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NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Tuscan Holdings Corp. (the “Company”) was incorporated in Delaware on November 5, 2018. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company is focusing its search on companies in the cannabis industry. The Company has one subsidiary, TSCN Merger Sub Inc., a wholly-owned subsidiary of the Company incorporated in Delaware on January 21, 2021 (“Merger Sub”) (see Note 10). All activity through December 31, 2020 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, identifying a target company for a Business Combination, activities in connection with the proposed acquisition of Microvast, Inc., a Delaware corporation (“Microvast”) (see Note 10). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on March 5, 2019. On March 7, 2019, the Company consummated the Initial Public Offering of 24,000,000 units (the “Units” and, with respect to the shares of common stock included in the Units sold, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $240,000,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 615,000 units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement to Tuscan Holdings Acquisition LLC (the “Sponsor”) and EarlyBirdCapital, Inc. (“EarlyBirdCapital”) and its designee, generating gross proceeds of $6,150,000, which is described in Note 4. Following the closing of the Initial Public Offering on March 7, 2019, an amount of $240,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Units was placed in a trust account (“Trust Account”) which are invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the Trust Account, as described below. On March 12, 2019, the underwriters exercised their over-allotment option in full, resulting in the sale of an additional 3,600,000 Units for $36,000,000, less the underwriters’ discount of $720,000. In connection with the underwriters’ exercise of their over-allotment option, the Company also consummated the sale of an additional 72,000 Private Units at $10.00 per Private Unit, generating total gross proceeds of $720,000. A total of $36,000,000 was deposited into the Trust Account from the sale of the additional Units pursuant to the over-allotment option and the additional sale of Private Units, bringing the aggregate proceeds held in the Trust Account to $276,000,000. Transaction costs amounted to $6,059,098, consisting of $5,520,000 of underwriting fees and $539,098 of other offering costs. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s Business Combination must be with one or more target businesses that together have a fair market value of at least 80% of the assets held in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into a Business Combination. The Company will only complete a 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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, solely if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor and EarlyBirdCapital have agreed to vote their Founder Shares (as defined in Note 5), Private Shares (as defined in Note 4) and any Public Shares purchased after the Initial Public Offering in favor of approving a Business Combination and not to convert any shares in connection with a stockholder vote to approve a Business Combination or sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all. The Sponsor and EarlyBirdCapital have agreed (a) to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares and Private Shares if the Company fails to consummate a Business Combination and (b) not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect a public stockholders’ ability to convert or sell their shares to the Company in connection with a Business Combination or affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company had until December 7, 2020 to complete a Business Combination (the “Combination Period”). On December 3, 2020, the Company held a special meeting pursuant to which the Company’s stockholders approved extending the Combination Period from December 7, 2020 to April 30, 2021 (the “Extension Date”). In connection with the approval of the extension, stockholders elected to redeem an aggregate of 3,198 shares of the Company’s common stock. As a result, an aggregate of approximately $32,700 (or approximately $10.22 per share) was released from the Company’s Trust Account to pay such stockholders. Additionally, the Company has filed a preliminary proxy statement on March 12, 2021 seeking approval to further extend date for which the Company is required to complete a business combination to July 31, 2021. If the Company is unable to complete a Business Combination within the Combination Period, the Company 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, 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 and not previously released to the Company to pay franchise and income taxes, divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (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 the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware 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 the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per Public Share, except as to any claims by a third party who executed an agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Insiders will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Liquidity and Going Concern The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its stockholders prior to the Initial Public Offering and such amount of proceeds from the Initial Public Offering that were placed in an account outside of the Trust Account for working capital purposes. As of December 31, 2020, the Company had $135,961 held outside of the Trust Account. As of April 20, 2020, the Sponsor committed to provide an aggregate of $500,000 in loans to the Company. The loans shall be non-interest bearing, unsecured and due upon the consummation of a Business Combination. In the event that a Business Combination does not close, the loans would be repaid only out of funds held outside the Trust Account to the extent such funds are available. Otherwise, all amounts loaned to the Company would be forgiven. On April 21, 2020, the Sponsor loaned the Company an aggregate of $200,000 (see Note 5). Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. The Company will need to raise further additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. In addition to the loan commitment described herein (see Note 10), the Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through April 30, 2021 (or July 31, 2021, if our stockholders approve an amendment to our amended and restated certificate of incorporation), the current date that the Company will be required to cease all operations, except for the purpose of winding up, if a Business Combination is not consummated. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

