# EDGAR Filing Document

**Accession Number:** 0001041934
**File Stem:** 0001171843-26-001947
**Filing Date:** 2026-3
**Character Count:** 26054
**Document Hash:** 1c7362e2c9ac478c07c9d3ad830058aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-26-001947.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001171843-26-001947

**CONFORMED SUBMISSION TYPE**: S-3/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260326

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EDAP TMS SA
- **CENTRAL INDEX KEY:** 0001041934
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294597
- **FILM NUMBER:** 26800313

**BUSINESS ADDRESS:**
- **STREET 1:** PARC D'ACTIVITES LA POUDRETTE LAMARTINE
- **STREET 2:** 4 RUE DU DAUPHINE
- **CITY:** 69120 VAULX EN VELIN
- **STATE:** I0
- **ZIP:** 69120
- **BUSINESS PHONE:** 33672643508

**MAIL ADDRESS:**
- **STREET 1:** PARC D'ACTIVITES LA POUDRETTE LAMARTINE
- **STREET 2:** 4 RUE DU DAUPHINE
- **CITY:** 69120 VAULX EN VELIN
- **STATE:** I0
- **ZIP:** 69120

**As filed with the Securities and Exchange Commission on March 27, 2026**

Registration No. 333-294597

#### UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

#### FORM S-3
**(Amendment No. 1)**

**REGISTRATION STATEMENT**

**UNDER<br> THE SECURITIES ACT OF 1933**

_________________________________

### EDAP TMS S.A.
(Exact name of registrant as specified in its charter)

_________________________________

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| | |
|:---|:---|
| **France** | **Not applicable** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**Parc d'Activités la Poudrette-Lamartine**

**4/6, rue du Dauphiné**

**69120 Vaulx-en-Velin, France**

**+33(0) 4 72 15 31 50** 

(Address, including zip code, and telephone number, including area code of registrant's principal executive offices)

**EDAP Technomed Inc.**

**5321 Industrial Oaks Blvd, Suite 110**

**Austin, TX 78735**

**U.S.A.**

**Tel: + 1 512 832 7956** 

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:**

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| | |
|:---|:---|
| **Sanket Shah <br> EDAP TMS S.A. <br> 4/6, rue du Dauphiné <br> 69120 Vaulx-en-Velin, France <br> +33(0) 4 72 15 31 50** | **Jeremy Cleveland <br> JONES DAY <br> 1755 Embarcadero Road <br> Palo Alto, California 94303 <br> (650) 739-3939** |

---

**From time to time after the effective date of this Registration Statement**

(Approximate date of commencement of proposed sale to the public)

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**Explanatory Note**

EDAP TMS S.A. is hereby filing this Pre-Effective Amendment No. 1 to the Registration Statement on Form S-3 (Registration No. 333-294597), originally filed on March 25, 2026 (the "*Registration Statement*"), as an exhibit-only filing to file an opinion of Jones Day, filed herewith as Exhibit 5.1 (the "*Opinion*"). Accordingly, this Pre-Effective Amendment No. 1 consists only of the facing page, this explanatory note, Item 16 of Part II of the Registration Statement, the signature pages to the Registration Statement, and the Opinion filed herewith as Exhibit 5.1. The prospectus and the balance of Part II of the Registration Statement are unchanged and have been omitted.

**Item 16. Exhibits.**

A list of exhibits filed with this registration statement is set forth in the Exhibit Index, and such exhibits are incorporated into this Item 16 by reference.

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, EDAP TMS S.A. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Altos, United States of America, on March 27, 2026.

---

| | |
|:---|:---|
| **EDAP TMS S.A.** | **EDAP TMS S.A.** |
| By: | /s/ Ryan Rhodes |
| Name: | Ryan Rhodes |
| Title: | Chief Executive Officer and Director |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated on March 27, 2026.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Ryan Rhodes<br> Ryan Rhodes | Chief Executive Officer and Director <br> (Principal Executive Officer) | March 27, 2026 |
| /s/ \*<br> Ken Mobeck | Chief Financial Officer <br> (Principal Financial Officer) | March 27, 2026 |
| /s/ \*<br> François Dietsch | Chief Accounting Officer <br> (Principal Accounting Officer) | March 27, 2026 |
| /s/ \*<br> Lance Willsey | Chairman of the Board and Director | March 27, 2026 |
| /s/ \*<br> Fran Schulz | Director | March 27, 2026 |
| /s/ \*<br> Josh Levine | Director | March 27, 2026 |
| /s/ \*<br> David Horn | Director | March 27, 2026 |

---

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| | |
|:---|:---|
| \* By: | <u>/s/ Ryan Rhodes</u> |
|  | Ryan Rhodes, Attorney-in-Fact, March 27, 2026 |

---

**AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-3 has been signed by the undersigned as the duly authorized representative in the United States of EDAP TMS S.A. in the City of Los Altos, United States of America, on March 27, 2026.

