Common use of Insider Securities Clause in Contracts

Insider Securities. Fortune Management, Inc. (“Fortune Management”) has committed to purchase $7,825,000 Warrants (“Insider Warrants” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the “Insider Securities”) at $1.00 per Warrant (for an aggregate purchase price of $7,825,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreement (“Subscription Agreement”) entered into by Fortune Management to purchase such Insider Securities, will be validly issued, fully paid and non-assessable; the holder thereof is not and will not be subject to personal liability by reason of being such holder; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken. The Subscription Agreement provides that Fortune Management will not sell any of its Insider Warrants until the consummation of a Business Combination.

Insider Securities. Fortune Management, Inc. (“Fortune Management”) has committed to purchase $7,825,000 6,000,000 Warrants (“Insider Warrants” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the “Insider Securities”) at $1.00 per Warrant (for an aggregate purchase price of $7,825,0006,000,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreement (“Subscription Agreement”) entered into by Fortune Management to purchase such Insider Securities, will be validly issued, fully paid and non-assessable; the holder thereof is not and will not be subject to personal liability by reason of being such holder; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken. The Subscription Agreement provides that Fortune Management will not sell any of its Insider Warrants until the consummation of a Business Combination.

Insider Securities. Fortune Management, Inc. (“Fortune Management”) has committed to purchase $7,825,000 Warrants (“Insider Warrants” and together with the shares of Common Stock underlying the Insider Warrants, collectively referred to as the “Insider Securities”) at $1.00 per Warrant (for an aggregate purchase price of $7,825,000) from the Company upon consummation of the Offering. The Insider Securities have been duly authorized and, when issued and paid for in accordance with the subscription agreement (“Subscription Agreement”) entered into by Fortune Management to purchase such Insider Securities, will be validly issued, fully paid and non-assessable; the holder thereof is not and will not be subject to personal liability by reason of being such holder; the Insider Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Insider Securities has been duly and validly taken. The Subscription Agreement provides that Fortune Management will not sell any of its Insider Warrants until the consummation of a Business Combination.