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NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may 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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020 and 2019. Cash and Marketable Securities Held in Trust Account At December 31, 2020 and 2019, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. During the year ended December 31, 2020 and 2019, the Company withdrew $479,473 and $938,000 of interest income from the Trust Account, respectively, to pay its franchise and income tax obligations. Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets. Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. On March 27, 2020, the CARES Act was enacted in response to COVID-19 pandemic. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted. The CARES Act made various tax law changes including among other things (i) increasing the limitation under Section 163(j) of the Internal Revenue Code of 1986, as amended (the “IRC”) for 2019 and 2020 to permit additional expensing of interest (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k), (iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid income taxes and (iv) enhancing the recoverability of alternative minimum tax credits. Net Income (Loss) Per Common Share Net income (loss) per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 28,287,000 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income per share for common shares subject to possible redemption in a manner similar to the two-class method of loss per share. Net income per common share, basic and diluted, for Common stock subject to possible redemption is calculated by dividing the proportionate share of income on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance. Net loss per share, basic and diluted, for non-redeemable common stock is calculated by dividing the net income, adjusted for income on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period. Non-redeemable common stock includes Founder Shares and non-redeemable shares of common stock as these shares do not have any redemption features. Non-redeemable common stock participates in the income on marketable securities based on non-redeemable common stock shares’ proportionate interest. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="padding: 0; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0">Year Ended December 31, </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td colspan="2" style="padding: 0; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">2020</td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td colspan="2" style="padding: 0; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">2019</td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; font-style: italic; text-indent: 0">Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: center; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: center; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0">Numerator: Earnings allocable to Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.125in; width: 76%; text-align: left">Interest earned on marketable securities held in Trust Account</td><td style="padding: 0; width: 1%; text-indent: 0"> </td> <td style="padding: 0; width: 1%; text-align: left; text-indent: 0">$</td><td style="padding: 0; width: 9%; text-align: right; text-indent: 0">2,605,038</td><td style="padding: 0; width: 1%; text-align: left; text-indent: 0"> </td><td style="padding: 0; width: 1%; text-indent: 0"> </td> <td style="padding: 0; width: 1%; text-align: left; text-indent: 0">$</td><td style="padding: 0; width: 9%; text-align: right; text-indent: 0">4,827,854</td><td style="padding: 0; width: 1%; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Unrealized gain on marketable securities held in Trust Account</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0">9,570</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0">126,682</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0">Less: Income and franchise taxes</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(564,980</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(1,042,603</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Net income allocable to shares subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">2,049,628</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">3,911,933</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-align: left; text-indent: 0">Denominator: Weighted average Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-indent: 0">Basic and diluted weighted average shares outstanding</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">27,104,439</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">27,123,666</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-align: left; text-indent: 0">Basic and diluted net income per common share</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">0.08</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">0.14</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; font-style: italic; text-align: left; text-indent: 0">Non-Redeemable Common Stock</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Numerator Net Income minus Net Earnings</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Net income</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0">$</td><td style="padding: 0; text-align: right; text-indent: 0">1,375,461</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0">$</td><td style="padding: 0; text-align: right; text-indent: 0">3,367,179</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Less: Income attributable to common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(2,049,628</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(3,911,933</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0">Non-Redeemable Net Loss</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(674,167</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(544,754</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Denominator: Weighted Average Non-Redeemable Common Stock</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-indent: 0">Basic and diluted weighted average shares outstanding</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">8,382,317</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">7,927,608</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Basic and diluted net loss per common share</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(0.08</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(0.07</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> </table> Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. Recently Issued Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may 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 independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020 and 2019.

Cash and Marketable Securities Held in Trust Account At December 31, 2020 and 2019, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. During the year ended December 31, 2020 and 2019, the Company withdrew $479,473 and $938,000 of interest income from the Trust Account, respectively, to pay its franchise and income tax obligations.

479473 938000 Common Stock Subject to Possible Redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets.

Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. On March 27, 2020, the CARES Act was enacted in response to COVID-19 pandemic. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted. The CARES Act made various tax law changes including among other things (i) increasing the limitation under Section 163(j) of the Internal Revenue Code of 1986, as amended (the “IRC”) for 2019 and 2020 to permit additional expensing of interest (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k), (iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid income taxes and (iv) enhancing the recoverability of alternative minimum tax credits.