---

| | |
|:---|:---|
| **EDAP TMS S.A.** | **EDAP TMS S.A.** |
| By: | /s/ Ryan Rhodes |
| Name: | Ryan Rhodes |
| Title: | Chief Executive Officer and Director |

---

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | Form of Underwriting Agreement. |
| [3.1\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000110465926034528/edap-20251231xex3d1.htm) | [By-laws (*statuts*) of EDAP TMS S.A. (English translation) as amended as of December 18, 2025 (Incorporated herein by reference to Exhibit 3.1 of EDAP TMS S.A.'s Annual Report on Form 10-K for the year ended December 31, 2025 filed March 25, 2026, SEC File Number 000-29374).](https://www.sec.gov/Archives/edgar/data/1041934/000110465926034528/edap-20251231xex3d1.htm) |
| [4.1\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000101915511000425/edapdenrec4708.htm) | [Form of Amended and Restated Deposit Agreement between EDAP TMS S.A., The Bank of New York Mellon, as depositary and owners and beneficial owners of American Depositary Shares issued thereunder (incorporated herein by reference to Exhibit 1.2 to Form F-6 dated September 15, 2011, SEC File No. 333-176843).](https://www.sec.gov/Archives/edgar/data/1041934/000101915511000425/edapdenrec4708.htm) |
| [4.2\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000101915511000425/edapdenrec4708.htm) | [Form of American Depositary Receipt (included in Exhibit 4.1).](https://www.sec.gov/Archives/edgar/data/1041934/000101915511000425/edapdenrec4708.htm) |
| 4.3\* | Form of Warrant. |
| [5.1](exh_51.htm) | [Opinion of Jones Day, French counsel to the registrant.](exh_51.htm) |
| [5.2\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/exh_52.htm) | [Opinion of Jones Day, counsel to the registrant (incorporated herein by reference to Exhibit 5.2 to Form S-3 dated March 25, 2026, SEC File No. 333-294597).](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/exh_52.htm) |
| [10.1\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000117184325006522/exh_991.htm) | [Finance Contract, dated as of October 17, 2025, between the Company and the European Investment Bank (incorporated herein by reference to Exhibit 99.1 to Form 6-K dated October 20, 2025, SEC File No. 000-29374).](https://www.sec.gov/Archives/edgar/data/1041934/000117184325006522/exh_991.htm) |
| [10.2\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000117184325006522/exh_992.htm) | [Warrant Agreement, dated as of October 17, 2025, between the Company and the European Investment Bank (incorporated herein by reference to Exhibit 99.2 to Form 6-K dated October 20, 2025, SEC File No. 000-29374).](https://www.sec.gov/Archives/edgar/data/1041934/000117184325006522/exh_992.htm) |
| [23.1\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/exh_231.htm) | [Consent of KPMG S.A. (incorporated herein by reference to Exhibit 23.1 to Form S-3 dated March 25, 2026, SEC File No. 333-294597)](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/exh_231.htm) |
| 23.2 | Consent of Jones Day (included in Exhibits [5.1](exh_51.htm) and [5.2 (incorporated herein by reference to Exhibit 5.2 to Form S-3 dated March 25, 2026, SEC File No. 333-294597)](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/exh_52.htm)). |
| [24.1\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/fs3_032526.htm) | [Powers of Attorney (incorporated herein by reference to the signature pages to Form S-3 dated March 25, 2026, SEC File No. 333-294597).](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/fs3_032526.htm) |
| [107\*\*](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/exh_107.htm) | [Calculation of Filing Fee Table (incorporated herein by reference to Exhibit 107 to Form S-3 dated March 25, 2026, SEC File No. 333-294597)](https://www.sec.gov/Archives/edgar/data/1041934/000117184326001906/exh_107.htm) |

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________________

\* To be filed, if necessary, subsequent to the effectiveness of this Registration Statement by an amendment to this Registration Statement or as an exhibit to a report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and incorporated herein by reference.

\*\* Filed previously

## Exhibit 5.1

**Exhibit 5.1**

![](jd-logo.jpg)

PARTNERSHIP CONSTITUEE SELON LE DROIT DE L'OHIO, USA

AVOCATS AU BARREAU DE PARIS

2, rue Saint-Florentin • 75001 Paris

TelePHonE: (0)1.56.59.39.39 • FACSIMILE: (0)1.56.59.39.38 • TOQUE J 001

jonesday.com

March 27, 2026

EDAP TMS S.A.

