Investor Presentaiton
INVESTOR PRESENTATION / OCTOBER 2023
UNIQUE SPAC STRUCTURE
$10/share transaction closing
price potentially represents a
fair value based on peer comps
Structural innovation with fixed
pool of warrants and exchange
for common mechanism
creates upside potential and
downside protection
Potentially sufficient incentive
to buy shares in the open
market before the DeSPAC
completes
Naturally embedded multiplier
quickly escalates upside and
downside protection if
redemption rises
Cost Basis per Share
PRE-DESPAC (illustrative redemption scenarios)
INCENTIVES TO INVEST AND/OR NOT REDEEM
Implied Redemption
80%
Total Shares per Common
0.0
$10.0
5.0
2.6
1.8
90%
Receive more shares as redemption rate increases
$5.0
$6.1
$4.2
$2.6
$0.0
Cost per share declines as redemption rate increases
95%
4.1
If redemption 90%
Potential Unredeemed Share Value
Potential Unredeemed Share Value
POST-DESPAC (Illustrative price scenarios with 90% redemption)
CAPTURE UPSIDE IF PRICE RISES
$90
$77
$64
$70
$51
$50
$39
$26
$30
$10
$10
$15
$20
$25
$30
Illustrative Common Share Price Scenarios
Value of one unredeemed share expected to increase faster than one common
share price (potentially 2.6 x faster)
DOWNSIDE PROTECTION IF PRICE DECLINES
$30
$26
$25
$21
$20
$15
Cost basis
$15
$10
$10
$5
$5
$0
$10
$8
$6
Illustrative Common Share Price Scenarios
$4
$2
Downside protection if common share price drops below the cost basis (assumed $10.90)
due to higher expected value of one unredeemed share
These are for illustrative purposes only and may not be reflective of actual performance. For more information, view Appendix slides 2 and 3
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