Net Income (Loss) Per Common Share Net income (loss) per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 28,287,000 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income per share for common shares subject to possible redemption in a manner similar to the two-class method of loss per share. Net income per common share, basic and diluted, for Common stock subject to possible redemption is calculated by dividing the proportionate share of income on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance. Net loss per share, basic and diluted, for non-redeemable common stock is calculated by dividing the net income, adjusted for income on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period. Non-redeemable common stock includes Founder Shares and non-redeemable shares of common stock as these shares do not have any redemption features. Non-redeemable common stock participates in the income on marketable securities based on non-redeemable common stock shares’ proportionate interest. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="padding: 0; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0">Year Ended December 31, </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td colspan="2" style="padding: 0; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">2020</td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td colspan="2" style="padding: 0; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">2019</td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; font-style: italic; text-indent: 0">Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: center; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: center; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0">Numerator: Earnings allocable to Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.125in; width: 76%; text-align: left">Interest earned on marketable securities held in Trust Account</td><td style="padding: 0; width: 1%; text-indent: 0"> </td> <td style="padding: 0; width: 1%; text-align: left; text-indent: 0">$</td><td style="padding: 0; width: 9%; text-align: right; text-indent: 0">2,605,038</td><td style="padding: 0; width: 1%; text-align: left; text-indent: 0"> </td><td style="padding: 0; width: 1%; text-indent: 0"> </td> <td style="padding: 0; width: 1%; text-align: left; text-indent: 0">$</td><td style="padding: 0; width: 9%; text-align: right; text-indent: 0">4,827,854</td><td style="padding: 0; width: 1%; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Unrealized gain on marketable securities held in Trust Account</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0">9,570</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0">126,682</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0">Less: Income and franchise taxes</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(564,980</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(1,042,603</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Net income allocable to shares subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">2,049,628</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">3,911,933</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-align: left; text-indent: 0">Denominator: Weighted average Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-indent: 0">Basic and diluted weighted average shares outstanding</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">27,104,439</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">27,123,666</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-align: left; text-indent: 0">Basic and diluted net income per common share</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">0.08</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">0.14</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; font-style: italic; text-align: left; text-indent: 0">Non-Redeemable Common Stock</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Numerator Net Income minus Net Earnings</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Net income</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0">$</td><td style="padding: 0; text-align: right; text-indent: 0">1,375,461</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0">$</td><td style="padding: 0; text-align: right; text-indent: 0">3,367,179</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Less: Income attributable to common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(2,049,628</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(3,911,933</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0">Non-Redeemable Net Loss</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(674,167</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(544,754</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Denominator: Weighted Average Non-Redeemable Common Stock</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-indent: 0">Basic and diluted weighted average shares outstanding</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">8,382,317</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">7,927,608</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Basic and diluted net loss per common share</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(0.08</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(0.07</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> </table>

28287000

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="padding: 0; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0">Year Ended December 31, </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td colspan="2" style="padding: 0; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">2020</td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td colspan="2" style="padding: 0; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">2019</td><td style="padding: 0; font-weight: bold; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; font-style: italic; text-indent: 0">Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: center; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: center; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0">Numerator: Earnings allocable to Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.125in; width: 76%; text-align: left">Interest earned on marketable securities held in Trust Account</td><td style="padding: 0; width: 1%; text-indent: 0"> </td> <td style="padding: 0; width: 1%; text-align: left; text-indent: 0">$</td><td style="padding: 0; width: 9%; text-align: right; text-indent: 0">2,605,038</td><td style="padding: 0; width: 1%; text-align: left; text-indent: 0"> </td><td style="padding: 0; width: 1%; text-indent: 0"> </td> <td style="padding: 0; width: 1%; text-align: left; text-indent: 0">$</td><td style="padding: 0; width: 9%; text-align: right; text-indent: 0">4,827,854</td><td style="padding: 0; width: 1%; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Unrealized gain on marketable securities held in Trust Account</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0">9,570</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0">126,682</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0">Less: Income and franchise taxes</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(564,980</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(1,042,603</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Net income allocable to shares subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">2,049,628</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">3,911,933</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-align: left; text-indent: 0">Denominator: Weighted average Common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-indent: 0">Basic and diluted weighted average shares outstanding</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">27,104,439</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">27,123,666</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-align: left; text-indent: 0">Basic and diluted net income per common share</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">0.08</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">0.14</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; font-style: italic; text-align: left; text-indent: 0">Non-Redeemable Common Stock</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Numerator Net Income minus Net Earnings</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Net income</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0">$</td><td style="padding: 0; text-align: right; text-indent: 0">1,375,461</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0">$</td><td style="padding: 0; text-align: right; text-indent: 0">3,367,179</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Less: Income attributable to common stock subject to possible redemption</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(2,049,628</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0">(3,911,933</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0">Non-Redeemable Net Loss</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(674,167</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(544,754</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Denominator: Weighted Average Non-Redeemable Common Stock</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-align: right; text-indent: 0"> </td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0; text-indent: 0">Basic and diluted weighted average shares outstanding</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">8,382,317</td><td style="padding: 0; text-align: left; text-indent: 0"> </td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0"> </td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">7,927,608</td><td style="padding: 0; text-align: left; text-indent: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0; text-align: left; text-indent: 0">Basic and diluted net loss per common share</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(0.08</td><td style="padding: 0; text-align: left; text-indent: 0">)</td><td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; border-bottom: Black 4pt double; text-align: left; text-indent: 0">$</td><td style="padding: 0; border-bottom: Black 4pt double; text-align: right; text-indent: 0">(0.07</td><td style="padding: 0; text-align: left; text-indent: 0">)</td></tr> </table>

2605038

4827854

9570

126682

564980 1042603

2049628

3911933

27104439 27123666 0.08 0.14

1375461

3367179

-2049628 -3911933 674167 544754

8382317

7927608

-0.08

-0.07

Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

250000

Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.

