able to prepare its financial statements in accordance with the requirements outlined above. To the
extent that these requirements cannot be met, we may not be able to acquire the proposed target business, including Teamshares. While
this may limit the pool of potential Business Combination candidates, we do not believe that this limitation will be material.

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We are required to evaluate
our internal control procedures for the fiscal year ending December 31, 2025 as required by the Sarbanes-Oxley Act. Only in the event
we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be
required to have our internal control procedures audited. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with
the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such Business Combination.

We are a Cayman Islands exempted
company. Exempted companies are Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted
from complying with certain provisions of the Companies Act. As an exempted company, we have applied for and received a tax exemption
undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands,
for a period of 30 years from the date of the undertaking, no law that is enacted in the Cayman Islands imposing any tax to be levied
on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to be levied on profits, income,
gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable (i) on or in respect of our Ordinary
Shares, debentures or other obligations or (ii) by way of the withholding in whole or in part of a payment of dividend or other distribution
of income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation
of us.

We are an “emerging growth
company,” as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth
companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404
of the Sarbanes-Oxley Act reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements,
and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any
golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less
active trading market for our securities and the prices of our securities may be more volatile.

In addition, Section 107 of
the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided
in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging
growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We intend to continue to take advantage of the benefits of this extended transition period.

We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following March 3, 2029, (b) in which we have total annual
gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value
of our Class A Ordinary Shares that are held by non-affiliates exceeds $700 million as of the prior June 30th, and (2) the date on which
we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

We are also a “smaller
reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced
disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller
reporting company until the last day of the fiscal year in which (1) the market value of our Class A Ordinary Shares held by non-affiliates
equals or exceeds $250 million as of the end of that year’s second fiscal quarter, or (2) our annual revenues equaled or exceeded
$100 million during such completed fiscal year and the market value of our Class A Ordinary Shares held by non-affiliates exceeds $700
million as of the end of that year’s second fiscal quarter.

In addition, prior to the consummation
of a Business Combination, only holders of our Class B Ordinary Shares have the right to vote on (i) the appointment or removal of directors
and (ii) an amendment to continue our existence in a jurisdiction outside of the Cayman Islands. As a result, Nasdaq considers us to be
a “controlled company” within the meaning of Nasdaq corporate governance standards. Under Nasdaq corporate governance standards,
a company of which more than 50% of the voting power for the appointment of directors is held by an individual, group or another company
is a “controlled company” and may elect not to comply with certain corporate governance requirements. We currently do not
intend to rely on the “controlled company” exemption, but may do so in the future. Accordingly, if we choose to do so, our
shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate
governance requirements.

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