Parc d'Activités la Poudrette-Lamartine

4/6, rue du Dauphiné

69120 Vaulx-en-Velin, France

Re: <u>Registration Statement on Form S-3 filed by EDAP TMS S.A.</u>

Ladies and Gentlemen:

We are acting as special French counsel for EDAP TMS S.A., a French *société anonyme* (the "Company"), in connection with (A) the registration of the possible issuance and sale from time to time, on a delayed basis, by the Company of up to $125,000,000 in aggregate offering price of (i) ordinary shares, €0.13 nominal value per share, of the Company (the "Ordinary Shares"), (ii) preferred shares of the Company in one or more series, certain of which may be convertible into or exchangeable for Ordinary Shares (the "Preferred Shares"), (iii) warrants to purchase Ordinary Shares and/or Preferred Shares (the "Warrants") or (iv) Ordinary Shares that may be issued up exercise of Warrants (the "Warrant Shares"), and (B) the registration of (i) warrants to purchase (a) up to 2,624,421 Ordinary Shares (the "Issued Selling Stockholder Warrants") issued pursuant to the Warrant Agreement, dated October 17, 2025 (the "Warrant Agreement"), by and between the Company and the European Investment Bank and (b) up to 1,950,000 Ordinary Shares (the "Additional Selling Stockholder Warrants") issuable pursuant to the Warrant Agreement and (ii) up to (a) 2,624,421 Ordinary Shares issuable upon exercise of the Issued Selling Stockholder Warrants (the "Selling Stockholder Warrant Shares") and (b) 1,950,000 Ordinary Shares issuable upon exercise of the Additional Selling Stockholder Warrants (the "Additional Selling Stockholder Warrant Shares"), to be resold from time to time, on a delayed basis, by the selling stockholder (the "Selling Stockholder") identified in the Registration Statement on Form S-3 as filed by the Company with the U.S. Securities and Exchange Commission (the "Commission") to which this opinion is filed as an exhibit (as the same may be amended from time to time, the "Registration Statement"), in each case as contemplated by the Registration Statement. The Ordinary Shares, the Preferred Shares, the Warrants, the Warrant Shares, the Issued Selling Stockholder Warrants, the Additional Selling Stockholder Warrants, the Selling Stockholder Warrant Shares and the Additional Selling Stockholder Warrant Shares are collectively referred to herein as the "Securities." The Ordinary Shares, including the Warrant Shares issuable pursuant to the Warrants and the Selling Stockholder Warrant Shares and Additional Selling Stockholder Shares, as applicable, issuable pursuant to the Issued Selling Stockholder Warrants or Additional Selling Stockholder Warrants, as applicable, may be represented by American Depositary Shares. The Securities may be offered and sold from time to time pursuant to Rule 415 under the U.S. Securities Act of 1933 (the "Securities Act").

BUREAUX: AMSTERDAM · ATLANTA · BOSTON · BRISBANE · BRUXELLES · CHICAGO · CLEVELAND · COLUMBUS · DALLAS<br> DETROIT · DUBAÏ · DÜSSELDORF · FRANCFORT · HONG KONG · HOUSTON · IRVINE · LONDRES · LOS ANGELES · MADRID<br> MELBOURNE · MEXICO CITY · MIAMI · MILAN · MINNEAPOLIS · MUNICH · NEW YORK · PARIS · PÉKIN · PERTH · PITTSBURGH<br> SAN DIEGO · SAN FRANCISCO · SÃO PAULO · SHANGHAÏ · SILICON VALLEY · SINGAPOUR · SYDNEY · TAÏPEI · TOKYO · WASHINGTON