Recently Issued Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

NOTE 3. INITIAL PUBLIC OFFERING On March 7, 2019, the Company consummated the Initial Public Offering and sold 24,000,000 units at a price of $10.00 per Unit. Each Unit consists of one share of common stock and one warrant (“Public Warrant”). On March 12, 2019, in connection with the underwriters’ exercise of the over-allotment option in full, the Company sold an additional 3,600,000 Units at a price of $10.00 per Unit. Each Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment (see Note 7).

24000000

10.00

Each Unit consists of one share of common stock and one warrant (“Public Warrant”). On March 12, 2019, in connection with the underwriters’ exercise of the over-allotment option in full, the Company sold an additional 3,600,000 Units at a price of $10.00 per Unit. Each Public Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment (see Note 7).

3600000

10.00

NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor and EarlyBirdCapital and its designee purchased an aggregate of 615,000 Private Units at a price of $10.00 per Private Unit, for an aggregate purchase price of $6,150,000. The Sponsor purchased 500,047 Private Units and EarlyBirdCapital and its designee purchased an aggregate of 114,953 Private Units. On March 12, 2019, in connection with the underwriters’ exercise of the over-allotment option in full, the purchasers purchased an aggregate of an additional 72,000 additional Private Units, of which 58,542 Private Units were purchased by the Sponsor and 13,458 Private Units were purchased by EarlyBirdCapital and its designee, for an aggregate purchase price of $720,000. Each Private Unit consists of one share of common stock (“Private Share”) and one warrant (“Private Warrant”). Each Private Warrant is exercisable to purchase one share of common stock at an exercise price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the Private Units were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will be worthless.

615000

10.00

6150000

The Sponsor purchased 500,047 Private Units and EarlyBirdCapital and its designee purchased an aggregate of 114,953 Private Units. On March 12, 2019, in connection with the underwriters’ exercise of the over-allotment option in full, the purchasers purchased an aggregate of an additional 72,000 additional Private Units, of which 58,542 Private Units were purchased by the Sponsor and 13,458 Private Units were purchased by EarlyBirdCapital and its designee, for an aggregate purchase price of $720,000. Each Private Unit consists of one share of common stock (“Private Share”) and one warrant (“Private Warrant”). Each Private Warrant is exercisable to purchase one share of common stock at an exercise price of $11.50 per share, subject to adjustment (see Note 7).

NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In November 2018, the Sponsor purchased 5,750,000 shares (the “Founder Shares”) of the Company’s common stock for an aggregate price of $25,000. On March 5, 2019, the Company effected a stock dividend of 0.2 shares of common stock for each outstanding share (the “Stock Dividend”), resulting in 6,900,000 Founder Shares being issued and outstanding. The 6,900,000 Founder Shares included an aggregate of up to 900,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the holders of the Founder Shares would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the holders did not purchase any Public Shares in the Initial Public Offering and excluding the Private Units and Representative Shares (see Note 7). In connection with the underwriters’ exercise of the over-allotment option in full on March 12, 2019, 900,000 Founder Shares are no longer subject to forfeiture. The holders of the Founder Shares have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until, with respect to 50% of the Founder Shares, the earlier of one year after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Founder Shares, until the one year after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Units Simultaneously with the consummation of the initial public offering, the Company consummated the private placement of 687,000 Private Units at a price of $10.00 per Private Unit, generating total proceeds of $6,870,000. The Private Units were sold to the Sponsor and EarlyBirdCapital and its designees. The Private Units are identical to the units sold in the initial public offering, except that the warrants underlying the Private Units are non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial purchasers or their permitted transferees. The initial purchasers have agreed not to transfer, assign or sell any of the Private Units and underlying securities until after the completion of an initial business combination. Administrative Service Fee Vogel Partners, LLP, an affiliate of Mr. Vogel, has agreed that, until the earlier of the consummation of an initial business combination or Tuscan’s liquidation, it will make available to Tuscan certain general and administrative services, including office space, utilities and administrative support, as Tuscan may require from time to time. Tuscan has agreed to pay Vogel Partners, LLP $10,000 per month for these services. Tuscan believes, based on rents and fees for similar services in the New York City metropolitan area, that the fee charged by Vogel Partners, LLP is at least as favorable as it could have obtained from an unaffiliated person.. For the year ended December 31, 2020 and 2019, the Company incurred $120,000 and $100,000, respectively, in fees for these services. At December 31, 2020 and 2019, fees amounting to $10,000 and $0 is included in accounts payable and accrued expenses in the accompanying balance sheets. Advance from Related Party The Company’s Chief Executive Officer advanced the Company an aggregate of $86,748 to be used for the payment of costs related to the Initial Public Offering. The advances were non-interest bearing, unsecured and due on demand. The advances were repaid upon the consummation of the Initial Public Offering on March 7, 2019. Due to Affiliate During the year ended December 31, 2020, an affiliate of the Company paid expenses on behalf of the Company that were mainly settled during the same period. Promissory Note – Related Party In November 2018, the Company issued an unsecured promissory note to the Company’s Chief Executive Officer (the “Promissory Note”), pursuant to which the Company borrowed an aggregate principal amount of $90,342. The Promissory Note was non-interest bearing and payable on the earlier of (i) November 1, 2019, (ii) the consummation of the Initial Public Offering or (iii) the date on which the Company determines not to proceed with the Initial Public Offering. The Promissory Note was repaid upon the consummation of the Initial Public Offering on March 7, 2019. Related Party Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or certain of the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account to the extent such funds are available. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit. The units would be identical to the Private Units. On April 20, 2020, the Sponsor committed to provide an aggregate of $500,000 in loans to the Company. The loans shall be non-interest bearing, unsecured and due upon the consummation of a Business Combination. In the event that a Business Combination does not close, the loans would be repaid only out of funds held outside the Trust Account to the extent such funds are available. Otherwise, all amounts loaned to the Company would be forgiven. On April 21, 2020, the Company issued an unsecured promissory note to the Sponsor in the aggregate amount of $300,000 (the “Note”), of which $200,000 was drawn upon on such date. The Note is non-interest bearing and payable upon the consummation of a Business Combination. The Note is convertible, at the lender’s option, into units of the post Business Combination entity at a price of $10.00 per unit. The units would be identical to the Private Units. If a Business Combination is not consummated, the notes will not be repaid by the Company and all amounts owed thereunder by the Company will be forgiven except to the extent that the Company has funds available to it outside of its Trust Account. As of December 31, 2020, there was $200,000 outstanding under the Note.

