Hypebeast SPAC Presentation Deck

Risk Factors Risks Related to Hypebeast Hypebeast's business depends on its ability to offer digital media content and online retail products that attract visitors and online shoppers. Hypebeast depends on the Internet traffic to its websites for the operation of its business. Hypebeast relies on its e-commerce suppliers to supply goods for sale on its e-commerce platform. Hypebeast generally does not enter into long term business contracts with its customers. Hypebeast's business depends on its ability to maintain existing relationship with brand owners and advertising agencies and its ability to attract new digital media customers to place advertisements with it. Hypebeast relies on customers in the fashion industry. Hypebeast's business depends on a strong brand, which it might not be able to maintain or enhance, and unfavorable customer feedback or negative publicity could adversely affect its brand. Any unauthorized use of Hypebeast's brand name or any other intellectual property infringements by third parties, and the expenses incurred in protecting such intellectual property rights, may adversely affect Hypebeast's business and reputation. Hypebeast is subject to regulatory risks related to its VIE structure. Hypebeast may not be able to sustain the growth of revenue and profitability that it experienced historically. Hypebeast's international footprint exposes it to a variety of different local legal, regulatory, tax, payment, and cultural standards which it might fail to comply with. Hypebeast relies on third-party courier to deliver goods to e-commerce customers and third-party suppliers for technical and payment services. Hypebeast may be liable for its users' privacy being compromised which may materially and adversely affect its reputation and business. Hypebeast is subject to product liability risk for the goods sold on its e-commerce platform. Risks Related to Business Combination There can be no assurance that Hypebeast's shares will be approved for listing on the Nasdaq or that Hypebeast will be able to comply with the continued listing standards of the Nasdaq. If the Business Combination's benefits do not meet the expectations of investors or securities analysts, the market price of Iron Spark's shares or, following the closing, Hypebeast's shares, may decline. A market for Hypebeast's shares may not continue, which would adversely affect the liquidity and price of Hypebeast's shares. Following the consummation of the Business Combination, Hypebeast will incur significant increased expenses and administrative burdens as a dual-listed company, which could have an adverse effect on its business, financial condition and results of operations. Risks Related to Redemption of Iron Spark's Shares If a shareholder fails to receive notice of Iron Spark's offer to redeem the public shares in connection with the Business Combination, or fails to comply with the procedures for tendering its shares, such shares may not be redeemed. Iron Spark does not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for Iron Spark to complete the Business Combination with which a substantial majority of its shareholders do not agree. The foregoing summarizes certain of the general risks related to the business of Hypebeast and the proposed business combination, and such list is not exhaustive. The foregoing list has been prepared solely for assisting interested parties in making their own evaluation with respect to the business combination and not for any other purpose. You should carefully consider these risks and uncertainties together with other available information and should carry out your own diligence and consult with your own financial and legal advisors. A more expansive description of the key risk factors will be filed with the SEC as part of the form F-4 registration statement referred to above and in subsequent filings with the SEC, and such risk factors will be more extensive than, and may differ significantly from, the above summary. 43

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