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In connection with the opinions expressed herein, we have examined such documents, records and matters of law as we have deemed relevant or necessary for purposes of such opinions. Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Ordinary Shares, when (a) the shareholders of the Company and, as the case may be, the Board of Directors of the Company (the "Board"), any holders of a specific category of securities of the Company and/or the chief executive officer (*directeur général*) of the Company, have taken all necessary corporate action to approve the issuance of, and establish the terms of, the offering of the Ordinary Shares and related matters, and (b) issued, sold and delivered in the manner and for the consideration stated in the applicable definitive purchase, underwriting, placement or similar agreement approved by the Board and/or the chief executive officer (*directeur général*) of the Company, as the case may be, upon payment of the consideration provided therein to the Company, will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Preferred Shares, when (a) the shareholders of the Company and, as the case may be, the Board, any holders of a specific category of securities of the Company and/or the chief executive officer (*directeur général*) of the Company, have taken all necessary corporate action to authorize and approve the issuance of, and establish the terms of, the offering of the Preferred Shares and related matters, and (b) issued, sold and delivered in the manner and for the consideration stated in the applicable definitive purchase, underwriting, placement or similar agreement approved by the Board and/or the chief executive officer (*directeur général*) of the Company, as the case may be, upon payment of the consideration provided therein to the Company, will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Warrants, when (a) the shareholders of the Company and, as the case may be, the Board, any holders of a specific category of securities of the Company and/or the chief executive officer (*directeur général*) of the Company, have taken all necessary corporate action to authorize and approve the issuance of, and establish the terms of, the offering of the Warrants and related matters, and (b) issued, sold and delivered in the manner and for the consideration stated in the applicable definitive purchase, underwriting, placement or similar agreement approved by the Board and/or the chief executive officer (*directeur général*) of the Company, as the case may be, upon payment of the consideration provided therein to the Company, will be validly issued .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Warrants Shares, when (a) the shareholders of the Company and, as the case may be, the Board, any holders of a specific category of securities of the Company and/or the chief executive officer (*directeur général*) of the Company, have taken all necessary corporate action to authorize and approve the issuance of, and establish the terms of, the offering of the Warrant Shares and related matters and (b) issued upon exercise of the Warrants pursuant to the terms and conditions of the Warrants, will be validly issued, fully paid and non-assessable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Issued Selling Stockholder Warrants have been validly issued, and constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Additional Selling Stockholder Warrants, when (a) the shareholders of the Company and, as the case may be, the Board, any holders of a specific category of securities of the Company and/or the chief executive officer (*directeur général*) of the Company, have taken all necessary corporate action to authorize and approve the issuance of, and establish the terms of, the offering of the Additional Selling Stockholder Warrants and related matters and (b) issued, sold and delivered in the manner and for the consideration stated in the Warrant Agreement, upon payment of the consideration provided therein to the Company, will be validly issued, and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Selling Stockholder Warrants Shares, when issued upon exercise of the Selling Stockholder Warrants pursuant to the terms and conditions of the Issued Selling Stockholder Warrants and the Warrant Agreement, will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Additional Selling Stockholder Warrants Shares, when (a) the shareholders of the Company and, as the case may be, the Board, any holders of a specific category of securities of the Company and/or the chief executive officer (*directeur général*) of the Company, have taken all necessary corporate action to authorize and approve the issuance of, and establish the terms of, the offering of the Additional Selling Stockholder Warrant Shares and related matters and (b) issued upon exercise of the Additional Selling Stockholder Warrants pursuant to the terms and conditions of the Additional Selling Stockholder Warrants and the Warrant Agreement, will be validly issued, fully paid and non-assessable.

The term "non-assessable," which has no recognized meaning in French law, for the purposes of this opinion means that no present or future holder of Ordinary Shares, Preferred Shares, Warrant Shares, Selling Stockholder Warrant Shares or Additional Selling Stockholder Warrant Shares will be subject to personal liability, by reason of being such a holder, for additional payments or calls for further funds by the Company or any other person after the issuance of the Ordinary Shares, Preferred Shares, Warrant Shares, Selling Stockholder Warrant Shares or Additional Selling Stockholder Warrant Shares.

In rendering the foregoing opinions, we have assumed that (i) the Registration Statement, and any amendments thereto, will have become effective under the Securities Act (and will remain effective at the time of issuance of any Securities thereunder); (ii) a prospectus supplement describing each class and/or series of Securities offered pursuant to the Registration Statement, to the extent required by applicable law and the relevant rules and regulations of the Commission, will be timely filed with the Commission; (iii) the resolutions authorizing the Company to issue, offer and sell the Ordinary Shares, the Preferred Shares, the Warrants, the Warrant Shares, the Additional Selling Stockholder Warrants and the Additional Selling Stockholder Warrant Shares and, if applicable, establishing the definitive terms of such Securities, will be adopted by the shareholders of the Company at an extraordinary shareholders' meeting, by the Board and, if applicable, by the chief executive officer (*directeur général*) of the Company, in accordance with the Company's By-laws and applicable law, and will be in full force and effect at all times at which such Securities are issued, offered or sold by the Company; (iv) the Company will issue, and the Company and the Selling Stockholder, as applicable, will deliver the Securities in the manner contemplated in the Registration Statement; (v) the amount of Securities issued will remain within the limits of the then authorized but unissued amounts of such Securities; (vi) all Securities will be issued in compliance with applicable securities law; and (vii) the Warrant Agreement constitutes a valid and binding obligation of the European Investment Bank, and no provision of the Warrant Agreement has been varied or amended.

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As to facts material to the opinions and assumptions expressed herein, we have relied upon written statements and representations of officers and other representatives of the Company. We are members of the Paris bar and this opinion is limited to the laws of the Republic of France. This opinion is subject to the sovereign power of the French courts to interpret the facts and circumstances of any adjudication. This opinion is given on the basis that it is to be governed by, and construed in accordance with, the laws of the Republic of France.

We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the reference to Jones Day under the caption "Legal Matters" in the prospectus constituting a part of such Registration Statement. In giving such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

&nbsp;&nbsp; Very truly yours,<br>/s/ Jones Day<br>