5750000

25000

the Company effected a stock dividend of 0.2 shares of common stock for each outstanding share (the “Stock Dividend”), resulting in 6,900,000 Founder Shares being issued and outstanding. The 6,900,000 Founder Shares included an aggregate of up to 900,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the holders of the Founder Shares would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the holders did not purchase any Public Shares in the Initial Public Offering and excluding the Private Units and Representative Shares (see Note 7). In connection with the underwriters’ exercise of the over-allotment option in full on March 12, 2019, 900,000 Founder Shares are no longer subject to forfeiture.

0.2

6900000

900000

0.20

900000

The holders of the Founder Shares have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until, with respect to 50% of the Founder Shares, the earlier of one year after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Founder Shares, until the one year after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

687000

10.00

6870000

10000

120000 100000

10000

86748

90342

1500000

10.00

500000

300000

200000

10.00

200000

NOTE 6. COMMITMENTS Registration Rights Pursuant to a registration rights agreement entered into on March 7, 2019, the holders of the Founder Shares, Representative Shares, Private Units, and any units that may be issued upon conversion of Working Capital Loans (and all underlying securities) are entitled to registration rights. The holders of the majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which the Founder Shares are to be released from escrow. The holders of a majority of the Representative Shares, Private Units or units issued in payment of working capital loans made to the Company (or underlying securities) can elect to exercise these registration rights at any time commencing after the Company consummates a Business Combination. Notwithstanding anything to the contrary, EarlyBirdCapital and its designee may only make a demand on one occasion and only during the five-year period beginning on the effective date of the Initial Public Offering. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination; provided, however, that EarlyBirdCapital and its designee may participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Business Combination Marketing Agreement The Company has engaged EarlyBirdCapital as an advisor in connection with a Business Combination to assist the Company in holding meetings with its shareholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities in connection with a Business Combination, assist the Company in obtaining shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business Combination in an amount equal to $9,660,000 (exclusive of any applicable finders’ fees which might become payable); provided that up to 30% of the fee may be allocated at the Company’s sole discretion to other FINRA members that assist the Company in identifying and consummating a Business Combination.Engagement of Morgan Stanley We engaged Morgan Stanley & Co. LLC (“Morgan Stanley”) to provide financial advisory services in connection with the Microvast business combination, and, upon consummation of the transaction with Microvast, we must pay that firm a transaction fee of $5.5 million, plus expenses. Morgan Stanley also acted as placement agent in connection with the PIPE Financing, and we are obligated to pay Morgan Stanley a placement fee equal to (i) 3.5% of the sum of (x) the aggregate gross proceeds raised in the PIPE Financing up to $300 million (not including funds from the sale of certain excluded securities) and (y) any borrowings pursuant to a bridge financing provided in connection with the proposed business combination by investors introduced by Morgan Stanley, and (ii) 2.5% of the aggregate gross proceeds raised in the PIPE Financing above $300 million.

