[1]	Expenses applied against gross proceeds include offering expenses of approximately $700,000. See “Use of Proceeds.”
[2]	If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, initial shareholders, directors, executive officers or their respective affiliates may purchase shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of ordinary shares subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible book value per share. See “Proposed Business — Effecting Our Initial Business Combination — Permitted Purchases of Our Securities.”
[3]	Includes the issuance of an additional 2,625,000 shares (or up to 3,018,750 shares if the underwriters’ over-allotment option is exercised in full) underlying the rights contained in the public units.
[4]	Includes the issuance of an additional 35,000 shares underlying the rights contained in the private units.

ARC Group Securities Acquisition I S-1/A