The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business Combination in an amount equal to $9,660,000 (exclusive of any applicable finders’ fees which might become payable); provided that up to 30% of the fee may be allocated at the Company’s sole discretion to other FINRA members that assist the Company in identifying and consummating a Business Combination.

5500000 0.035 300000000 0.025

NOTE 7. STOCKHOLDERS’ EQUITY Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2020 and 2019, there were no shares of preferred stock issued or outstanding. Common Stock — The Company is authorized to issue 65,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the common stock are entitled to one vote for each share. At December 31, 2020 and 2019, there were 8,396,246 and 8,360,523 shares of common stock issued and outstanding, excluding 27,087,556 and 27,126,477 shares of common stock subject to possible redemption, respectively. Warrants — The Public Warrants will become exercisable 30 days after the completion of a Business Combination. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the public warrants is not effective within 90 days following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in; padding-right: 0.8pt"> </td> <td style="width: 0.25in; padding-right: 0.8pt">●</td> <td style="padding-right: 0.8pt; text-align: justify">in whole and not in part;</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt">●</td> <td style="padding-right: 0.8pt; text-align: justify">at a price of $0.01 per warrant;</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt">●</td> <td style="padding-right: 0.8pt; text-align: justify">upon not less than 30 days’ prior written notice of redemption;</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt">●</td> <td style="padding-right: 0.8pt; text-align: justify">if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"> </td> <td style="padding-right: 0.8pt">●</td> <td style="padding-right: 0.8pt; text-align: justify">if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants.</td></tr> </table> If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. In addition, so long as the Private Warrants are held by EarlyBirdCapital and its designee, the Private Warrants will expire five years from the effective date of the Initial Public Offering. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to our Sponsor, initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummated an initial Business Combination (such price, the “Market Value”) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities. Representative Shares In November 2018, the Company issued to the designees of EarlyBirdCapital, for a nominal consideration, 300,000 shares (after giving effect to the Stock Dividend) of common stock (the “Representative Shares”). The Company accounted for the Representative Shares as an offering cost of the Initial Public Offering, with a corresponding credit to stockholders’ equity. The Company estimated the fair value of Representative Shares to be $1,200 based upon the price of the Founder Shares issued to the Sponsor. The holders of the Representative Shares have agreed not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive their redemption rights (or to sell any shares in a tender offer) with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period. The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective date of the registration statement related to the Initial Public Offering pursuant to Rule 5110(g)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(g)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following March 5, 2019 (“FINRA Restricted Period”), nor may they be sold, transferred, assigned, pledged or hypothecated during the FINRA Restricted Period except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners.

1000000

0.0001

65000000

0.0001

8396246

8360523

27087556 27126477 ●in whole and not in part; ●at a price of $0.01 per warrant; ●upon not less than 30 days’ prior written notice of redemption; ●if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and ●if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants. (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to our Sponsor, initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummated an initial Business Combination (such price, the “Market Value”) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities. 300000

1200

NOTE 8. INCOME TAX The Company’s net deferred tax liability are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax liability</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Unrealized gain on marketable securities</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(21,468</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(27,069</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total deferred tax liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,468</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,069</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation Allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Deferred tax liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(21,468</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(27,069</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table> The income tax provision consists of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Federal</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-left: 10pt">Current</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">372,365</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">868,182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,601</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,069</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">State and Local</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Income tax provision</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">366,764</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">895,251</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> As of December 31, 2020 and 2019, the Company did not have any of U.S. federal and state net operating loss carryovers available to offset future taxable income. A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Statutory federal income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">State taxes, net of federal tax benefit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Income tax provision</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">21.0</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">21.0</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table> The Company files income tax returns in the U.S. federal jurisdiction and is subject to examination by the various taxing authorities. The Company’s tax returns since inception remain open to examination by the taxing authorities. The Company considers New York to be a significant state tax jurisdiction.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax liability</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Unrealized gain on marketable securities</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(21,468</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(27,069</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total deferred tax liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,468</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,069</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation Allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Deferred tax liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(21,468</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(27,069</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table>

21468

27069

21468

27069

21468

27069

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Federal</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-left: 10pt">Current</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">372,365</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">868,182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,601</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,069</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">State and Local</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Income tax provision</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">366,764</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">895,251</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

372365

868182

-5601

27069

366764

895251

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Statutory federal income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">State taxes, net of federal tax benefit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Income tax provision</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">21.0</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">21.0</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table>

0.210

0.000

0.210

NOTE 9. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in; padding-right: 0.8pt; text-align: justify"> </td> <td style="width: 0.5in; padding-right: 0.8pt; text-align: justify">Level 1:</td> <td style="padding-right: 0.8pt; text-align: justify">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify">Level 2:</td> <td style="padding-right: 0.8pt; text-align: justify">Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt; text-align: justify"> </td> <td style="padding-right: 0.8pt; text-align: justify">Level 3:</td> <td style="padding-right: 0.8pt; text-align: justify">Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.</td></tr> </table> The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 and 2019 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Assets:</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Cash and marketable securities held in Trust Account</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">282,254,978</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">280,103,245</td><td style="width: 1%; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Assets:</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify">Cash and marketable securities held in Trust Account</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">282,254,978</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">280,103,245</td><td style="width: 1%; text-align: left"> </td></tr> </table>

282254978

280103245

NOTE 10. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Proposed Business Combination On February 1, 2021, Tuscan entered into an agreement and plan of merger (the “Merger Agreement”) with Microvast, Inc., a Delaware corporation (“Microvast”) and Merger Sub. Pursuant to the Merger Agreement, Merger Sub will merge with and into Microvast and Microvast will survive the merger and become a wholly owned subsidiary of Tuscan. Under the Merger Agreement, all of the equity interests of Microvast will be converted into an aggregate of 210,000,000 shares of common stock (“closing shares”). The Microvast shareholders and the investors in Microvast’s majority-owned subsidiary, Microvast Power System (Houzhou) Co. Ltd. (“MPS”), will also have the ability to earn an additional 20,000,000 shares of common stock (“earnout shares”) if the daily volume weighted average price of the common stock is greater than or equal to $18.00 for any 20 trading days within a 30 trading day period (or a change of control occurs that results in the holders of common stock receiving a per share price equal to or in excess of $18.00), during the period commencing on the closing date and ending on the third anniversary of the closing date. Concurrently with the execution of the Merger Agreement, Tuscan and Microvast will jointly acquire 100% ownership of MPS and will discharge certain convertible loans of MPS. The Merger will be accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Under this method of accounting, Tuscan will be treated as the “acquired” company for accounting purposes and the Business Combination will be treated as the equivalent of Microvast issuing stock for the net assets of Tuscan, accompanied by a recapitalization. The net assets of Tuscan will be stated at historical cost, with no goodwill or other intangible assets recorded. Additionally, the Merger Agreement provides that Tuscan will issue an aggregate of 6,736,111 shares of common stock upon conversion (the “Bridge Notes Conversion”) of an aggregate of $57,500,000 outstanding promissory notes issued by Microvast. Further, on February 1, 2021, Tuscan, the Sponsor, Microvast and certain stockholders of Tuscan entered into the Sponsor Support Agreement (the “Sponsor Support Agreement”), pursuant to which the Sponsor and certain officers and directors of Tuscan (collectively, the “Sponsor Group”) agreed, among other things, to vote all equity interests of Tuscan held by such member of the Sponsor Group in favor of the approval and adoption of the proposed business combination with Microvast. Additionally, such members of the Sponsor Group have agreed not to (a) transfer any of their equity interests in the Company (or enter into any arrangement with respect thereto) other than as set forth therein or (b) exercise any conversion rights of any equity interests held by such member of the Sponsor Group in connection with the approval of the proposed business combination. The Sponsor also agreed that, to the extent that certain expenses of Tuscan are in excess of $46,000,000 (unless such expenses shall have been approved by Microvast), the Sponsor will either (i) pay any such excess amount in cash or (ii) forfeit to Tuscan such number of shares of common stock held by the Sponsor that would have a value equal to such excess. The Sponsor also agreed to amend the escrow agreement to make certain adjustments to the terms of the escrow of its shares of common stock as set forth in the Sponsor Support Agreement. Contemporaneously with the execution of the Merger Agreement, certain investors entered into subscription agreements (the “Subscription Agreements”), pursuant to which such investors subscribed for an aggregate value of $482,500,000, representing 48,250,000 shares of Tuscan common stock at a purchase price of $10.00 per share in a private placement (the “PIPE Financing”) to be consummated immediately prior to the consummation of the Transactions. Affiliates of InterPrivate, a co-sponsor of Tuscan, subscribed to purchase 6.5 million shares in the PIPE Financing for an aggregate purchase price of $65 million.Immediately following the Closing, the former equityholders of Microvast will hold approximately 69.9% of the issued and outstanding shares of common stock and the current stockholders of Tuscan will hold approximately 9.2% of the issued and outstanding shares of common stock, which pro forma ownership (1) assumes no holder of the common stock sold in Tuscan’s initial public offering (such persons, the “Public Stockholders”) exercises its conversion rights in connection with the business combination, and (2) reflects the issuance of an aggregate of 48,250,000 shares of Common Stock in the PIPE Financing and 6,736,111 shares of common stock in the Bridge Notes Conversion, but does not include the effect of any other financing of Tuscan. If the maximum number of Public Shares are converted into cash such that Microvast does not have the right to terminate the Merger Agreement (i.e., Tuscan has at least $5,000,001 of net tangible assets immediately prior to or upon consummation of the business combination), such percentages will be approximately 76.8% and 0.2%, respectively. Consummation of the proposed business combination is subject to customary conditions and covenants of the respective parties, including approval of Tuscan’s stockholders and Tuscan having available cash of at least $250,000,000. Extension Amendment On March 12, 2021, Tuscan filed a preliminary proxy statement seeking approval from its stockholders to amend Tuscan’s charter to extend the date by which Tuscan is required to complete its initial business combination from April 30, 2021 to July 31, 2021 and to hold an annual meeting for the election of directors in accordance with Nasdaq listing rules. Nasdaq Compliance On January 6, 2021, we received a notice from the Listing Qualifications Department of The Nasdaq Stock Market stating that we failed to hold an Annual Meeting of stockholders within 12 months after our fiscal year ended December 31, 2019, as required by Nasdaq Listing Rule 5620(a). In accordance with Nasdaq Listing Rule 5810(c)(2)(G), we submitted a plan to regain compliance on February 4, 2021. Nasdaq accepted our plan and granted us an extension through June 29, 2021 to hold an annual meeting. Nasdaq’s decision is subject to certain conditions, including that we provide periodic updates with respect to our proposed business combination with Microvast. Loan Commitment On February 12, 2021, the Sponsor extended a loan to Tuscan in the aggregate principal amount totaling $1.2 million, of which $400,000 was drawn upon on such date. This loan was in addition to the previous $200,000 drawn upon the $300,000 convertible note that was committed by the Sponsor on April 21, 2020. As a result of the February 12, 2021 commitment, the Sponsor had committed to Tuscan a total of $1.5 million, of which a total of $600,000 has been drawn upon, with $400,000 of the drawn amount pursuant to the February 12, 2021 note. The Sponsor intends to convert the $1.5 million total loan balance into 150,000 Units immediately prior to the closing of the proposed business combination with Microvast. Such units will have terms identical to the terms of the Company’s Private Units and will consist of (i) 150,000 shares of common stock and (ii) warrants to purchase 150,000 shares of common stock at an exercise price of $11.50 per share, subject to adjustment.

210000000

The Microvast shareholders and the investors in Microvast’s majority-owned subsidiary, Microvast Power System (Houzhou) Co. Ltd. (“MPS”), will also have the ability to earn an additional 20,000,000 shares of common stock (“earnout shares”) if the daily volume weighted average price of the common stock is greater than or equal to $18.00 for any 20 trading days within a 30 trading day period (or a change of control occurs that results in the holders of common stock receiving a per share price equal to or in excess of $18.00), during the period commencing on the closing date and ending on the third anniversary of the closing date. Concurrently with the execution of the Merger Agreement, Tuscan and Microvast will jointly acquire 100% ownership of MPS and will discharge certain convertible loans of MPS.

20000000

18.00

6736111

57500000

46000000

482500000

48250000

10.00

6500000

65000000

Microvast will hold approximately 69.9% of the issued and outstanding shares of common stock and the current stockholders of Tuscan will hold approximately 9.2% of the issued and outstanding shares of common stock, which pro forma ownership (1) assumes no holder of the common stock sold in Tuscan’s initial public offering (such persons, the “Public Stockholders”) exercises its conversion rights in connection with the business combination, and (2) reflects the issuance of an aggregate of 48,250,000 shares of Common Stock in the PIPE Financing and 6,736,111 shares of common stock in the Bridge Notes Conversion, but does not include the effect of any other financing of Tuscan. If the maximum number of Public Shares are converted into cash such that Microvast does not have the right to terminate the Merger Agreement (i.e., Tuscan has at least $5,000,001 of net tangible assets immediately prior to or upon consummation of the business combination), such percentages will be approximately 76.8% and 0.2%, respectively.

250000000

Sponsor extended a loan to Tuscan in the aggregate principal amount totaling $1.2 million, of which $400,000 was drawn upon on such date. This loan was in addition to the previous $200,000 drawn upon the $300,000 convertible note that was committed by the Sponsor on April 21, 2020. As a result of the February 12, 2021 commitment, the Sponsor had committed to Tuscan a total of $1.5 million, of which a total of $600,000 has been drawn upon, with $400,000 of the drawn amount pursuant to the February 12, 2021 note. The Sponsor intends to convert the $1.5 million total loan balance into 150,000 Units immediately prior to the closing of the proposed business combination with Microvast. Such units will have terms identical to the terms of the Company’s Private Units and will consist of (i) 150,000 shares of common stock and (ii) warrants to purchase 150,000 shares of common stock at an exercise price of $11.50 per share, subject to adjustment.

1200000

No No Yes Yes

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